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will. The shares set aside for grandchildren who survived Mrs.
Schutt were to be held as a single trust, from which net income
was to be distributed quarterly in equal shares to each
grandchild until the youngest such grandchild achieved the age of
40. Trust 2064 was to terminate on the earlier of (1) the date
the youngest grandchild living at Mrs. Schutt’s death reached 40,
(2) the death of all grandchildren living at Mrs. Schutt’s death,
or (3) the date 21 years after the death of the last survivor of
the issue of Mrs. Schutt’s grandfather, Alexis Irenee duPont,
living on October 6, 1934. Trust property remaining at
termination was to be distributed, if any such persons survived,
in equal shares to the income beneficiaries thereof.
As pertains to the administration of Trust 2064,
Mrs. Schutt’s will provided a representative listing of powers
granted to the trustee, subject to specified limitations. More
specifically, the will provided for an adviser of the trust (also
referred to herein as a “direction adviser”), and appointed
decedent as the initial direction adviser, a position he
continued to hold until his death. A committee made up of
Mrs. Schutt’s daughter-in-law Katherine Draper Schutt and son-in-
law Henry I. Brown III was designated to succeed decedent in this
role. Regarding the direction adviser, the will stated, in
relevant part:
I direct the trustee of each trust created in this
Will to exercise the powers granted to it * * *,
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