E. & T. Accountings
Property Flow
The comprehensive accountings of the Estate of William P. Lear (Sr) along with the various Trusts are provided here.
Facts:
On March 9, 1978, William P. Lear (Sr.) and his wife Moya created the William P. Lear and Moya Olsen Lear Family Trust, a Testamentary Trust, wherein they conveyed certain property.
On March 9, 1978, William P. Lear (Sr.) executed his Last Will and Testament. That Will directs that his one half interest of the whole community property in addition to his separate property be to be added to the William P. Lear and Moya Olsen Lear Trust.
The William P. Lear and Moya Olsen Lear Family Trust created two entities, "his" and "her" Trust.
At the time of his death, it appears that a large portion of William P. Lear Sr.'s property was still in his own name and thus was subject to his Last Will and Testament. His Last Will and Testament directed that all his property passing into his Estate was to be poured over into his Trust, the William P. Lear Family Trust a.k.a. the Lear Family Trust.
In 1983, pursuant to certain litigation, the Second Judicial District Court ordered the Trust to be "bi-furcated" creating two trusts each holding certain property. Trust A was to hold the shares of Lear Avia. Trust B was to receive all of the other assets. The assets of Trust A were eventually transferred into Trust B.
Trust B is today commonly referred to as the Lear Family Trust.
Moya Olsen Lear's Trust is not the subject of this website with the exception to the transaction wherein she exchanged her property "Riverhouse" with the William P. Lear Family Trust on March 9, 1978, in exchange for the right to use and occupy said premises for the rest of her life.
The following flow chart depicts the above description in greater detail:
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To see the Annual Intermediate Accountings click here
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Property flow as it was intended by Testator & Trustors (William P. Lear Sr. and wife Moya)†
† The flowchart was made upon the basis of the William P. Lear and Moya Olsen Lear Family Trust dated March 9, 1978.
As well as the Court Order of August 13, 1982 which bifurcated the trust (see * below).
* The Trust was bifurcated by Court Order of August 13, 1982 pursuant to a
Petition by two beneficiaries (with notice to all beneficiaries - without exception).
The bifurcation resulted in part of the property being held in Trust A (shares of LearAvia Corp.)
while the rest of the property was held in Trust B (the royalty rights, land, buildings, and other assets.)