Katie Hershey and her brother Sam Hershey, ages 27 and 25 respectively, both residents of Harrisburg, are annoyed. They are beneficiaries of "THE MILTON S. HERSHEY FAMILY TRUST" that was established by Milton Hershey, their father, for their benefit and was funded with $250,000. The trust is to be used for the benefit of Katies's and Sam's education and basic maintenance until they each reach the age of 35. At that age, each will receive half of the remaining trust money.
The reason that Katie and Sam are annoyed is the manner in which the trust is being handled. Uncle Eric, who is the trustee, has done very little about making the money productive. When the trust was first funded, Uncle Eric put the money in a CD that earns 2.25% per year. Since then, Eric has not touched the money. He figures that if he puts it in stocks or mutual funds, the trust money could be decreased or lost, and he'd rather just sit tight. Katie and Sam, on the other hand, want the money to be invested in stocks or mutual funds so that it can increase, especially in light of the low interest rate that the CD is earning. Therefore, Katie and Sam want Uncle Eric removed as trustee of the trust.
They come to you and ask if, under Pennsylvania law, they are likely to be successful in petitioning the court to remove Uncle Eric as trustee and installing someone who will be a little more aggressive with their trust money.
Can you please help Katie and Sam?
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