Estate of Henry A. Lassiter, deceased, Paula Ann Masters Lassiter, administrator, C.T.A. - Page 6

                                         - 6 -                                          
               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 * * *                                                        
                         *     *    *    *    *    *    *                               

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