JEANETTE V. HOLMES, INDIVIDUALLY AND AS TRUSTEE, APPELLANT,
v.
S. GRANT CARROLL AND LUCY A. VAN DEVERE, BY THEIR MOTHER, AS THEIR NEXT FRIEND, RAYMUR G. VAN DEVERE, AND WILLIS G. VAN DEVERE, INDIVIDUALLY AND AS TRUSTEE, APPELLEES
AI-generated. These summaries, headnotes, and key points are machine-generated and may contain errors or omissions. Always verify against the full opinion text below. Not legal advice.
The appellate court reversed a lower court's decree that all trust obligations and indebtednesses were payable solely from the corpus of the estate. The court found this contradicted the will and state law, which mandate that ordinary expenses be paid from income.
Yes, the chancellor erred in concluding that all trust obligations and indebtednesses are payable solely from the corpus of the estate. Ordinary expenses of a trust estate are to be paid out of income.
“all obligations and indebtedness hereinbefore or hereafter paid are payable from and chargeable to the corpus of said estate and no part of said obligations and indebtedness shall be paid from income”
This quote identifies the specific provision of the lower court's decree that the appellate court found to be erroneous.
Previewing 1 of 3 key quotes on this case — the court’s exact language, pinpointed for members.
Join FLexlaw to unlock all legal intelligenceThe appellant, Jeanette V. Holmes, appealed a final decree from the chancellor concerning the administration of a trust. The primary issue on appeal w…
The full statement of facts, procedural history, and disposition for this case are member content.
Join FLexlaw to unlock all legal intelligence© FLexlaw, Inc. — AI-generated enrichments are proprietary. All rights reserved.
Explore caselaw by topic → Browse Will Construction cases and more on FLexlaw
These appeals have been consolidated for the use of one record on appeal and for oral argument.
The appellant has raised four questions which she urges as a basis for a reversal of the decree appealed. Only one of these questions do we consider it necessary to discuss, and that is whether or not the chancellor was in error in concluding that “all obligations and indebtedness hereinbe-fore or hereafter paid are payable from and chargeable to the corpus of said estate and no part of said obligations and indebtedness shall be paid from income * * *” We conclude that he was.
First, the will provides that the “net income after payment of all expenses” shall be paid in equal parts to the defendants during their lives. In addition, § 690.13, Fla. Stat., F.S.A., likewise supports the same conclusion. This section in effect provides that all ordinary expenses of a trust estate, including certain named items, shall be paid out of income. It then provides that all other expenses, naming specific ones, shall be allocated to principal. See 21 Fla.Jur., Life Estates, § 61, et seq. Clearly this portion of the court’s decree is contrary not only to the provisions of the will of the testator but in conflict with the controlling law.
We have considered the other points raised by the appellant and find them to be without merit.
Accordingly, paragraph #6 of the summary final decree, which provides that all obligations and indebtednesses of the trust estate shall be chargeable to the corpus of said estate, is stricken, and the decree, as modified, is affirmed.
Decree modified, and as modified, affirmed.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Cited By
-
Alvesta Busser Bolduc v. Busser's, 216 So. 2d 765 (Fla. 3d DCA 1968)…PER CURIAM. Affirmed on authority of West Coast Hospital Ass’n v. Florida National Bank, Fla.1958, 100 So. 2d 807; Holmes v. Carroll, Fla.App.1962, 135 So. 2d 907.…