In re Ricard Family Trust

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Maurice Ricard and his wife, Ella “Bernadette” Ricard, had five girls and one boy. Maurice had a will creating the Maurice M. Ricard Family Trust. The Trust provided that real property owned by Maurice would be held by the Trust for the use and benefit of Bernadette during her lifetime and that, upon the death of Bernadette, the Trust would terminate and the girls would receive the assets. Maurice died in 2002, after which the sisters sold their respective interests in the Trust to their brother. In 2010, after Bernadette died, the Trust terminated. The sisters subsequently sought to rescind their agreements and repurchase their respective interests. The trial court denied relief. The Supreme Court affirmed, holding that the agreements were enforceable, and the sisters should not be allowed to rescind their agreements. View "In re Ricard Family Trust" on Justia Law