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Wills Trusts & Estates keyed to Dukeminier
In re Trust of Wold
Facts
Wold seeks to create a trust that would create a non-vested property interest in one or more issue. She will fund the trust be exercising her power under a trust that reads, “upon the death of Elaine Johnson (Wold) the Trustees are directed to divide, transfer and pay over absolutely, outright and forever, the trust property as follows to the surviving spouse and issue of Elaine Johnson (Wold) or any of them in such shares as she may direct by her Last Will and Testament duly admitted to probate. The proposed exercise of the power in a new testamentary trust created by Mrs. Wold would permit property held for one of her children, upon the death of that child, to continue in trust for the benefit of that child’s own issue. Since the interest would pass to the next generation upon the occurrence of a specific event, the death of the child, the interest of that child would be considered non-vested. Wold petitions the court to determine the applicability of the New Jersey Unif orm Statutory Rule Against Perpetuities to her power of appointment and the non-vested interests she seeks to create.
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