Saturday, February 25, 2012

News Update Iggy Arroyo gives all his estate’s income to Grace Ibuna – court records

All income of the estate of the late Negros Occidential Rep. Ignacio “Iggy” Arroyo goes to his “partner” Mary Grace Ibuna, according to a “Declaration of Trust” that he supposedly made hours before his last will and testament on March 27, 2009.
The documents were obtained Friday by GMA News Online from a London-based contributor.
In the will, Arroyo placed all his assets in a “living trust” and appointed his eldest daughter Bernardina Arroyo Tantoco as trustee, executor of his estate, and attorney-in-fact.
Then in the “Declaration of Trust” created hours before the last will, Arroyo left instructions to Tantoco that she “distribute income only to Mary Grace A. Ibuna to be paid in quarterly or more frequent payments.”
Children to get share after Ibuna dies That same trust document provides that “the balance of the trust shall be distributed” to each of his children in equal, one-third portions only after Ibuna’s death.
None of the documents GMA News Online obtained included an itemized list or any other papers indicating the properties Iggy Arroyo placed in trust.
Tantoco and her sister Bianca Marie are Iggy Arroyo’s daughters by his first wife, Marlene Jacinta. Arroyo has a third daughter, whose mother is Alicia Rita Morales, his second wife.
Ibuna informed the chancery division of the High Court in London that Arroyo’s first marriage was annulled and that the second marriage with Morales is going through annulment proceedings.
The last will and declaration of trust were made in California and was among the documents Ibuna presented to the court in London, where she fought for and got authority to bring the remains of Arroyo to the Philippines.
Ibuna shares that authority with Tantoco.
Tantoco has control of the whole estate her father left, but her powers are limited by the specifics of her designation as trustee, executor and attorney-in-fact.
In the will, Arroyo “intentionally and with full knowledge omitted to provide for (his) heirs and if the will is contested, he gives only $1.00.”
— With Sonny Laragan (in London)/ELR/VS