Opinion ID: 1154523
Heading Depth: 1
Heading Rank: 1

Heading: the will and its terms

Text: The trusts at issue arose out of the late DeEtte McAuslan Stuart's will, supplemented by two codicils. All three of these instruments were prepared for Mrs. Stuart by William M. Holman, her attorney at the time, and the defendant in this action. Mrs. Stuart did not receive independent legal counsel as to the provisions in these instruments affecting or involving Mr. Holman. Mrs. Stuart created the following trusts: the Office Trust, 23 Charitable Remainder Annuity Trusts (CR AT's), and the Charles Edward Stuart Charitable Trust (Charitable Trust). The Office Trust was established to pay the expenses and costs of assuming the lease and continuing Mrs. Stuart's office. The 23 CRAT's, now numbering 20 due to the deaths of three beneficiaries, provide for a regular annuity payment for the lifetime of the individual beneficiaries named in each such trust. Upon the death of an individual annuitant/beneficiary, the remaining principal of the individual's CRAT transfers to the Charitable Trust. The Charitable Trust was established as a permanent memorial to Mrs. Stuart and her late husband Charles Edward Stuart. By the terms of article 13, the Charitable Trust is perpetual, there can be no invasion of its principal, and its income is to be paid in various proportions to the beneficiaries quarterly. The will of DeEtte McAuslan Stuart also established the following relevant trust: article 9 established the DeEtte McAuslan Stuart Scholarship Trust pursuant to which $1 million was given in trust to the Board of Regents of the University of Washington to be held in trust for scholarships. A committee on scholarships consisting of William M. Holman, Robert D. Keith and William McGregor selected the scholarship recipients. The will provides that the committee members shall serve without pay. Besides the appointment of Holman and the bank as executors of her estate and cotrustees of the trusts, the key provisions of the last will and testament of DeEtte McAuslan Stuart, as modified by the first and second codicils, are as follows: My trustees shall be each paid normal compensation for acting as trustees under the applicable trust established in this will and shall be paid on a quarterly basis. Article 19, exhibit 2. My trustees shall be fully protected in relying upon the advice of legal counsel and shall not be liable for any loss or damage caused by any agent or attorney selected by it if it shall have exercised reasonable care in selecting and retaining such agent or attorney. Article 14, section 3(a), exhibit 2. Any and every action taken in good faith by my trustees in the exercise of any power, authority, judgment or discretion conferred upon it hereunder, shall be conclusive and binding upon all persons interested in the assets of any trust. Article 14, section 3(b), exhibit 2. The governing bodies of any charitable beneficiary shall have the power to enforce the trust and to compel an accounting under state law. Finding of fact 3.2.1(h), exhibit 3.