The beneficiaries of a trust have filed for a declaratory judgment, asking the court to allow them to terminate the trust.
Bonnie Ross Moore and Connie Ross Stevenson claim they were the beneficiaries of two testamentary trusts their grandmother, Dora Mae Vick Ross, established with the Texas Commerce Bank-Beaumont, now J.P. Morgan Chase Bank.
Ross died on Aug. 15, 1997, according to the complaint filed June 10 in Jefferson County District Court. Moore and Stevenson now want to terminate Chase as trustee. Moore's trust is valued at $156,919 and Stevenson's at $97,294.
"Plaintiffs allege that the fees charged by the Trustee, while reasonable, are substantial when compared with the income of the Trusts," the complaint says. "Plaintiffs allege, therefore, that from an economic standpoint, continuation of the Trusts would not be beneficial, and would defeat accomplishment of the purpose of the Trusts."
Moore and Stevenson are seeking a declaratory judgment terminating their trusts and ordering the trustee to pay the termination expenses out of trust properties and to distribute all the remaining assets to Moore and Stevenson. They are also seeking other relief the court deems just.
Louis H. Beard of Wells, Peyton, Greenberg and Hunt in Beaumont will be representing them.
The case has been assigned to Judge Gary Sanderson, 60th District Court.
Jefferson County District Court case number: B187-058.