Debbie Tait, Kerry Jones, Leanna Lackey, and Lesia Winters v. Community First Trust Company, William L. Kerst, The…

Summary

The court held that a beneficiary's interest in an inter vivos trust vests when the trust is created and therefore does not lapse merely because the beneficiary dies before the surviving settlor. Because the deceased beneficiaries' interests remained effective, their descendants were not excluded from the trust remainder. The court reversed and remanded, and expressly overruled contrary Arkansas appellate dicta.