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Wills, Trusts & Estates Keyed to Sterk
Cook v. Horn
Citation:
104 S.E.2d 461 (1958)Facts
In 1929, O.J. Massee, Jr. established a revocable inter vivos insurance trust, transferring insurance policies to the Bank as trustee. The trust outlined several key provisions: the income from the trust would be paid to his widow for life, and upon her death or if she predeceased him, the principal would be divided among his living children and the descendants of any deceased children. The income from a child’s share would go to that child for life, with principal distributed to their issue, and any share for minors would be held in trust until they turned 21. The trust also included detailed instructions for gifts to other children or their descendants if a child died without issue. Additionally, there were provisions for distributing shares to the issue of deceased children who had attained the age of 21. The trust granted the settlor the usual powers, including the ability to amend, revoke, or change beneficiaries of the policies.
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