- 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