Apparently, one of the happiest places on earth for probate lawyers is in Southern California, where the the grandchildren of Walt Disney are in a shoot out with the trustees of Walt's daughter's trust. Sharon Disney Lund left approximately $400m in trust for three children. The trust requires there to be three co-trustees. Each child is to receive approximately $20m at age35, $20m at age 40, and $20m and age 45. Here's what is providing the happiness for the probate lawyers: the trust provides that the trustees may withhold distributions wherein a child doesn't show "maturity and financial ability to manage and utilize such funds in a prudent and responsible manner." Yikes, who can agree on that? The trustees themselves likely are uncertain how to comply with their duties in light of such langauge. Perhaps there is more to this story (i.e., further clarification in the trust as to what constitutes "maturity and financial ability to manage...").
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