- 4 -
Mr. de St. Aubin's will establishes two trusts for the
benefit of decedent. Article Sixth of the will creates a
marital trust. The will names decedent as the income
beneficiary of that trust, and it grants her a testamentary
power of appointment over the assets of the marital trust.
Article Sixth directs that the marital trust be funded with
an amount equal to 50 percent of the adjusted gross estate
less the aggregate value of all interests in Mr. de St.
Aubin's property that pass to decedent outright through her
husband's will, or "otherwise than under [his] will, by
operation of law, through life insurance policies, or
otherwise". With respect to funding, Article Sixth
provides:
My executors, hereinafter named, shall have
the power and sole discretion to satisfy this
bequest wholly or partly in cash or in kind and
to select the assets to be included therein,
provided, however, that all such assets included
shall be valued at the value thereof as finally
determined for Federal estate tax purposes, and
that the total value of such cash and/or property
at the time of distribution to my said trustees
shall be at least equal to the amount of this
bequest.
Article Sixth directs that the entire net income be paid to
decedent at least quarterly. The will does not authorize
invasion of the principal of the marital trust for
decedent's benefit. Under Article Sixth, the marital trust
Page: 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