- 6 -
in the inter vivos trust.
On December 31, 1981, Mellon Bank, N.A., the trustee under
the deed of trust, and Mr. Wright’s children, who were Hester
Wright’s nieces and nephew, entered into an agreement to amend
the inter vivos trust (agreement to amend the inter vivos trust).
That agreement provided in pertinent part as follows:
WHEREAS, Hester M. Wright, settlor under the Deed
of Trust died July 21, 1980; and
WHEREAS, Clara E. Wright, first life tenant under
the Deed of Trust, disclaimed all of her interest as
such life tenant, thereby accelerating the interests of
the Beneficiaries hereto as successor life tenants; and
WHEREAS, the Beneficiaries desire that during the
term of this Agreement the Trustee hold and administer
the entire trust estate as one fund, rather than divid-
ing the same into six separately held and administered
trust funds, one for each Beneficiary.
NOW, THEREFORE, the parties, intending to be
legally bound hereby, agree as follows:
1. Notwithstanding the provisions of Article ONE
(B)(2) that, on the death of the Settlor and her sis-
ter, the principal of the trust estate shall be divided
into six equal separate trusts, the Trustee shall
during the continuance of this Agreement hold, invest
and reinvest and otherwise administer the trust estate
as one fund, distributing the net income in equal
shares directly to the six Beneficiaries and not
through the separate trusts.
2. Notwithstanding the provisions of Article ONE
(B)(2)(a), the Trustee shall not, during the continu-
ance of this Agreement, (i) make any distribution of
principal to any Beneficiary pursuant to its discre-
tionary powers in this subparagraph or (ii) make any
distribution of principal to any Beneficiary pursuant
to such Beneficiary’s power to request sums from prin-
cipal not to exceed $5,000 in any one calendar year,
except that at the request of the Attorney-in-Fact
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