Surrogate Johnson
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DECEDENT’S grandson, Thomas, filed the instant petition to compel the sole surviving trustee of the Benenson Trust, and the personal representative of his late father’s estate, to account for their administration of the trust. He argued the trust’s income and principal was distributed to his father or entities under his control during his lifetime, contrary to the grantor’s stated purpose. Respondents moved to dismiss the petition, arguing statute of limitations grounds as well as that the proceeding was barred by a prior stipulation of settlement and general release Thomas signed in 1996. Respondents argued the trustees were under no obligation to notify Thomas as the owner of a contingent interest in the trust of the termination of same. The court stated Thomas possessed a vested life estate in his trust, and until the trustees established that Thomas knew, or should have known, that the trust terminated, the statute of limitations did not begin to run. Thus, the motion to dismiss the proceeding as barred by the statute of limitations was denied. However, the motion to dismiss Thomas’ petition to compel the trustees to account was granted as the stipulation released the trustees from any claim Thomas might have against them, including a demand for an accounting then or ever.
