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plan establishing two trusts to be funded by the remainder of Mr.
Lassiter’s probate assets. Item IV of the will specified the
amount to be placed in a trust over which Mrs. Lassiter was given
a general power of appointment by directing the trustee to:
(1) determine the value of my entire estate passing
under this Will, (2) add thereto the value of any and
all insurance and other property passing outside of
this Will but includable in my estate for Federal
Estate Tax purposes, (3) deduct therefrom all debts and
expenses of administration allowed as a deduction for
Federal Estate Tax purposes but not any estate or
inheritance tax, (4) ascertain one-half of the
remainder, (5) deduct from such one-half the value of
any and all insurance and other property passing to my
said wife either outside this Will or under any other
item of this Will in such manner as to qualify as a
part of the marital deduction under the Federal Estate
Tax Law, and (6) the remainder of such one-half shall
be the value of the part of my estate bequeathed in
this Item.
The trustee of this trust was further told to pay all income
therefrom to Mrs. Lassiter, in semiannual or more frequent
installments, and was authorized “to encroach on the corpus of
the property” as necessary to provide for Mrs. Lassiter’s “proper
support and comfort”.
A second, residuary, trust was then created under Item V of
the will for all probate property not otherwise disposed of
through the above-described provisions. Pursuant to the
governing terms set forth in Item V, the trustee of this trust
was instructed as follows:
(b) Said Trustee shall hold and manage said
property and shall use such part of the income and/or
principal thereof as it may deem necessary to provide
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