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exercise such power of appointment shall be divided
into as many separate and equal shares as I have
children then living and deceased children with
descendants then living.
Mr. Lassiter’s will appointed First National Bank of Atlanta
as the initial trustee of the trusts created therein.
Beneficiaries entitled to more than 50 percent of the income from
his estate and testamentary trusts were authorized at any time to
remove the trustee and to appoint a successor corporate trustee.
In such event Item X directed: “Any successor Executor or
Trustee appointed as herein provided, or appointed according to
law, shall have and may exercise all of the rights, powers and
duties herein conferred upon the Executor and Trustee as fully
and to the same extent as if such successor had originally been
named as Executor or Trustee.”
The powers and duties conferred upon the trustee for
purposes of administering “every trust” established under the
1970 will were set forth in Item XII. Among the powers so
enumerated were the following:
(a) To hold in their discretion any part of the
estate to be administered in its form or condition at
the time said fiduciaries qualify as the fiduciaries of
said estate, * * *
(b) To make and change investments, converting
personal property into real property and the reverse
whenever they think it advisable * * * ; to purchase
and hold for investment unproductive and unimproved
real estate * * *
* * * * * * *
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Last modified: May 25, 2011