In re Wallbaum Living Trust
Annotate this CaseCertain remainder beneficiaries of the Florence Y. Wallbaum Revocable Living Trust petitioned the trial court to interpret the terms of the trust and to determine whether the trustee breached its fiduciary duties. The trial court (1) found the Trust was ambiguous; (2) after considering extrinsic evidence, found that the settler of the trust, Florence Wallbaum, intended for the trustee to use trust principal to maintain the Wallbaum residence; and (3) ruled the trustee did not breach its fiduciary duties in administering the trust. The Supreme Court affirmed, holding that the trial court did not err in finding (1) the Trust was ambiguous; (2) Florence intended Trust principal to be used to maintain the Wallbaum residence; and (3) the trustee did not violate any fiduciary duties.
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