• Anne C. Mears Trust - Consent & Waiver

    The Albany County Public Library Foundation has been named as a beneficiary of the Anne C. Mears Trust. Anne Mears died on August 2, 2022. Over the past two years, legal counsel for the Anne C. Mears Trust has been evaluating and working to solve issues before distribution of funds can take place.
  • Background:

    Anne Mears was the beneficiary of three trusts created by her late father. These irrevocable trusts were setup in 1931, 1940, and 1968. Anne Mears was named Power of Appointment over the assets in these trusts, allowing her to specify where the funds went upon her death. Trustees from the three irrevocable trusts, which are subject to Massachusetts law, communicated specific issues that have arisen in the will and trust documents, specifically related to how funding can be used and distributed. There are four main issues that need to be resolved. For the ACPL Foundation, these issues could alter the total amount available for distribution to beneficiaries, meaning the organization would receive less funding if the issues are not resolved.
  • Charitable Break Down

    The charitable share the ACPLF should receive if issues are resolved is: $235,000. The charitable share the ACPLF could receive if issues remain is: $156,943.
  • Petition of Reformation: Consent & Waiver

    Legal counsel for the Anne C. Mears Trust want to ensure that Anne Mears’ wishes are honored and seen as legally valid. Her legal counsel is submitting a petition to the Wyoming Chancery Court to fix issues by updating portions of the trust. They are asking all nonprofit beneficiaries to sign a consent and waiver for the Petition for Reformation of the trust, formally approving the proposed amendment to the Anne C. Mears Trust. A unanimous vote is required to pass a motion for action without a meeting, evidenced by each Board member’s written consent, and filed in the corporate records. This form allows each board member to sign electronically.
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