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LAST WILL AND TESTAMENT OF ELIZABETH W. TAYLOR - Page Three
being held hereunder, shall be added to and co-mingled with
such trust held hereunder for her benefit and shall be held
and distributed as if it had been an original part of the
principal of that trust.
ExpEnditures or distributions of income or principal
under the provisions of any trust created in this Will made be
made, in the discretion of the trustee, in any one or more of
the following ways: (a) by direct expenditure for the
benefit of a beneficiary; (b) by payment to a beneficiary,
notwithstanding that he or she may be under the age of
eighteen (18) years; or (c) by payment to a parent or to a
person standing in loco parentis to a beneficiary under the
age of eighteen (18) years tc be expended by such person for
the benefit of such beneficiary. The receipt ot a beneficiary
under the age of eighteen (18~ years or the receipt of a
' parent or a person standing in loco parentis for a payment
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~ received from the trustee to be expended for the benefit of
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~ said beneficiary shall be a full and complete discharge to the
i
( trustee in respect thereto.
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CLAUSE IV: The interest of any beneficiary in
~ either the income or principal fo any trust created herein
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~ shall not be anticipated, alienated, or in any other manner
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~ assigned or transferred by such beneficiary, and such interest
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~ shall be exempt from execution, attachment, distress for rent,
r and other legal or equitable process which may be instituted
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; by or on behalf of any creditor or assignee of such benefi-
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, ciary; provided, however, that any beneficiary will be privi-
leged at any time and from time to time by a writing delivered
to the trustee to renounce or relinquish, in whole or in part,
any interest such benefic:iary may have in the trust estate and
thereby accelerate the next succeeding interest as if such
bene~iciary had died at the time of such renunciation.
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~ ~D011 U~~ PA~E ~U~
r NCILL 6/tIrFIN JCFFRILB E LlOTO
~ i,t~I.RTERED
P O. BOX 1270, ~0~7T PIE:RCE, F~ORIDA 33454 - TE~EPHONE (]OS! 164-9200
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