Petition to Terminate Trust under 20 Pa. C.S.A.§6102[SEE CAPTION AT 1.3.1 ]
DECREE
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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J.
[Petition on following page]
[SEE CAPTION AT 1.3.2 ]
PETITION
The Petition of James Dunn respectfully states that:
1. 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."2. 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.3. Testator's main purpose in establishing the Trust was to support Petitioner and to permit the continuance of the business by Testator's sister.4. 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.5. 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.6. 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 $3,500.7. 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.8. Other parties in interest in this Trust are Petitioner's minor children who are contingent remainder beneficiaries in default of appointment by Petitioner: 9. 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.10. The Consent of the Trustee to the proposed termination is attached to this Petition. 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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James Dunn
[SEE AFFIDAVIT AT 1.4.1 OR VERIFICATION AT 1.4.3 ]