What is the name of your state? Texas
I am dealing with a Declaration of Trust that has apparently conflicting language. Under the paragraph SUCCESSOR BENEFICIARIES it says: "Upon the death of the Settlor, the persons herein named as Successor Beneficiaries shall receive the following: Grandson 50%, Granddaughter 50%."
However, the very next paragraph, titled SPECIAL INSTRUCTIONS, states: "All income from Trustor's assets are to be paid to Daughter on a monthly basis during Daughter's lifetime. At Daughter's death all principal and undistributed income is to be distributed to Grandson and Granddaughter in equal shares."
My question is this... The first paragraph seems to say that once the settlor dies, then both grandchildren immediately receive half of the assets. The next paragraph states that these grandchildren have to wait until the daughter dies. Any thoughts on how to interpret this? Thanks.
I am dealing with a Declaration of Trust that has apparently conflicting language. Under the paragraph SUCCESSOR BENEFICIARIES it says: "Upon the death of the Settlor, the persons herein named as Successor Beneficiaries shall receive the following: Grandson 50%, Granddaughter 50%."
However, the very next paragraph, titled SPECIAL INSTRUCTIONS, states: "All income from Trustor's assets are to be paid to Daughter on a monthly basis during Daughter's lifetime. At Daughter's death all principal and undistributed income is to be distributed to Grandson and Granddaughter in equal shares."
My question is this... The first paragraph seems to say that once the settlor dies, then both grandchildren immediately receive half of the assets. The next paragraph states that these grandchildren have to wait until the daughter dies. Any thoughts on how to interpret this? Thanks.