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Article IV, paragraph D of the will provides for spousal
disclaimer rights as follows:
My wife or her personal representative, by an
instrument in writing delivered to my Trustee after my
death, may disclaim all or any part of the distribution
payable under this Article IV to the Trustee of the
Qualified Terminable Interest Property Marital Trust
under Paragraph B. Any part so disclaimed shall be
held and administered by the Trustee as a separate
trust in accordance with the terms of the Family Trust,
except my wife shall not receive distributions of
principal from this separate trust. If my wife further
disclaims her income interest in this separate trust,
then it shall be held and administered in accordance
with the terms of the Family Trust as if she had
predeceased me. Upon my wife's death, any assets
segregated pursuant to the terms of this Paragraph
shall be merged with other assets being held in the
Family Trust.
Article IV, paragraph F of the will provides for an election
as follows:
My Personal Representative may elect that any part
or all of any amount passing under this Article IV be
treated as qualified terminable interest property for
the purpose of qualifying for the marital deduction
allowable in determining the federal estate tax upon my
estate. While I anticipate that the election will be
made for all of such property, my Personal
Representative shall have the authority not to make the
election should no election or a partial election be
advantageous for some reason I have not foreseen. Any
part of any amount passing under this Article IV with
respect to which my Personal Representative does not so
elect to be treated as qualified terminable interest
property shall continue to be held by my Trustee and
administered and distributed pursuant to the terms of
the Family Trust hereunder.
Article V of the will provides for "Family Trust
Administration", in which the trustee is to receive the residue
of decedent's estate in order to fund the family trust.
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Last modified: May 25, 2011