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decedent’s children, the trustee was to pay annually to the
University of Virginia an annuity equal to 4 percent of the value
of the special trust on the date of the last child’s death.
Throughout the trust’s term, principal could be used for the
full-time undergraduate college tuition of the issue of any of
decedent’s children. Unless earlier exhausted, the special trust
was to terminate 90 years after the death of the last grandchild
living at decedent’s death, at which time the corpus was to be
distributed free of trust to the University of Virginia.
The remaining assets of the revocable trust were to be
placed into the residuary trust. A share of the residuary trust
was to be set aside for each of decedent’s three living children
and the issue per stirpes of his predeceased daughter. Each
primary beneficiary 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, the trustee was
directed upon the beneficiary’s death to distribute the assets
free of trust to the beneficiary’s then-living issue, per
stirpes. Decedent’s son was also authorized to withdraw
principal not in excess of one-third of the value of his share
upon request.
Schutt Family Limited Partnership
In addition to the foregoing trusts, decedent and two of his
children, Charles P. Schutt, Jr., and Caroline Schutt Brown, on
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