In re Estate of Cobb

By Judge Melvin R. Hughes, Jr.

This matter is before the court on a Petition by the trustees of a testamentary trust to terminate the trust and transfer the trust corpus to a brokerage firm under a custodial arrangement.

The trustees seek termination because a one time premium for a bond for them is $4,839.00. They urge that payment of the amount would not be in the interests of the three minor beneficiaries, the only beneficiaries under the trust. The trustees argue that a brokerage custody account in lieu of the trust will serve as well as a trust as the monies would be committed without a…