- 7 - power to disburse such amounts from the principal and income of the trust as the trustee decides is necessary "in his absolute discretion" for the "proper health, education and support" of the surviving spouse. Article Fifth (b) of the decedent's will states as follows: If at any time, in the absolute discretion of the Trustee or co-Trustees, my wife, LAURA B. RAPP, should for any reason be in need of funds for her proper health, education and support, the Trustee may in his absolute discretion pay to or apply for the benefit of my wife, such amounts from the principal and income of the trust estate, up to the whole thereof, as the Trustee may from time to time deem necessary or advisable for her use and benefit. The 1986 wills provide that on the death of the surviving spouse, the trust shall cease and the trustee shall distribute the residue of the trust to the decedent's sons or their children. Before he prepared the 1986 wills, Mr. Clark had become acquainted with the size and complexity of the decedent's business and financial holdings due to the fact that he had handled legal matters for the decedent and his businesses beginning in the mid-1970's. The decedent had also given Mr. Clark a personal financial statement dated April 30, 1986, listing assets of $13,530,671, liabilitiesPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011