In the Matter of the Elton G. Beebe, Sr. Irrevocable Family Mortgage Trust Dated August 14th, 1992, as Amended…

Summary

The Mississippi Supreme Court affirmed reformation of an irrevocable trust’s unambiguous termination provision because the trustee proved by clear and convincing evidence that the settlor intended the remaining trust assets to pass to his own lineal descendants and that the provision resulted from a mistake of expression. The Court held that determining the settlor’s intent from the factual evidence was within the chancery court’s discretion and that the chancery court did not abuse that discretion.