-5- therefrom was to continue to be distributed in quarterly installments to the child. Upon the child’s death, the trustee was to distribute the corpus free of trust to the child’s descendants, per stirpes, subject to specified age restrictions. As regards administration, Trust 3044 granted to the trustee, subject to specified limitations, “in general, the power to do and perform any and all acts and things in relation to the trust fund in the same manner and to the same extent as an individual might or could do with respect to his own property.” Concerning limitations, the trust agreement provided for the appointment of an “adviser of the trust” (also referred to herein as a “consent adviser”) by Mrs. Schutt and stated that enumerated powers granted to the trustee shall be exercised only with the written consent of the adviser of the trust; provided, however, that if at any time during the continuance of this trust there shall be no adviser of the trust, or if the adviser of the trust shall fail to communicate in writing to Trustee his or her consent or disapproval as to the exercise of any of the aforesaid powers for which exercise the consent of such adviser shall be necessary, within twenty days after Trustee shall have sent to the adviser of the trust, by registered mail, at his or her last known address, a written request for such consent, then Trustee is hereby authorized and empowered to take such action in the premises as it, in its sole discretion, shall deem to be for the best interest of any beneficiary of this trust. The specified powers subject to the above consent provision were the trustee’s authority: (1) To sell or otherwise dispose of trust property; (2) to hold cash uninvested or to invest inPage: 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