Rollins v. Rollins

Thompson, Chief Justice.

0. Wayne Rollins established ten irrevocable trusts, the Rollins Children’s Trust (“RCT”), and nine Subchapter S-trusts, each for the benefit of his nine grandchildren. Wayne’s sons, Gary and Randall, and a close friend of the settlor, Henry Tippie, are the trustees of RCT.

RCT was established in 1968 and was funded initially with Rollins, Inc. stock. By its terms, beneficiaries are to receive “statements disclosing the condition of the trust estate” no more than every six months. Wayne created several family entities to hold assets within RCT: ROL, Inc., LOR, Inc., the…