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IN THE MATTER OF THE CONSTRUCTION OF THE TRUST CREATED UNDER A TRUST AGREEMENT DATED APRIL 5, 2010, BY AND BETWEEN JANET C. FISHER, NOW DECEASED, AS GRANTOR, AND A NANCY FISHER KIRSCHNER, CHARLES FISHER AND BARBARA SNOW, AS CO-TRUSTEES. (86/B/11) — This is a contested construction proceeding involving the disposition of the substantial remainders of two grantor retained annuity trusts respectively established in 2009 and 2010 by Janet C. Fisher.

Grantor established the first trust on April 3, 2009 (the “2009 GRAT”), and the second on April 5, 2010 (“the 2010 GRAT”), naming her three children (Nancy, Barbara and Charles) as trustees of both trusts. Each GRAT had a two-year term and, for each of the two years, the trustees were required to pay to grantor (or grantor’s estate, if grantor was not then living), a fixed percentage of the initial fair market value of the property transferred to the trustees. Upon the expiration of the term of each trust, its remainder, if any, was to be distributed pursuant to substantially identical provisions in subparagraph (C) of Clause FIRST of each trust instrument, which provide in relevant part:

 
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