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Wills, Trusts & Estates Keyed to Gallanis
Estate of Vought
Citation:
250 N.E.2d 343 (N.Y. 1969)Facts
The will of Chance, Sr., created a trust, the income to be paid to Edna for life, remainder in corpus in equal shares to the two sons. Edna died at age 67 in 1965, survived by Peter. Although Chance, Jr., predeceased his mother by about a year and a half, his remainder interest in half of the corpus (valued at about $1 million) was not conditioned on survivorship to the time of possession or enjoyment and so passed through his estate to his successors in interest, presumably his widow and surviving children. The trust expressly prohibited alienation of the sons’ remainder interests in principal. Nevertheless, Chance, Jr., during his lifetime, purported to assign his remainder interest in the corpus. Chance, Jr., allegedly received $12,000 for these last two assignments. There was evidence that these amounts allegedly received by Chance, Jr. were substantially below the actuarial values of the interests purportedly assigned by him. There was also evidence that Chance, Jr. was, at the time of the transactions, an alcoholic.
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