Legal Question in Wills and Trusts in Indiana
our cousin had 7000 shares of stock. in her trust she left my husband 1000 shares and the balance to her nephew. before she died, the stock went through a 2-1 stock split. the trust shares increased to 14000 shares. the trustee now only wants to distribute 1000 shares of the stock to my husband. shouldn't he receive 2000? why should he be penalized by a company accounting action. is there any case law that addresses this?
1 Answer from Attorneys
Interesting post. Generally speaking, if a specific amount of shares are designated as opposed to a percentage the court will follow the letter of the document. Whether the intent of your cousin was to provide your husband 1/7th of all of the shares or a designated amount is another question and you really need to contact a probate attorney to look into this if you have good reason to beleive that her intent was not properly expressed in the will.
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