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net income and principal to Mrs. Schutt’s issue more remote than
children for their support, maintenance, education, care, and
welfare. The GST trust was to terminate 110 years after becoming
irrevocable, at which time the property was to be distributed
free of trust to Mrs. Schutt’s then-living issue, per stirpes.
The remaining assets of the revocable trust were to be
placed into the residuary trust. A share of the residuary trust
was set aside for each of Mrs. Schutt’s four children. Subject
to certain differences not material here, each child was given a
lifetime income interest in, and a limited testamentary power of
appointment over, his or her share. In default of any such
appointment by the child, the trustee was directed upon the
child’s death to distribute the assets free of trust to the
child’s then-living issue, per stirpes. Mrs. Schutt’s son,
Charles P. Schutt, Jr., was also authorized to withdraw up to
one-third of the value of his share upon request.
With respect to administration, the trust indenture provided
for powers to the trustee and a direction adviser or committee in
terms substantially identical to those contained in Trust 2064.
Mrs. Schutt was named as the initial direction adviser. She was
succeeded at her death in that role by decedent, a position he
held until his own death. Katherine Draper Schutt and Henry I.
Brown III were again named as the members of the committee to
succeed decedent.
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Last modified: May 25, 2011