Estate of Henry A. Lassiter, deceased, Paula Ann Masters Lassiter, administrator, C.T.A. - Page 7




                                         - 7 -                                          
                    (h) They may apportion or allocate all ordinary                     
               and extra dividends and gains from sales of                              
               unproductive real estate or from sales of any other                      
               part of the corpus and any other receipt or receipts                     
               and all expenditures and payments and all losses of                      
               income during alterations or improvements of real                        
               estate, between income and principal as to them seems                    
               fair and just, and any such apportionment or                             
               allocation, including the right to amortize or fail to                   
               amortize any part of the premium or discount, made in                    
               good faith shall be final. * * * They may in general                     
               use their discretion in determining the questions as to                  
               what receipts and what payments are income and                           
               principal, which discretion exercised in good faith                      
               shall be final;                                                          
          The Disclaimers                                                               
               After Mr. Lassiter’s death and at the request of Mrs.                    
          Lassiter and the Lassiter children, First National Bank of                    
          Atlanta declined and renounced its right to serve as the named                
          trustee.  Accordingly, on February 6, 1995, in her role as                    
          administrator of her husband’s estate, Mrs. Lassiter filed with               
          the Probate Court three petitions.  Therein she requested that                
          she be appointed trustee of the trusts created under Items IV and             
          V of the 1970 will, that authority be granted to the trustee to               
          disclaim trust powers, that a guardian ad litem be appointed to               
          represent the interests of minor daughter Cheryl and all unborn               
          and unascertained beneficiaries of the Item V trust, and that                 
          such guardian ad litem be authorized to execute disclaimers of                
          interests in the Item V trust on behalf of the represented                    
          beneficiaries.  By orders dated February 6, 1995, the Probate                 








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