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June 8, 2007
Estate of George Galbraith
The possibility of significant litigation is brewing in Hawaii involving the testamentary trust of George Galbraith which is set to terminate in 2007.
Galbraith's will took effect in 1904 and disposed of his residuary estate in trust, with a number of fixed annuities to be paid to about 48 individuals, and then to their heirs. The will stated the trust is to continue for the longest duration permitted under Hawaii law. At the end of the permitted period, the remaining trust estate is to be distributed equally to those entitled to the annuities.
The poorly drafted will created much confusion over the ultimate disposition of the trust estate (which is valued in the millions). Over the years, the annuities beneficiaries have increased and live all over the world from Ireland to Australia and Hawaii, while the amount of the annuity payments essentially remained the same since 1905. Some speculators reportedly have been purchasing annuity interests from beneficiaries who may have no idea how much their interest may be worth. The strange thing according to some is that the current "beneficiaries" are not the holders of the annuity but rather the lawyers, trustee, and governments raking in fees and taxes.
For more information, see the unofficial site for news and background on the Estate of George Galbraith and its coming breakup.
June 8, 2007 in Current Events, Trusts | Permalink
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Comments
I have recently recieved -in France- a second parcel of about 500 pages of documents from Hawaii ( postage $47.40 )
These are of no use to me. Can I stop this waste before the Trust has been used up by lawyers. There are 600 beneficiaries - simply divide the value of the fund by 600 and give us our rightful inheritance , we have been waiting 104 years !
Posted by: George Galbraith | Nov 23, 2007 10:13:58 AM
The lawyers as ever will finish up rich. Unfortunately the idea of a equal distribution between all beneficiaries is stupid. In extremis any beneficiary, no matter how small a share they hold, could have gifted their allocation to every citizen of the world. The allocation of monies to any individual would then be nothing! Patently not what any son of Ulster is likely to have intended in 1900!.
Posted by: T Morton | Feb 2, 2008 9:49:58 AM
I am relative also from Hawaii we have History here we are documented, published in books, its facts year to date facts proven ive got documents myself very proud and honesly of whom i am alot of researched been done i know for facts that the GABRAITHS were lawyers professors doctors etc publishers, aurthors in law practice we need to step up and lay the fine lines on the table all these documents lawyers ourselves to me that is all is needed and all inheretance will go thru. the family is the system.
Posted by: KIMBERLY KAWELO | Feb 2, 2008 9:54:25 PM
