The heirs of former Rock City president E.Y. "Ed" Chapin III are asking that his $1.1 million trust be terminated and the money divided equally by the five children.
However, one of the children, Garnet Chapin, is not going along with the request.
In a suit filed in Chancery Court, it says there are seven primary beneficiaries of the trust and 16 other permissible beneficiaries.
The children of Mr. Chapin are Garnet Chapin, Mary Chapin (Ken) Young, Bill (Joan) Chapin, Jimmy (Erin) Chapin and the late E.Y. Chapin IV.
The suit says, "With so many permissible beneficiaries, it is unlikely that principal encroachments will be made because of the difficulty of fairly protecting the interests of all beneficiaries if encroachments are made to a few."
It also says the trust would also be reduced by payment of periodic administrative fees.
The suit, filed by attorney Don Morton, says, "Because of the extensive present revisions in the tax laws, including the increased estate state exception and generation-skipping transfer tax exemption, there is no longer a significant estate tax reason for keeping these assets in trust. The beneficiaries, who are joined by all of the Qualified Beneficiaries, except Garnet Chapin, believe that it is in the best interest of all the family to divide the trust assets so that each family will receive its one-fifth of the trust."