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[SEE CAPTION AT 1.3.1]
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DECREE
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 Now,
this ______ day of ____________________ 20____, in consideration of
the annexed Petition and Hearing held thereon, it is hereby ORDERED
and DECREED that the Trust under Item FIFTH of the Will of Jane R.
Dunn, Deceased is hereby terminated and the Trustee is ordered to
file an Account of the administration of the Trust and upon confirmation
of the Account is ordered to distribute the net balance of principal
and income to James Dunn. |
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[SEE CAPTION AT 1.3.2]
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PETITION
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The Petition of James Dunn respectfully states
that:
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1.
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Jane R. Dunn died
March 29, 2001, a resident of Philadelphia, Pennsylvania, leaving
a last Will dated January 15, 2001, which was admitted to probate
by the Register of Wills of Philadelphia County. Under the terms
of Item FIFTH of the Will her residuary estate was left in trust
for the life of her son, James Dunn, the Petitioner. Petitioner
is entitled to receive all of the net income for his life and
is given a general testamentary power of appointment over the
Trust. In default of appointment the principal is distributable
per stirpes to Petitioner's issue living at his death. A copy
of the Will is attached as Exhibit "A." |
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2.
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The Residuary
Trust under Will was funded with 500 shares of the stock of
a closely held corporation known as Dunn & Smith Florist
Shop, Inc. The remaining shares of the stock in the corporation
were then owned by Testator's sister, Ann Smith, who is the
Trustee of this Trust. |
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3.
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Testator's main
purpose in establishing the Trust was to support Petitioner
and to permit the continuance of the business by Testator's
sister. |
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4.
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Because of ill
health, Ann Smith has sold all of the stock of Dunn & Smith
Florist Shop, Inc. and retired. She no longer wishes to serve
as Trustee. |
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5.
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Petitioner is
a successful businessman who does not rely on the Trust for
support, whose separate income far exceeds the Trust income,
and who is capable of managing his finances in a responsible
manner. |
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6.
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The Trust principal
now consists of $100,000, being the proceeds of the sale of
the stock, from which the annual income after expenses is $3,500.
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7.
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Petitioner requests
the Court to terminate the Trust and to pay over the entire
principal and any undistributed income after commissions and
expenses to him individually under Section 6102(a) of the Probate,
Estates and Fiduciaries Code because the original purpose of
Testator to permit her sister to continue in business has failed
and termination of the Trust would more nearly approximate Testator's
intent. |
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8.
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Other parties
in interest in this Trust are Petitioner's minor children who
are contingent remainder beneficiaries in default of appointment
by Petitioner: |
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9.
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It is respectfully
suggested that no Guardian or Trustee ad litem need be appointed
because of Petitioner's general power of appointment which has
been exercised in his Will and which he intends to exercise
by any future Will. |
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a. |
Peter
Dunn, age 8 |
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b. |
Pamela Dunn,
age 5 |
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10.
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The
Consent of the Trustee to the proposed termination is attached
to this Petition. |
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| Wherefore,
Petitioner prays that this Honorable Court enter an Order terminating
the Trust under Section 6102(a) of the Probate, Estates and Fiduciaries
Code and directing the Trustee to file an Account and upon confirmation
of the Account to make distribution outright to Petitioner of the
entire net balances available for distribution. |
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[SEE AFFIDAVIT AT 1.4.1 OR VERIFICATION
AT 1.4.3]
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