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Ludwig v. AmSouth Bank of Florida, 686 So.2d 1373, 22 Fla. L. Weekly D200

Facts

Adrain R. Fisher and Grace M. Fisher created two trusts in 1963, which were amended in 1970 and 1973. The amendments allowed the trusts to continue beyond the deaths of the settlors, with provisions for the distribution of income and principal to their grandsons, Adrain Robert Ludwig and John Fisher Ludwig. After Robert's death in 1993, the trustee sought instructions regarding the trusts, leading to a dispute over whether the trusts should have terminated upon the settlors' deaths or continued for a longer period.

Evelyn L. Ludwig, as personal representative of the Estate of Adrain Robert Ludwig (Robert's Estate), appeals an order providing certain instructions concerning trusts created by Robert's grandparents.

Issue

Did the trusts created by the Fishers terminate upon their deaths, or did they continue for the maximum period allowed under the rule against perpetuities?

Did the trusts created by the Fishers terminate upon their deaths, or did they continue for the maximum period allowed under the rule against perpetuities?

Rule

The rule against perpetuities does not require the termination of a trust until the interests vest within the prescribed period, and the settlor's intent as expressed in the trust instrument is paramount.

The rule against perpetuities is a rule of property law, not a rule of construction.

Analysis

The court found that the trust instrument clearly expressed the settlors' intent to continue the trusts for the maximum period permitted by the rule against perpetuities. The savings clause in the trust allowed for the continuation of the trusts beyond the deaths of the settlors, and the court determined that the trusts vested a life estate in the grandsons, which remained valid at the time of Robert's death.

The trust instrument for Fisher Trust No. II may not be entirely clear concerning all possible future distributions, but it clearly and unambiguously expressed the settlors' intent to continue the trusts for the maximum period permitted by the rule against perpetuities.

Conclusion

The court affirmed the trial court's decision, concluding that the trusts survived Robert's death and that his estate had no claim to the trust assets.

Accordingly, we affirm the trial court's decision to deny the claim of Robert's Estate.

Who won?

AmSouth Bank prevailed in the case because the court upheld the validity of the trusts and the settlors' intent to continue them beyond their deaths.

The court affirmed this decision, holding that the trusts were intended to continue for the maximum period allowed under the rule against perpetuities.

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