- 4 - The provisions shall be so construed and questions pertaining to TRUST A shall be resolved accordingly. With respect to the administration and distribution of the assets in Trust A, Article VII of the Agreement provided: 1. During the life of the surviving spouse who remains competent as set forth in Article XXIII[2] * * * a. The net income, beginning as of the date of the first to die, may be paid to said spouse in quarterly or other convenient installments during the life of said spouse. b. The Trustee may pay to said spouse or apply for the benefit of said spouse such amounts of principal as the Trustee deems necessary or advisable for the proper care, comfort, support, maintenance, and welfare of said spouse, including reasonable luxuries. c. Said spouse shall withdraw any amount or all of this Trust by written request to the Trustee. 2 Article XXIII provides that: "Incompetency * * * simply means 'unable to handle ones [sic] affairs with adequate competence'". Article XXIII also provides that successor trustees are directed "to sign * * * [a form declaring the surviving spouse incompetent] if, in each Successor Trustee's complete discretion it will preserve the assets of this Trust." Article XXIII further provides that the surviving spouse, if incompetent, is "barred from receiving any of the benefits of this Trust."Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011