Phelps v. State Street Trust Co.

Jessie Allen Phelps, on January 16, 1942, established a trust fund to be held by trustees, of whom the respondent State Street Trust Company is now the sole remaining trustee. The petitioners are all the beneficiaries under that trust, with the exceptions of Norman P. Phelps, the husband, and Helen Phelps Olmstead, the daughter, of the settlor, who are respondents. The twelfth paragraph of the trust instrument was in part as follows: “I reserve the right at any time or times to amend or revoke this trust in whole or in part by an instrument in writing acknowledged and delivered to the…