HomeMy WebLinkAbout0984 i
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rent. The Trustee shall pay the property taxes,
assessments, liens, insurance, repairs and other charges or
amounts necessary for the general upkeep and reasonable
improvement of the property, out of principal or income of
the trust estate containing such improved real property, as
the Trustee in the Trustee's discretion ahall determine.
The Trustee in the Trustee's discretion may sel~ such
property and replace it, exchange it-for a comparable---
residence, or rent or lease another cesidence suitable for
the Trustora or the ~urviving Trustor as the Trustee deems
appropriate.
O. Obli ations Not Paid From Exem t Funds. If the
Trustee receives funds that shal be exempt from federal
estate tax, such funds shall noE be used to pay death taxes
or other obligations of the deceased Trustor or his estate.
P. Subiection of 1~ssets to Peobate Adminis~ration. If
- the Trustee and the Executor of the estate of either of the
Trustora` shall jofntly determine that it would be in the
best ~•~Y~~~iV~.Y ~f the beneficiaries of the trust, and the
beneficial interests of the beneficiaries would not tbereby
be altered, the Trustee may subject any asset of the trust
~ estate to probate administration to accomplish a result
j anavailable without such administration. This power shall
! be strictly construed and shall only be used to secure any
tax or other benefit otherwise unavailable to the trust.
~RTICLE VII
PROVISIONS RELATING TO INSURANCE POLICIES
A. Trustore' Reter?tion of Ri hts in Policies. The
owner of eac policy made payab~e to any trust created in
f this instrument reserve$ all rights, options, and privileges
conferred on the owner by tbe terms of the policies, includ-
ing but not lfmited to the rigbt to change its beneficiary -
; designation, to hypothecate the polfcy, a~d to borrow funds
from the insurer. Sickness, disability, or other benefits
and all dividends accruing during the inaured's lifetime may
be paid by the insurer to the owner. The Trustee shall not
be responsible for acts or omissions of the Trustors
relating to any insurance policy.
` B. Truetee's Res onaibilit for Pa ment of Premiums.
~ The Trustee s a not e requ re to pay premiums~ assess-
ments, or other charges on any life insurance policy af which
the trust is owner or beneficiary that are required to keep
it a bindi~g inaurance contract, nor shall the Trustee be
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H1~1CHY. WfTTR. WOOD. ANGERSON 8 H006~S
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