ESTATE OF WALTER KELLY, Deceased

ESTATE OF WALTER KELLY, Deceased (1556P/74/A) — In this estate, the income beneficiary of a testamentary trust under the will of the decedent seeks the appointment of a successor trustee who is not a nominated trustee under the will. The decedent died on December 4, 1974, his will was admitted to probate by this court on January 9, 1975 and letters of trusteeship issued to administer a trust created for the benefit of decedent's spouse with a portion of the remainder being held in further trust upon her death pursuant to Article FIFTH (b-2) of the probated will. The decedent's spouse died in 1979 and the trust was created pursuant to Article FIFTH (b-2) for the benefit of the petitioner and another beneficiary who is now deceased. Since 2003, the last surviving nominated individual trustee died and there has been no one appointed as trustee of this trust since that time. The will nominates JP Morgan Chase Bank, N.A. (successor to Manufacturers Hanover Trust Co.) to serve as trustee should none of the individual trustees be willing or able to serve. JP Morgan has executed a renunciation of its appointment and a waiver and consent to the application. The petitioner requests that Charles Lehman, Esq. be appointed successor trustee.

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ESTATE OF WALTER KELLY, Deceased (1556P/74/A) — In this estate, the income beneficiary of a testamentary trust under the will of the decedent seeks the appointment of a successor trustee who is not a nominated trustee under the will. The decedent died on December 4, 1974, his will was admitted to probate by this court on January 9, 1975 and letters of trusteeship issued to administer a trust created for the benefit of decedent’s spouse with a portion of the remainder being held in further trust upon her death pursuant to Article FIFTH (b-2) of the probated will. The decedent’s spouse died in 1979 and the trust was created pursuant to Article FIFTH (b-2) for the benefit of the petitioner and another beneficiary who is now deceased. Since 2003, the last surviving nominated individual trustee died and there has been no one appointed as trustee of this trust since that time. The will nominates JP Morgan Chase Bank, N.A. (successor to Manufacturers Hanover Trust Co.) to serve as trustee should none of the individual trustees be willing or able to serve. JP Morgan has executed a renunciation of its appointment and a waiver and consent to the application. The petitioner requests that Charles Lehman, Esq. be appointed successor trustee.

Jurisdiction was acquired over all parties including the remaindermen and the Attorney General, with no appearance in opposition. In the absence of any opposition, the application is granted to the extent that a decree may be settled revoking the letters of trusteeship that issued to the trustees who are now deceased and issuing successor letters of trusteeship to the petitioner’s nominee upon his posting a bond in the penal sum of $420,000.

ESTATE OF WALTER KELLY, Deceased

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