Ivey v. Ivey

Carley, Justice.

As Settlor, Marion C. Ivey created an irrevocable trust with his son Richard as Beneficiary and his son David as Trustee. Under the terms of the trust agreement, income from the trust property was to be distributed to Beneficiary or used for his support during his lifetime. Upon Beneficiary’s death, the trust was to terminate with the trust property being distributed to his descendants.

Subsequent to the creation of this trust, Beneficiary conveyed his own real property to Trustee by warranty deed and that property became a trust asset. Thereafter, Trustee conveyed that real…