HomeMy WebLinkAbout2741 ARTICLE V
POWERS OF THE TRUSTEE
(A) Trustee shall pay the net income to or for the benefit of the beneficiaries. All
income shag be deemed as currently distributable.
(B) If, in the opinion of the Trustee, the beneficiaries are in need of additional
funding to provide adequately for his or her health, education and support in
reasonable comfort, Trustee shall pay to or for the benefit of the beneficiaries such
amounts from the principal of the trust from time to time as it shall determine in its
discretion to be necessary or appropriate for such purposes.
(C) On the death of the beneficiaries, Trustee shall pay the then remaining
principal and undistributed income to or among such person or persons or to the
beneficiaries' estate in such amounts or proportions and in such manner, including
outright, or in trust, as the beneficiary shall appoint in his or her Last Will if such
makes specific reference to the exercise of this power.
(D) On the death of the beneficiary, if or to the extent distribution is not made
pursuant to exercise of the power of appointment granted in the previous paragraph,
Trustee shall distribute the balance of principal and undistributed income to the
beneficiary's surviving issue, such issue to take by right or representation.
(E) If, by the previous paragraph, any distribution is required to be made to a
minor, the interest so required to be distributed shall be indefeasibly vested in the
minor until such time as the minor attains his or her majority or dies, whichever first
occurs. Trustee may pay so much of the income and principal to or for the benefit of
the minor as in the Trustee's sole discretion is necessary to provide for his or her
health, education and support in reasonable comfort. Any income not distributed
may be added to the principal of such interest and invested as a part thereof. Then
when the minor attains his or her majority or dies, whichever first occurs, the then
remaining principal and undistributed income shall be paid to him or her, if living, or to
his or her estate, if deceased.
(F) If, or to the extent, the above provisions do not provide for distribution of
the trust estate, or any part thereof, such interest shall be distributed free of trust
f upon. termination of all prior estates or interest to the intestate heirs of the beneficiary
`f as then determined by the laws of the state of original jurisdiction as then in effect.
i •(G) No Trustee or successor Trustee shall be required to give any bond or
other security.
ARTICLE VI
DISTRIBUTION QUALIFICATION
(A) Trustee is not to recognize any transfer, mortgage, pledge, hypothecation,
assignment or order of a beneficiary which anticipates the payment of any part of the -
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income or principal. The income and principal of the trust estate shall not be subject
i to attachments, garnishments, creditor's bills or executions to satisfy any debts,
- obligations or torts of any beneficiary nor shall any part of the trust estate pass to a
trustee or receiver in any bankruptcy proceedings initiated by or against any
~ beneficiary.
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(B) Required distributions of income to a beneficiary shall be deemed as
currently distributable and in the sole discretion of the trustee. 1
Distributions of income or principal to any beneficiary may be:
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1. Paid directly to the beneficiary; or
2. Deposited in any bank to the credit of the beneficiary in an account carried in
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F the beneficiary's name either alone or jointly with others; or -
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