Boatmen's Union National Bank v. Welton

TITUS, Presiding Judge.

Lillie Ward Wood executed a revocable living trust agreement and a will. Plaintiff bank was named trustee of the agreement which became irrevocable when Mrs. Wood died. 1 A dispute arose as to whether, under the terms of the trust agreement, the federal and state taxes were to be paid from the residual portion of the trust estate or should be apportioned among the individual non-residuary beneficiaries in accordance with the value of their respective bequests under the doctrine of equitable apportionment. In effect, the court nisi held the revocable trust agreement and…