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Rose v. Waldrip

The Revised Georgia Trust Code of 2010 does not apply retroactively to vested property rights.

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Linda Rose “Linda” and Joy Garcia “Joy” appeal the trial court’s order of declaratory judgment in an action filed by “Colleen Waldrip ‘Colleen’ as Administrator with Will Annexed of the Estate of Lee R. Waldrip ‘Waldrip’.” In that order, the trial court enforced the “after-acquired property” clauses contained in a “Revocable Living Trust” agreement the “Trust Agreement” establishing the “Lee R. Waldrip Living Trust Dated April 29, 2002″ the “Trust” and in its contemporaneous Comprehensive Transfer Document the “CTD”.1 The trial court found that the language in these clauses alone was sufficient to convey Waldrip’s entire estate into the Trust. We disagree for the reasons set forth below.

Lee R. Waldrip, who died on March 10, 2008, was Linda’s father and Joy’s grandfather. Colleen was his widow but apparently is not otherwise related to Linda and Joy. Colleen was named the primary beneficiary of the Trust as amended. Although earlier versions of the Trust also gave Linda an income of $1,000 per month per life, a second amendment to the Trust dated January 10, 2005, eliminated that provision and gave Linda a one time payment of $1,000. Linda and Joy, however, were named beneficiaries of a will Waldrip executed on January 1, 2008 the “Will”, which provided for the funding of a trust to furnish Linda with an annual lifetime annuity the “Linda Trust” and also excused certain indebtedness Joy owed her grandfather.

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