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WILLS07.LEX
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1991-08-13
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.FT L----!----!----!----!----!----!----!----!----!----!----!----!---R
.TX1 *** TRUSTS - FAMILY FUND AND FAMILY TRUST ADMINISTRATION ****
{>ARTICLE_HEADING}
FAMILY TRUST ADMINISTRATION
The Family Fund shall be held as a separate trust known as the
Family Trust.
(1) Income and Principal. The Trustee shall have the power to
accumulate all or part of the net income of the Family Trust or to
distribute any part of the income or principal to or for my
{SPOUSE_HUSBAND/WIFE}, my children, and the descendants of my
children in order to provide for their health, support, maintenance
and education.
(2) Standards for Distribution. It is my desire that, in determining
which beneficiaries of the Trust shall receive distributions, the
Trustee shall give preference to the needs of the beneficiaries
in the following order: First, to my {SPOUSE_HUSBAND/WIFE}; Second,
to my children and, on a per stirpes basis, the living children of
a deceased child of mine; and Third, to my other descendants. It
is my intention that the beneficiaries be enabled, insofar as
possible, to maintain the standard of living to which they are
accustomed. In determining what distributions, if any, should be
made, the Trustee may (but is not so directed to) take into
consideration all other sources of income or principal available
to each beneficiary. The Trustee may make unequal distributions
among the beneficiaries, and no such distributions shall be taken
into account upon final distribution of the Trust properties.
(3) Property Disclaimed by {SPOUSE_HUSBAND/WIFE}. My
{SPOUSE_HUSBAND/WIFE} shall be deemed to have survived me for
the purposes of the administration of property which was re-
allocated to the Family Fund from the Marital Fund because a
qualified disclaimer was made by my {SPOUSE_HUSBAND/WIFE} or
{SPOUSE_HIS/HER} personal representative.
(4) Death of {SPOUSE_HUSBAND/WIFE}. After my death and the
death of my {SPOUSE_HUSBAND/WIFE}, the Trustee shall have the
power to accumulate all or part of the net income of the Family
Trust or to distribute any part of the income or principal to or
for my children and the descendants of my children in order to
provide for their health, support, maintenance and education.
In making such distributions the Trustee shall be governed by
the standards of distribution made applicable above to earlier
distributions to my {SPOUSE_HUSBAND/WIFE}'s and my descendants.
.TX2 *** TRUSTS - DIVISION OPTION 1 - TRUSTS FOR CHILDRENS' LIVES *
(5) Division of the Family Trust. After the deaths of my
{SPOUSE_HUSBAND/WIFE} and me and when my youngest then living
child has attained age twenty-three (23) years (or upon my death,
my {SPOUSE_HUSBAND/WIFE}'s death and the deaths of all my
children), the Trustee shall divide and partition the Family
Trust into separate portions of equal value, one portion for
each child of mine who survives those events and one portion for
the descendants of each child of mine who shall fail to survive
those events but who leaves descendants who do survive it. The
Trustee shall hold the portion for each child of mine who
survives those events as a separate Trust and each such separate
Trust shall be designated by the name of that particular child.
Each such Trust shall be held and administered for the benefit of
my child whose name designates it and for that child's descendants
and shall be administered subject to the same principles, rules
and standards as those governing the original Family Trust. The
portion of the Family Trust for each child of mine who shall fail
to survive those events, but who leaves descendants who do survive
it, shall be distributed to such descendants, per stirpes;
subject, however, to the other provisions of this Will.
(6) Final Distribution of Separate Trusts. At the Distribution
Date, or as soon thereafter as is reasonably practicable, the
Trustee shall make the following dispositions of the properties
in the Trusts established from the Family Trust. For this purpose,
the term "Distribution Date" shall mean the latest of the dates of
my death, my {SPOUSE_HUSBAND/WIFE}'s death, and the death of my
child whose name designates that particular Trust.
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(A) Exercise of Power. In such proportions and in such manner
as desired by such child, any child of mine whose name designates
a particular Trust may appoint by specific reference hereto, in a
Will admitted to probate, one or more of the following to receive
the benefits of such Trust:
.FT ----------L----!----!----!----!----!----!----!----!---R
(i) the descendants of such child who survive him, or her.
(ii) the spouse of such child, if the spouse survives such
child and such child is married to the spouse at the time of
his, or her, death.
(iii) the brothers or sisters of such child who survive such
child or their respective descendants who survive such child,
or
(iv) any person or organization qualified to receive deductible
transfers of property under Sections 501(c)(3), 2055, and 2106
of the Internal Revenue Code, as amended, or under any similar
successor federal statute.
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However, such child shall have no power to appoint any principal
or any undistributed income of his Trust or any part thereof to
himself or to his estate or to his creditors or the creditors of
his estate.
(B) Non-Exercise of Power. If one of my children whose name
designates a particular Trust shall not validly and effectually
exercise the foregoing power of appointment with respect to the
entire principal and undistributed income of such child's Trust,
then such part not validly and effectually appointed in
accordance with this Will shall be distributed to the
descendants of such child living at the Distribution Date,
per stirpes; or, if such child has no descendants then living,
then to my descendants living at the Distribution Date, per
stirpes.
(C) Major Disaster. If at the Distribution Date I shall have no
living descendants, then (subject to the powers of appointment
in each of my children) the Family Trust shall terminate and
the principal and undistributed income thereof shall be divided
into two equal shares. One share shall be distributed to my
heirs. The other share shall be distributed to my
{SPOUSE_HUSBAND/WIFE}'s heirs.
.TX3 *** TRUSTS - DIVISION OPTION 2 - TO CHILDREN AT AGE 30 *****
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(5) Division of Family Trust. After my death and the death of my
{SPOUSE_HUSBAND/WIFE} and when my youngest child then living has
attained the age of Twenty-Three (23) years, (or upon my death, my
{SPOUSE_HUSBAND/WIFE}'s death and the deaths of all my children),
the Trustee shall divide and partition the Family Trust into
separate portions of equal value, one portion for each child of
mine who survives those events and one portion for the descendants
of each child of mine who does not survive those events but
who leaves descendants who survive such events. Each separate
portion for each child of mine who survives both me and my
{SPOUSE_HUSBAND/WIFE} and who is at least thirty (30) years
of age at the time of such division and partition shall be
distributed to such child. The portion for each child of mine
who survives those events but who is not at least thirty (30)
years of age at the time of such division and partition shall
be held by the Trustee as a separate Trust and each such separate
Trust shall be designated by the name of that particular child.
Each such Trust shall be held and administered for the benefit
of my child whose name designates that particular Trust and for
that child's descendants and shall be administered subject to
the same principles, rules and standards as those governing the
original Family Trust. The portion of the Family Trust for
each child of mine who shall fail to survive those events but
who leaves descendants who survive such event shall be distributed
to such descendants, per stirpes; subject, however, to the other
provisions of this Will.
(6) Final Distribution of Separate Trusts. At the Distribution
Date, or as soon thereafter as is reasonably practicable, the
Trustee shall make the following dispositions of the properties
in the Trusts established from the Family Trust. For this
purpose, the term "Distribution Date" shall mean the later of
the dates of my death or my {SPOUSE_HUSBAND/WIFE}'s death.
.FT -----L----!----!----!----!----!----!----!----!----!----!---R
(A) Child Twenty-Five Years or Older. As to any child of mine
who has reached his Twenty-Fifth (25th) birthday at the
Distribution Date, the Trustee shall distribute to such child
one-third (1/3) of the principal and undistributed income then
remaining in the Trust of such child. The balance of the Trust
estate shall be continued in trust for the use and benefit of
the beneficiaries of such Trust, as set forth above.
(B) Child Younger than Twenty-Five Years. As to any such Trust
created for a surviving child of mine who has not reached his
Twenty-Fifth (25th) birthday at the Distribution Date, the
Trustee shall retain such share in trust hereunder for such
child; and when such child reaches his Twenty-Fifth (25th)
birthday, shall distribute to such child one-third (1/3) of
the principal and undistributed income then remaining in the
Trust for such child. The balance of such Trust estate shall be
continued in trust for the use and benefit of the beneficiaries
of such Trust, as set forth above.
(C) Termination of Trust at Age Thirty. When any child of mine
has reached his Thirtieth (30th) birthday, the Trustee shall
distribute to such child the principal and undistributed income
then remaining in the Trust of such child, and such Trust shall
terminate.
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(7) Special Power of Appointment in Child Dying Before Trust is
Distributed. As to any child of mine for whom a separate Trust is
created hereunder, but who dies before reaching his thirtieth (30th)
birthday, upon the death of such child the Trustee shall distribute
all the principal and undistributed income then remaining in the
Trust for such child as follows:
.FT -----L----!----!----!----!----!----!----!----!----!----!---R
(A) Exercise of Power. In such proportions and in such manner,
to or for the benefit if any one or more persons or corporations
which such child has appointed by specific reference hereto in
a Will admitted to probate; provided, however, that such child
shall have no power to appoint any principal or any undistributed
income of his Trust to himself, to his estate, to his creditors
or to the creditors of his estate.
(B) Non-Exercise of Power. If such child shall not validly and
effectually exercise the foregoing power of appointment with
respect to the entire principal and undistributed income of his
Trust, then such part as he shall not effectually appoint shall be
distributed to the descendants of such child living at the death
of such child, per stirpes; or, if such child has no descendants
then living, then to my descendants living at the death of such
child, per stirpes.
(C) Major Disaster. If at the Distribution Date I shall have no
living descendants, then (subject to the powers of appointment in
each of my children) the Family Trust shall terminate and the
principal and undistributed income thereof shall be divided into
two equal shares. One share shall be distributed to my heirs.
The other share shall be distributed to my {SPOUSE_HUSBAND/WIFE}'s
heirs.
.END ***************** END OF WILLS07 TEXT **********************