Matter of Estate of Lehman

NASSAU COUNTY
Trusts and Estates

, New York Law Journal

   |0 Comments

Surrogate Edward McCarty III

Objectants, trust beneficiaries, moved for summary judgment relating to a final account of decedent's sole surviving trustee. Trustee cross-moved for partial summary judgment. Decedent created a trust for the lifetime benefit of his son, Lehman, and gave him a testamentary power of appointment over the remaining principal in the trust at the time of his death. Lehman died and his trustees were directed to pay one share to each of his children who survived him and reached the age of 30. Objectants claimed the trustee delayed in distributing trust assets, and failed to invest trust assets, among other things. The court noted the New York State legislature did not establish a statutory time frame within which assets must be distributed upon termination of a trust. Objectants alleged 13 months from date of death was unreasonable, but the court stated such determination was a triable issue of fact, denying summary judgment on such objection. Objectants moved for summary judgment on the issue of the trustee's retention of trust assets in cash and his failure to distribute cash held in the trust. Yet, the court ruled the proportion of trust assets which should have been held in the form of cash, measured against otherwise invested assets was also a triable issue of fact.

What's being said

Comments are not moderated. To report offensive comments, click here.

Preparing comment abuse report for Article# 1202613200261

Thank you!

This article's comments will be reviewed.