Stanton v. Wells Fargo Bank and Union

Facts

Respondents sought to have a trust to which they were the life beneficiaries modified in order to obtain more profit interest from the property that composed the trust. The trust settlor had specifically stated a series of bonds in which the trust property was to be held. Respondents argue that given the change in economic circumstances that had occurred since the creation of the trust, which were, according to Respondents, not anticipated by the settlor when he executed the trust, the modification was necessary in order not to defeat the goal of the settlor. Therefore, the Respondents argue that strict adherence to the trust terms should be relaxed in order to fulfill the settlor’s purpose of assuring a continued income for the trust beneficiaries in as large an amount as was oncsistent with reasonable investment safety. The Trustee argues that the change in econmic circumstances did not defeat the goal of the settlor and therefore did not warrant an adjustment in the trust t erms. The Trustee contends that Respondents simply want flexibility in the property investments. The lower court held for Respondents and Trustee seeks review.