- 26 -
disposition or distribution of any property deemed a
part of my taxable estate at my death shall be paid out
of the principal of the Trust Estate held pursuant to
the provisions of Article 3 of the Trust Agreement (as
amended from time to time) dated August 1, 1985 * * *
The foregoing is then augmented by the provisions of the 1992
Trust agreement set forth below:
2.3 Disposition of Trust Estate upon the
Settlor’s death. Upon the death of the Settlor,
whatever then constitutes the Trust Estate, both
principal and all undistributed income, shall be held
and distributed pursuant to the provisions of Articles
3, 4, 5, 6, 7, 8 and 9 of this Agreement.
ARTICLE 3
3.1 Payment of death taxes. The Trustees shall
pay all of the inheritance, estate, succession and
transfer taxes * * * which may be imposed by law by
reason of the Settlor’s death or because of the
transfer, disposition or distribution of any property
deemed a part of the Settlor’s taxable estate at his
death. * * *
3.2 Payment of legacies, debts and expenses. The
Trustees shall pay out of the Trust Estate any legacies
made in the Settlor’s will for which the Settlor’s
probate estate is not sufficient, and may so pay out of
the Trust Estate, or reimburse the representative of
the Settlor’s estate for, such of the Settlor’s debts
and such of the expenses of his last illness, funeral
and burial as the Trustees, in the exercise of their
discretion, may deem necessary or advisable, taking
into consideration any other assets available for such
purposes and the liquidity of other assets.
Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NextLast modified: May 25, 2011