The First Appellate District affirmed a judgment. The court held that the “five-or-five” provision included in a decedent’s will, authorizing a trust beneficiary to elect annual receipt of the greater of five thousand dollars or five percent of the value of the trust principal, permitted the distribution to include an interest in real property in addition to money.
Margaret Cairns died in 1977. Her will provided for the creation of a testamentary trust (Trust). Cairns’s only child, Kenneth Grant Cairns (Grant), was appointed sole trustee and designated as an income beneficiary.
