-12-
Revocable Trust
Like Mrs. Schutt, decedent on January 16, 1976, had
established a revocable trust, subsequently amended by
supplemental trust agreements dated April 9, 1976, June 6, 1979,
December 30, 1982, December 1, 1988, January 24, 1989, July 18,
1989, April 6, 1990, May 4, 1994, May 20, 1994, December 10,
1996, and May 21, 1997 (Revocable Trust). The Revocable Trust
was initially funded with life insurance policies on decedent’s
life and with various holdings in common stock. Decedent, Henry
I. Brown III, and Charles P. Schutt, Jr., were named as co-
trustees, positions they held until decedent’s death, at which
time Henry I. Brown III and Charles P. Schutt, Jr., continued as
successor co-trustees.
As amended, the trust agreement made the following
provisions with respect to distributions. During decedent’s
life, he was to receive all net income of the trust and so much
of the principal as he requested in writing at any time. At
decedent’s death, specified cash bequests were to be made to
named beneficiaries. Remaining corpus was to be divided into
three trusts: (1) A charitable lead trust; (2) a so-called
special trust; and (3) a residuary trust.
The charitable lead trust provided for a charitable lead
unitrust term beginning on the date of decedent’s death and
terminating 25 years thereafter, and for a unitrust amount to
Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 NextLast modified: May 25, 2011