The court considered the proper interpretation of annuity and indexing provisions in the John Szewczyk Testamentary Trust, specifically whether the annuity should be indexed annually or only once at inception, and whether overpayments should be repaid.
The court held that the will’s language and surrounding circumstances supported a one-time indexing at the date of death, with subsequent increases limited to $5,000 every five years.
Overpayments made prior to January 1, 2024, are not recoverable due to a prior settlement, but overpayments after that date are to be recouped by postponing the next scheduled increase.
