HomeMy WebLinkAbout0221 C. Upon a beneficiary attaining the age of twenty-five (25)
years, that beneficiary shall have the option of requesting a
• distribution of one-third (1/3) of the then existing trust
corpus and accumulated income in that beneficiary's trust
share.
D. Upon a beneficiary attaining the age of thirty (30) years, ~
that beneficiary shall have the option of requesting a distri- {
bution of one-half (1/2) of the then exist~.ng trust corpus and F
accumulated income in that beneficiary's trust share.
E. Upon each beneficiary attaining the age of thirty-five (35) ;
years, as to such beneficiary this trust shall cease and all ~
remaining corpus and accumulated income then existing in that ~
beneficiary's trust share shall be distributed outright to f
such beneficiary without any restrictions whatsoever. ;
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F. In the event any beneficiary should become deceased prior to :
the termination of this trust as to such benef iciary, the ~
Trustees shall upon the death of such beneficiary distribute ;
the then remaining trust corpus and accumulated income to the i
then surviving issue of such beneficiary. ;
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G. In the event that no issue survive pursuant to the terms of
Paragraph F immediately above, the Trustees shall distribute
the then remaining trust corpus and accumulated income of the ~
deceased beneficiary's trust share equally among the other
beneficiaries of this Trust who then survive.
H. In the event that no issue survive pursuant to the terms of
i Paragraph F and also no other beneficiaries survive pursuant
to Paragraph G, then and in that event the remaining trust
; corpus and accumulated income of the deceased beneficiary's ;
~ trust share shall pass to such deceased beneficiary's estate. ;
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' I. If at any time any balance remaining in a trust share shall be
~ less than Ten Thousand ($10,000.00) Dollars, then and in that
# event, as to such trust share this trust shall end and distri-
= bution shall be made of the balance of the trust corpus and
~ ~ accumulated income in that trust share to the beneficiary of
~ that trust share. ~
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~ ARTICLE 7 - MINORS ;
~ If, pursuant to the provisions of this Trust any property shall
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become payable to or vest in a minor and the Grantor has not provided
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specifically for such minor in this Agreement, the Grantor authorizes
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and empowers the Trustees to establish a Trust for that minor an , n ~
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= their discretion, to do any or all of the following:
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A. In the case of income from any trust, to accumulate and add to
principal such part or all of such income as they may deem not ~
to be reasonably required for the support, maintenance, health,
- or education of such minors.
- B. To pay over or deliver such property, whether income or principal
in whole or from time to ti.me in part, to a parent or duly
appointed guardian of such minor or to any person with whom
such minor may reside for the use and benefit of such minor,
- and the receipt of such pa~ent, guardian or other person shall
be a complete discharge to the Grantor's Trustees.
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-S- ~ooK 226 F,,~~ 221
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