Estate of Eleanor T.R. Trotter - Page 4

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          principal to the beneficiaries as the trustee deemed necessary              
          for the beneficiaries’ health, education, support, or                       
          maintenance.  The trust instrument then set forth the following             
          with respect to the trust’s termination:                                    
                    Upon the death of Eleanor T. Trotter, the real                    
               estate which is contemplated to be held by this trust                  
               (namely Apartment 3-S, Westriver Townhouses Horizontal                 
               Property Regime, Pulaski County, Arkansas) shall be                    
               maintained for one year during which time John F.                      
               Trotter, Sr. (if he remains married to Grantor at the                  
               time of her death) shall be entitled to live in such                   
               real estate rent free if he pays all occupancy                         
               expenses.  Also, he shall have the option within one                   
               year of Grantor’s death to lease or purchase such real                 
               estate at its fair rental rate or fair market value (as                
               the case may be).  If he leases the real estate, the                   
               trust shall continue to hold the real estate until the                 
               lease terminates.  At the termination of the lease or,                 
               if no lease, one year following Grantor’s death, the                   
               assets then held in trust shall be divided into equal                  
               shares for as many grandchildren of Grantor as are then                
               living or who have deceased but left issue surviving.                  
               Such shares shall then be distributed directly to the                  
               Beneficiaries except to those who are minor and, in                    
               such event, * * * [distribution shall be to a trustee                  
               managing a trust for the benefit of such minor                         
               The provisions described above regarding the use and                   
          distribution of trust assets during and at the termination of the           
          trust were contained in paragraph 2 of the document, labeled                
          “DISPOSITIVE PROVISIONS”.  Paragraph 3, “RIGHT OF WITHDRAWAL”,              
          next stated, in pertinent part:                                             
                    Notwithstanding the provisions of paragraph 2                     
               above, in the calendar year in which the trust is                      
               created, the Beneficiaries shall have the power, in                    
               their sole discretion, commencing with the date of such                
               creation to withdraw property then belonging to the                    
               principal of the trust having a value equal to the                     

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Last modified: May 25, 2011