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Thus, according to paragraph 5.03 of article V of the
trust agreement, the successor trustee is directed to
"allocate one half of the remaining Trust assets or
property for the establishment of a private charitable
foundation for the benefit of the church at which LIZETTE
LEWIS PRYOR attends and is a member as of the date of
Grantor's death." The church referred to in that provision
is the Millbrook United Methodist Church. The private
charitable foundation is to be established for a period
of 5 years, and the remaining proceeds held by the
charitable foundation and any accumulated interest are to
be distributed in fee to the Millbrook Methodist Church
5 years after the decedent's death.
According to paragraph 5.04 of article V, the
successor trustee is directed to make a distribution to the
other beneficiary of the trust, Ms. Pryor, "Upon the death
of the Grantor". The trust agreement describes the amount
of this immediate distribution to Ms. Pryor as "the
remaining Trust property which remains after providing for
all previous distributions and for payment of all expenses
of administering such Trust in accordance with provisions
of paragraph 6.02 herein for bequests, debts, expenses, and
taxes of Grantor's estate".
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Last modified: May 25, 2011