| Art. | § | Trust Text | ① Art. I Invoked | ② Removal Blocked |
|---|---|---|---|---|
| General / Execution | ||||
| Introductory Clause. This Agreement made this 10th day of March, 2008, between Devanand Seereeram and Charmaine Saith, hereinafter referred to as the Grantors, and Devanand Seereeram and Charmaine Saith, hereinafter referred to as the Trustees. | more ▾ | more ▾ | ||
| ARTICLE ITrustee Succession | ||||
| I | Third parties may rely on an affidavit by the Trustees named above stating that the successor Trustees are now acting as Trustees hereunder. | more ▾ | more ▾ | |
| I | Trustee Succession if Either Grantor Dies or Becomes Incapacitated. If either Grantor dies or is adjudicated to be incompetent or in the event that such Grantor is not adjudicated incompetent, but by reason of illness or mental or physical disability is, in the opinion of the other Grantor unable to properly handle his or her own affairs, then and in that event Indrani Seereeram shall serve with the other Grantor as Co-Trustees hereunder. If the Grantor then serving as Co-Trustee dies or is adjudicated to be incompetent or in the event that such Grantor is not adjudicated incompetent, but by reason of illness or mental or physical disability is, in the opinion of two licensed physicians, unable to properly handle his or her own affairs, then and in that event the Grantors name Carla Medford and Indrani Seereeram as Co-successor Trustees. In the event that Carla Medford is unable or unwilling to serve, the Grantors name Trevor Saith and Indrani Seereeram as Co-successor Trustees. | Devo, as the other Grantor, finds Charmaine unable to handle her affairs “by reason of illness or mental or physical disability” (Art. I stage-1 — Devo’s opinion; no court, no physician at this stage) and installs Indrani Seereeram to serve WITH him as Co-Trustees; Charmaine is displaced as trustee. Co-trustees must act UNANIMOUSLY (§8.03), so Devo still cannot administer alone — Indrani is a built-in check. Deeper bench if a co-trustee drops out: Carla Medford, then Trevor Saith, always paired with Indrani. more ▾ | The divorce court enjoins the Art. I removal and FORCES Devo to revoke it (status quo ante): Charmaine is reinstated as co-trustee and Indrani steps out; both Grantors serve again (§8.03 mutual veto). BUT note what this removed: Article I is the trust’s OWN health/incapacity safeguard — it lets a Grantor unable to handle affairs “by reason of illness or mental or physical disability” be replaced as trustee, escalating to a “two licensed physicians” standard at the next tier. Forcing the revocation reinstated as fiduciary the very Grantor the trust’s illness/disability standard had identified as unable to serve, overriding the settlors’ chosen incapacity mechanism — and notwithstanding Charmaine’s court-ordered mental-health treatment. more ▾ | |
| ARTICLE IITrust Property & Distributions | ||||
| II | 2.01 | Description of Property Transferred. The Grantors have paid over, assigned, granted, conveyed, transferred and delivered, and by this Agreement do hereby pay over, assign, grant, convey, transfer and deliver unto the Trustee the property described in Schedule A, annexed hereto and made a part hereof, and have caused or will cause the Trustee to be designated as beneficiary of those life insurance policies described in Schedule D annexed hereto and made a part hereof. These insurance policies, and any other insurance policies that may be delivered to the Trustee hereunder or under which the Trustee may be designated as beneficiary, the proceeds of all such policies being payable to the Trustee, and any other property that may be received or which has been received by the Trustee hereunder, as invested and reinvested (hereinafter referred to as the "Trust Estate"), shall be held, administered and distributed by the Trustee as hereinafter set forth. | Whether the corpus is one Grantor’s separate estate or joint controls who can reach it. Devo’s position is that the bonds are HIS separately-sourced funds (his separate estate under Art. II); on that footing, installing Indrani gives Charmaine no claim to them — Charmaine cannot take Devo’s separate property. Schedule B (which designates separate vs joint) was left BLANK, so separate character is a tracing/evidence question. more ▾ | Same property analysis: separate property keeps its character (Art. II). The wife cannot convert the husband’s separately-sourced bonds to herself; Schedule B blank → proven by tracing the source of funds. more ▾ |
| II | 2.02 | Special Distributions. Grantors may leave signed and dated Memorandums of Instruction directing the disposition of certain articles of tangible personal property, which Memorandums shall be considered incorporated in and by this reference made a part of this Agreement. Trustee is directed to follow Grantors' wishes as set forth in Schedules C1, C2 and C3, attached to this Trust, to the same extent as if said instructions were a part of this Revocable Trust. Trustee shall assume that no such Memorandum exists if none is found within thirty (30) days after the death of the survivor of the two Grantors. | more ▾ | more ▾ |
| II | Any property designated by the Grantors as Joint Property and transferred to the Trustee by the Grantors, as invested and reinvested, together with the rents, issues and profits therefrom (hereinafter referred to as "the joint estate") shall be deemed to be property held as tenants in common and shall retain its characteristics as property held as tenants in common during the joint lifetimes of the Grantors, subject, however, to the provisions of this Agreement. | more ▾ | more ▾ | |
| II | Separate property (defined as property owned by one Grantor) transferred to the Trustee, as invested and reinvested, together with the rents, issues and profits therefrom (hereinafter referred to as "the separate estate") shall retain its character as separate property of the Grantor who transferred such property to the Trustee, subject, however, to the provisions of this Agreement. | more ▾ | more ▾ | |
| ARTICLE IIIInsurance Policies | ||||
| III | Rights of Grantors and Trustee in Insurance Policies. The owner of any life insurance policies payable to the Trustee shall have all rights under any such policies, including the right to change the beneficiary, to receive any dividends or other earnings of such policies without accountability therefore to the Trustee or any beneficiary hereunder, and may assign any policies to any lender, including the Trustee, as security for any loan to either Grantor or any other person; and the Trustee shall have no responsibility with respect to any policies, for the payment of premiums or otherwise, except to hold any policies received by the Trustee in safekeeping and to deliver them upon owner's written request and upon the payment to the Trustee of reasonable compensation for services. The rights of any assignee of any policy shall be superior to the rights of the Trustee. If any policy is surrendered or if the beneficiary of any policy is changed, this trust shall be revoked with respect to such policy. However, no revocation of the trust with respect to any policy, whether pursuant to the provisions of the preceding sentence or otherwise, shall be effective unless the surrender or change in beneficiary of the policy is accepted by the insurance company. Upon the death of the insured under any policy held by or known to, and payable to, the Trustee, or upon the occurrence of some event prior to the death of the insured that matures any such policy, the Trustee, in its discretion, either may collect the net proceeds and hold them as part of the principal of the Trust Estate, or may exercise any optional method of settlement available to it, and the Trustee shall deliver any policies on the Grantor's life held by it and payable to any other beneficiaries as those beneficiaries may direct. Payment to, and the receipt of, the Trustee shall be a full discharge of the liability of any insurance company, which need not take notice of this agreement or see to the application of any payment. The Trustee need not engage in litigation to enforce payment of any policy without indemnification satisfactory to it for any resulting expenses. | more ▾ | more ▾ | |
| III | Nothing in this Article shall be construed as limiting the right of either Grantor to dispose of by will of his or her interest in any life insurance policy on the other Grantor's life that is payable to the Trustee hereunder. | more ▾ | more ▾ | |
| ARTICLE IVProvisions During Lifetime | ||||
| IV | Provisions for Grantors During Lifetime. The Trustee shall hold, administer and distribute the Trust Estate as follows: | more ▾ | more ▾ | |
| IV | 4.01 | The Trustee shall hold, manage, invest and reinvest the joint estate (if any requires such management and investment) and shall collect the income, if any, therefrom and shall dispose of the net income and principal during the joint lives of the Grantors as follows: | more ▾ | more ▾ |
| IV | 4.01 | (a) The Trustee shall pay to or apply for the benefit each of the Grantors an undivided one half of all the net income of the joint estate. | more ▾ | more ▾ |
| IV | 4.01 | (b) The Trustee may pay to or apply for the benefit of each of the Grantors such sums from the principal of the joint estate as in its sole discretion shall be necessary or advisable from time to time for the medical care, education, support and maintenance in reasonable comfort of the Grantors, taking into consideration to the extent the Trustee deems advisable, any other income or resources of the Grantors known to the Trustee. Any payment made shall be to both Grantors. | more ▾ | more ▾ |
| IV | 4.01 | (c) Either Grantor may at any time during the joint lives of the Grantors and from time to time withdraw all or any part of the principal of the joint estate, free of trust, by delivering an instrument in writing duly signed by him or her to the Trustee and to the other Grantor, describing the property or portion thereof desired to be withdrawn. Upon receipt of such instrument, the Trustee shall thereupon convey and deliver to the Grantors, free of trust, the property described in such instrument. Such conveyance from the joint estate shall be made to the Grantors as tenants in common. | more ▾ | more ▾ |
| IV | 4.02 | The Trustee shall hold, manage, invest and reinvest the separate estate of each Grantor (if any requires such management and investment) and shall collect the income, if any, therefrom and shall dispose of the net income and principal during the joint lives of the Grantors as follows: | more ▾ | more ▾ |
| IV | 4.02 | (a) The Trustee shall pay to or apply for the benefit of the Grantor who contributed such separate estate all of the net income of such Grantor's separate estate. | more ▾ | more ▾ |
| IV | 4.02 | (b) The Trustee may pay to or apply for the benefit of the Grantor who contributed such separate estate such sums from the principal thereof as in its sole discretion shall be necessary or advisable from time to time for the medical care, education, support and maintenance in reasonable comfort of such Grantor, taking into consideration to the extent the Trustee deems advisable, any other income and resources of such Grantor known to the Trustee. | more ▾ | more ▾ |
| IV | 4.02 | (c) The Grantor who contributed such separate estate may at any time during the joint lives of the Grantors and from time to time withdraw all or any part of the principal of such separate estate, free of trust, by delivering an instrument in writing duly signed by him or her to the Trustee, describing the property or portion thereof desired to be withdrawn. Upon receipt of such instrument, the Trustee shall thereupon convey and deliver to such Grantor as his or her separate property, free of trust, the property described in such instrument. | If treated as incapacitated, Charmaine cannot sign to withdraw a separate estate. Devo, as the contributing Grantor, may withdraw his OWN separate estate (the bonds) under (c); he cannot reach any separate property of Charmaine’s by this route. Either way, Charmaine gains no claim to Devo’s bonds through the Art. I removal. more ▾ | Each Grantor may withdraw only their OWN separate estate by signed instrument — but subject to the court freeze. Critically, neither can reach the OTHER’s separate property. If the bonds are the husband’s separate estate, the wife cannot touch them. more ▾ |
| IV | 4.02 | (d) In the event that a Grantor is adjudicated to be incompetent or in the event that a Grantor is not adjudicated incompetent, but by reason of illness or mental or physical disability is, in the opinion of the Trustee, unable to properly handle his or her own affairs, then and in that event the Trustee may during the joint lives of the Grantors, in addition to the payments of income and principal for the benefit of such Grantor, pay to or apply for the benefit of the other Grantor such sums from the net income and from the principal of such Grantor's separate estate as in its sole discretion shall be necessary or advisable from time to time for the medical care, education, support and maintenance in reasonable comfort of the other Grantor, taking into consideration to the extent the Trustee deems advisable any other income or resources of the other Grantor known to the Trustee. | §4.02(d) is the one path value can flow to the declaring Grantor from the incapacitated Grantor’s separate estate — trustee “may” pay the other Grantor for medical care / support (ascertainable standard). But it is a TRUSTEE act → needs unanimous co-trustee vote (§8.03), so Indrani must agree; it is support-limited, not a free transfer. more ▾ | Not triggered — with no incapacity standing, there is no basis to pay one Grantor from the other’s separate estate under §4.02(d). more ▾ |
| ARTICLE VRights Retained by Grantors | ||||
| V | Rights Retained by Grantors During Their Lifetimes. Grantors retain the following rights, either jointly or severally, as provided in this Article: | more ▾ | more ▾ | |
| V | 5.01 | The right to withdraw all or any part of the Trust property and to revoke this agreement entirely and the trusts hereby created and to receive from Trustee the entire Trust property, free from trust, by writing signed, acknowledged, and delivered to Trustee; | Exposed: if the accused Grantor is “incapacitated,” §5.04(b) lets the declaring Grantor exercise this withdraw/revoke power ALONE. Indrani has no say (settlor power, not trustee act). Contestable whether the Art. I opinion meets §5.04’s “incapacitated” bar. more ▾ | Locked: requires both Grantors jointly (§5.04(a)). Neither can withdraw or revoke alone — and the court order freezes it on top of that. The pot is preserved. more ▾ |
| V | 5.02 | The right and power to amend, change, and supplement this Agreement by written Agreement executed in the same manner as this Agreement. | Same exposure: under §5.04(b) the declaring Grantor could amend the trust alone if the other is deemed incapacitated. Indrani gets no vote. more ▾ | Requires both Grantors jointly (§5.04(a)). No unilateral amendment. more ▾ |
| V | 5.03 | The right and power to remove Trustee without cause and to appoint a successor Trustee, upon writing signed, acknowledged, and delivered to the Trustee then serving. | Under §5.04(b) the declaring (competent) Grantor could remove/appoint trustees alone if the other is deemed incapacitated — though Art. I already fixes Indrani in line, limiting practical effect. more ▾ | Requires both Grantors jointly (§5.04(a)). Neither spouse can swap trustees alone. more ▾ |
| V | 5.04 | The rights reserved by Grantors may be exercised by Grantors, as follows: | If the accused Grantor is treated as “incapacitated,” §5.04(b) shifts the reserved settlor powers to “the one surviving and competent” — i.e., the declaring Grantor acts ALONE. Indrani (a trustee) gets NO vote on these settlor powers. NOTE the contested gap: Art. I’s “opinion” trigger may not equal §5.04’s “incapacitated,” which arguably needs a more formal finding. more ▾ | With the removal blocked, both Grantors are treated as alive & competent, so §5.04(a) controls: reserved powers may be exercised “only by both of them jointly.” Neither can revoke, amend, withdraw, or change trustees alone. The court’s injunction independently freezes changes. more ▾ |
| V | 5.04 | (a) If both Grantors are alive and competent, only by both of them jointly. | more ▾ | This is the operative branch once the removal is blocked: every reserved power (revoke, amend, withdraw, remove trustee) requires BOTH Grantors acting jointly. Unilateral action by either is unauthorized. more ▾ |
| V | 5.04 | (b) If one of Grantors is either deceased or incapacitated, by the one surviving and competent. | This is the branch that would apply. If the accused Grantor counts as “incapacitated,” the declaring Grantor may unilaterally revoke, amend, withdraw, and change trustees. This — not the co-trusteeship — is the real exposure to the pot. more ▾ | Does NOT apply — no incapacity stands once the court blocks it. Control reverts to the joint rule in (a). more ▾ |
| V | 5.04 | (c) If Grantors are both incapacitated or one is deceased and the survivor is incapacitated, by neither of them. | more ▾ | more ▾ |
| V | 5.05 | Upon the death of the surviving Grantor, this Trust shall be irrevocable. | Unchanged by Art. I. The trust stays revocable while either Grantor lives; invoking Art. I does not accelerate anything for the children. more ▾ | Unchanged. Trust stays revocable while either Grantor lives; only the death of the surviving Grantor locks it irrevocable. more ▾ |
| ARTICLE VIDebts & Taxes | ||||
| VI | Discretionary Provisions for Trustee to Deal with Grantor's Estate and Make Payment of Debts and Taxes. After a Grantor's death, the Trustee, if in its discretion it deems it advisable, may pay all or any part of the Grantor's funeral expenses, legally enforceable claims against the Grantor or his or her estate, reasonable expenses of administration of his or her estate, any allowances by court order to those dependent upon such Grantor, any estate, inheritance, succession, death or similar taxes payable by reason of such Grantor's death, together with any interest thereon or other additions thereto, without reimbursement from the Grantor's personal representative, from any beneficiary of insurance upon such Grantor's life, or from any other person. Written statements by the personal representative of such sums due and payable by the estate shall be sufficient evidence of their amount and propriety for the protection of the Trustee and the Trustee shall be under no duty to see to the application of any such payments. | more ▾ | more ▾ | |
| ARTICLE VIIDistribution After Death | ||||
| VII | Upon the death of the surviving Grantor, after the payment of death taxes, Trustee shall distribute the remaining property in the Trust Estate as follows: | more ▾ | more ▾ | |
| VII | 7.01 | Special Distributions. Prior to division into shares for the Grantors' children, Trustee shall make the following special distributions: | more ▾ | more ▾ |
| VII | 7.01 | (a) Ten Thousand Dollars ($10,000) to Karen Saith, if living; | more ▾ | more ▾ |
| VII | 7.01 | (b) Ten Thousand Dollars ($10,000) to Sabrina Saith, if living; | more ▾ | more ▾ |
| VII | 7.01 | (c) Ten Thousand Dollars ($10,000) to Indrani Seereeram, if living; and | more ▾ | more ▾ |
| VII | 7.01 | (d) Five Thousand Dollars ($5,000) to Carla Medford, if living. | more ▾ | more ▾ |
| VII | 7.02 | Division Into Shares for Children. Trustee shall divide this Trust as then constituted into equal separate shares so as to provide one (1) share for each then living child of the Grantors and one (1) share for each deceased child of the Grantors who shall leave issue then living. Each share shall be distributed or retained in Trust as hereinafter provided. | Unchanged. The children take nothing now; their shares arise only at the death of the surviving Grantor. Invoking Art. I shifts control, not the kids’ timing. more ▾ | Unchanged. The children still take only at the death of the surviving Grantor; blocking the removal does not change their timing. more ▾ |
| VII | 7.03 | Income/Discretionary Invasion of Principal for Children. After division into shares for children, all the net income from each share so provided for a living child of the Grantors shall be paid in convenient installments to or applied for the benefit of the child until complete distribution of the share as herein provided. In addition to income, the Trustee may pay to or apply for the benefit of the child such sums from the principal of his or her share as in its sole discretion shall be necessary or desirable from time to time for his or her medical care, education, support and maintenance in reasonable comfort, taking into consideration to the extent the Trustee deems advisable, any other income or resources of the child known to the Trustee. | more ▾ | more ▾ |
| VII | 7.04 | Distribution of Principal to a Child. After division into shares for children, and subject to Article XXII of this Trust, when a child of the Grantors attains the age of Eighteen (18) years, the Trustee shall distribute to the child one-third (1/3) of the principal of his or her share as then constituted; and when a child of the Grantors attains the age of Twenty-five (25) years, the Trustee shall distribute to the child one-half (1/2) of the principal of his or her share as then constituted; and when a child of the Grantors attains the age of Thirty (30) years, the Trustee shall distribute to the child the undistributed balance of his or her share. If a child of the Grantors has already attained age Eighteen (18), age Twenty-five (25), or age Thirty (30) at the time this Trust is divided into separate shares, the Trustee shall, upon making the division, distribute to the child one-third (1/3), two thirds (2/3), or all of his or her share respectively. | Same under both scenarios. Whenever a child does take (only after BOTH Grantors die), payout is staged: 1/3 of principal at 18, 1/2 of the remainder at 25, balance at 30. No child age is stated in the trust. more ▾ | Same under both scenarios. Whenever a child does take (only after BOTH Grantors die), payout is staged: 1/3 of principal at 18, 1/2 of the remainder at 25, balance at 30. No child age is stated in the trust. more ▾ |
| VII | 7.05 | Upon Child's Death to Child's Issue. After division into shares for children, upon the death of a child of the Grantors prior to complete distribution of his or her share, the undistributed balance of the child's share shall be distributed per stirpes to his or her then living issue, or in default of such issue, per stirpes to the Grantors' then living issue. Provided, however, that if any portion of the share would otherwise be distributed to a person for whose benefit a trust is then being administered under this the Family Trust, that part shall instead be added to that trust and shall thereafter be administered and distributed according to its terms. | more ▾ | more ▾ |
| VII | 7.06 | Distribution of a Deceased Child's Share. Each share set aside, upon division into shares, for a deceased child of the Grantors who shall leave issue then living, shall be distributed per stirpes to such issue as follows: when such issue of the Grantors attains the age of Eighteen (18) years, the Trustee shall distribute to such issue one-third (1/3) of the principal of his or her share as then constituted; and when such issue attains the age of Twenty-five (25) years, the Trustee shall distribute to the child one-half (1/2) of the principal of his or her share as then constituted; and when such issue attains the age of Thirty (30) years, the Trustee shall distribute to the child the undistributed balance of his or her share. If such issue has already attained age Eighteen (18), age Twenty-five (25), or age Thirty (30) at the time this Trust is divided into separate shares, the Trustee shall, upon making the division, distribute to the child one-third (1/3), two thirds (2/3), or all of his or her share respectively. | more ▾ | more ▾ |
| VII | 7.07 | Contingent Beneficiaries. If at the time of the Surviving Spouse's death, or at any later time prior to final distribution hereunder, all of the Grantors' issue are deceased and no other disposition of the property is directed by this Trust, then and in that event the then remaining property of this Trust shall be distributed as follows: | more ▾ | more ▾ |
| VII | 7.07 | (a) Thirty percent (30%) to Indrani Seereeram, if living; | more ▾ | more ▾ |
| VII | 7.07 | (b) Ten percent (10%) to Varoon Seereeram, if living; | more ▾ | more ▾ |
| VII | 7.07 | (c) Ten percent (10%) to Vanood Seereeram, if living; | more ▾ | more ▾ |
| VII | 7.07 | (d) Twenty-five percent (25%) to Diane and Trevor Saith, or the survivor of them, if living; | more ▾ | more ▾ |
| VII | 7.07 | (e) Ten percent (10%) to Karen Saith, if living; | more ▾ | more ▾ |
| VII | 7.07 | (f) Ten percent (10%) to Sabrina Saith, if living; and | more ▾ | more ▾ |
| VII | 7.07 | (g) Five percent (5%) to Carla Medford, if living. | more ▾ | more ▾ |
| ARTICLE VIIITrustee Succession & Fees | ||||
| VIII | Trustee Succession, Trustee's Fees and Other Matters. The provisions for naming the Trustee, Trustee succession, Trustee's fees and other matters are set forth below: | more ▾ | more ▾ | |
| VIII | 8.01 | Individual Trustees Succession. If the Surviving Grantor and any initial successor individual Trustee should fail to qualify as Trustee hereunder, or for any reason should cease to act in such capacity, the remaining individual Trustees shall continue to serve without a successor or substitute | more ▾ | more ▾ |
| VIII | 8.02 | Fee Schedule for Individual Trustee. For its services as Trustee, the individual Trustee shall receive reasonable compensation for the services rendered and reimbursement for reasonable expenses. | more ▾ | more ▾ |
| VIII | 8.03 | Trustee Voting Rights. If there is more than one Trustee serving, then the vote of the Trustees for any action hereunder must be by unanimous vote of the Trustees | Co-trustees are now the declaring Grantor + Indrani → every trustee action requires UNANIMOUS vote. So the declaring Grantor cannot manage or move assets as trustee without Indrani. (This does NOT constrain the separate §5.04(b) settlor powers.) more ▾ | Co-trustees are both Grantors again → unanimous vote required for any trustee action. Mutual veto; neither spouse can administer the trust alone. more ▾ |
| VIII | 8.04 | Limitations on Trustees. No person who at any time is acting as Trustee hereunder shall have any power or obligation to participate in any discretionary authority which the Grantors have given to the Trustee to pay principal or income to such person, or for his or her benefit or in relief of his or her legal obligations; provided, however, if an individual trustee (who is also a beneficiary) is the sole trustee or at any time is acting as the sole trustee, and such trustee has discretion to invade principal for himself or herself and such discretionary authority is limited by an ascertainable standard, then such trustee may invade principal (if limited by such standard) for himself or herself but not in relief of his or her legal obligations. | Applies in BOTH scenarios. A trustee who is also a beneficiary cannot exercise discretion to pay principal/income to himself except as limited by an ascertainable standard, and never to discharge his own legal obligations — an anti-self-dealing guardrail on whoever is serving as trustee. more ▾ | Applies in BOTH scenarios. A trustee who is also a beneficiary cannot exercise discretion to pay principal/income to himself except as limited by an ascertainable standard, and never to discharge his own legal obligations — an anti-self-dealing guardrail on whoever is serving as trustee. more ▾ |
| VIII | 8.05 | Statement of Account. At least annually, Co Trustees shall jointly prepare a statement of account showing the condition of the Trust Estate. | more ▾ | more ▾ |
| VIII | 8.06 | Notice of Trust. Upon the death of the Surviving Spouse, the Trustee shall file a notice of trust with the court having jurisdiction over the Surviving Spouse's estate pursuant to Florida Statutes, Section 736.05055. | more ▾ | more ▾ |
| ARTICLE IXDefinition of Trustee | ||||
| IX | Definition of Trustee. Whenever the word "Trustee" or any modifying or substituted pronoun therefore is used in this Trust, such words and respective pronouns shall include both the singular and the plural, the masculine, feminine and neuter gender thereof, and shall apply equally to the Trustee named herein and to any successor or substitute Trustee acting hereunder, and such successor or substitute Trustee shall have all the rights, powers and duties, authority and responsibility conferred upon the Trustee originally named herein. | more ▾ | more ▾ | |
| ARTICLE XPowers of Trustee | ||||
| X | Powers for Trustee. The Trustee is authorized in its fiduciary discretion (which shall be subject to the standard of reasonableness and good faith to all beneficiaries) with respect to any property, real or personal, at any time held under any provision of this Trust Agreement and without authorization by any court and in addition to any other rights, powers, authority and privileges granted by any other provision of this Trust Agreement or by statute or general rules of law: | Binds the declaring Grantor + Indrani as co-trustees: every power exercised in good faith & reasonably toward all beneficiaries. BUT this is a TRUSTEE duty only — it does NOT restrain a Grantor exercising §5.04 settlor powers (revocable-trust rule, Fla. Stat. §736.0603). more ▾ | Binds both Grantors as co-trustees: good faith & reasonableness to all beneficiaries. With both competent and the freeze in place, the duty plus the joint-action rule keep the corpus protected. more ▾ | |
| X | 10.01 | To retain in the form received any property or undivided interests in property donated to, or otherwise acquired as a part of the Trust Estate, including residential property and shares of the Trustee's own stock, regardless of any lack of diversification, risk or nonproductivity, as long as it deems advisable, and to exchange any such security or property for other securities or properties and to retain such items received in exchange, although such property represents a large percentage of the total property of the Trust Estate or even the entirety thereof. | more ▾ | more ▾ |
| X | 10.02 | To invest and reinvest all or any part of the Trust Estate in any property and undivided interests in property, wherever located, including bonds, debentures, notes, secured or unsecured, stocks of corporations regardless of class, interests in limited partnerships, limited liability companies or similar entities, real estate or any interest in real estate whether or not productive at the time of investment, interests in trusts, investment trusts, whether of the open and/or closed fund types, and participation in common, collective or pooled trust funds of the Trustee, insurance contracts on the life of any beneficiary or annuity contracts for any beneficiary, without being limited by any statute or rule of law concerning investments by fiduciaries. | more ▾ | more ▾ |
| X | 10.03 | To sell or dispose of or grant options to purchase any property, real or personal, constituting a part of the Trust Estate, for cash or upon credit, to exchange any property of the Trust Estate for other property, at such times and upon such terms and conditions as it may deem best, and no person dealing with it shall be bound to see to the application of any monies paid. | more ▾ | more ▾ |
| X | 10.04 | To hold any securities or other property in its own name as Trustee, in its own name, in the name of a nominee (with or without disclosure of any fiduciary relationship) or in bearer form. | more ▾ | more ▾ |
| X | 10.05 | To keep, at any time and from time to time, all or any portion of the Trust Estate in cash and uninvested for such period or periods of time as it may deem advisable, without liability for any loss in income by reason thereof. | more ▾ | more ▾ |
| X | 10.06 | To sell or exercise stock subscription or conversion rights. | more ▾ | more ▾ |
| X | 10.07 | To refrain from voting or to vote shares of stock which are a part of the Trust Estate at shareholders' meetings in person or by special, limited, or general proxy and in general to exercise all the rights, powers and privileges of an owner in respect to any securities constituting a part of the Trust Estate | more ▾ | more ▾ |
| X | 10.08 | To participate in any plan of reorganization or consolidation or merger involving any company or companies whose stock or other securities shall be part of the Trust Estate, and to deposit such stock or other securities under any plan of reorganization or with any protective committee and to delegate to such committee discretionary power with relation thereto, to pay a proportionate part of the expenses of such committee and any assessments levied under any such plan, to accept and retain new securities received by the Trustee pursuant to any such plan, to exercise all conversion, subscription, voting and other rights, of whatsoever nature pertaining to such property, and to pay any amount or amounts of money as it may deem advisable in connection therewith. | more ▾ | more ▾ |
| X | 10.09 | To borrow money and to encumber, mortgage or pledge any asset of the Trust Estate for a term within or extending beyond the term of the trust, in connection with the exercise of any power vested in the Trustee. | more ▾ | more ▾ |
| X | 10.10 | To enter for any purpose into a lease as lessor or lessee with or without option to purchase or renew for a term within or extending beyond the term of the trust. | more ▾ | more ▾ |
| X | 10.11 | To subdivide, develop, or dedicate real property to public use or to make or obtain the vacation of plats and adjust boundaries, to adjust differences in valuation on exchange or partition by giving or receiving consideration, and to dedicate easements to public use without consideration. | more ▾ | more ▾ |
| X | 10.12 | To make ordinary or extraordinary repairs or alterations in buildings or other structures, to demolish any improvements, to raze existing or erect new party walls or buildings. | more ▾ | more ▾ |
| X | 10.13 | To continue and operate any business owned by the Grantors or either of them at such Grantor's death and to do any and all things deemed needful or appropriate by the Trustee, including the power to incorporate the business and to put additional capital into the business, for such time as it shall deem advisable, without liability for loss resulting from the continuance or operation of the business except for its own negligence; and to close out, liquidate or sell the business at such time and upon such terms as it shall deem best. | more ▾ | more ▾ |
| X | 10.14 | To collect, receive, and receipt for rents, issues, profits, and income of the Trust Estate. | more ▾ | more ▾ |
| X | 10.15 | To insure the assets of the Trust Estate against damage or loss and the Trustee against liability with respect to third persons. | more ▾ | more ▾ |
| X | 10.16 | In buying and selling assets, in lending and borrowing money, and in all other transactions, irrespective of the occupancy by the same person of dual positions, to deal with itself in its separate, or any fiduciary capacity. | more ▾ | more ▾ |
| X | 10.17 | To compromise, adjust, arbitrate, sue on or defend, abandon, or otherwise deal with and settle claims in favor of or against the Trust Estate as the Trustee shall deem best. | more ▾ | more ▾ |
| X | 10.18 | To employ and compensate agents, accountants, investment advisers, brokers, attorneys in fact, attorneys at law, tax specialists, realtors, and other assistants and advisors deemed by the Trustee needful for the proper administration of the Trust Estate, and to do so without liability for any neglect, omission, misconduct, or default of any such agent or professional representative provided such person was selected and retained with reasonable care. | more ▾ | more ▾ |
| X | 10.19 | To determine what shall be fairly and equitably charged or credited to income and what to principal. | more ▾ | more ▾ |
| X | 10.20 | To hold and retain the principal of the Trust Estate undivided until actual division shall become necessary in order to make distributions; to hold, manage, invest, and account for the several shares or parts thereof by appropriate entries on the Trustee's books of account; and to allocate to each share or part of share its proportionate part of all receipts and expenses; provided, however, the carrying of several trusts as one shall not defer the vesting in title or in possession of any share or part of share thereof. | more ▾ | more ▾ |
| X | 10.21 | To make payment in cash or in kind, or partly in cash and partly in kind upon any division or distribution of the Trust Estate (including the satisfaction of any pecuniary distribution) without regard to the income tax basis of any specific property allocated to any beneficiary and to value and appraise any asset and to distribute such asset in kind at its appraised value; and when dividing fractional interests in property among several beneficiaries to allocate entire interests in some property to one beneficiary and entire interests in other property to another beneficiary or beneficiaries. | more ▾ | more ▾ |
| X | 10.22 | In general, to exercise all powers in the management of the Trust Estate which any individual could exercise in his or her own right, upon such terms and conditions as it may reasonably deem best, and to do all acts which it may deem reasonably necessary or proper to carry out the purposes of this Trust Agreement. | more ▾ | more ▾ |
| X | 10.23 | To purchase property, real or personal, from either Grantor's general estate upon such terms and conditions as to price and terms of payment as the Grantor's personal representative and the Trustee shall agree, to hold the property so purchased as a part of the Trust Estate although it may not qualify as an authorized trust investment except for this provision, and to dispose of such property as and when the Trustee shall deem advisable. The fact that the Grantor's personal representative and the Trustee are the same shall in no way affect the validity of this provision. | more ▾ | more ▾ |
| X | 10.24 | To lend funds to either Grantor's general estate upon such terms and conditions as to interest rates, maturities, and security as the Grantor's personal representative and the Trustee shall agree, the fact that they may be the same in no way affecting the validity of this provision. | more ▾ | more ▾ |
| X | 10.25 | To receive property bequeathed, devised or donated to the Trustee by either Grantor or any other person; to receive the proceeds of any insurance policy which names the Trustee as beneficiary; to execute all necessary receipts and releases to Personal Representatives, Grantors, insurance companies and other parties adding property to the Trust Estate. | more ▾ | more ▾ |
| X | 10.26 | To combine assets of two or more trusts if the provisions and terms of each trust are substantially identical, and to administer them as a single trust, if the Trustee reasonably determines that the administration as a single trust is consistent with the Grantors' intent, and facilitates the trust's administration without defeating or impairing the interests of the beneficiaries. | more ▾ | more ▾ |
| X | 10.27 | To divide any trust into separate shares or separate trusts or to create separate trusts if the Trustee reasonably deems it appropriate and the division or creation is consistent with the Grantors' intent, and facilitates the trust's administration without defeating or impairing the interests of the beneficiaries. | more ▾ | more ▾ |
| X | 10.28 | To divide property in any trust being held hereunder with an inclusion ratio, as defined in section 2642(a)(1) of the Internal Revenue Code of 1986, as from time to time amended or under similar future legislation, of neither one nor zero into two separate trusts representing two fractional shares of the property being divided, one to have an inclusion ratio of one and the other to have an inclusion ratio of zero, to create trusts to receive property with an inclusion ratio of either one or zero and if this cannot be done to refuse to accept property which does not have a matching inclusion ratio to the receiving trust's ratio, all as the Trustee in its sole discretion deems best. | more ▾ | more ▾ |
| X | 10.29 | If the Trustee shall act as the Personal Representative of either Grantor's estate, to elect to allocate any portion or all of such Grantor's generation skipping transfer exemption provided for in Code section 2631 or under similar future legislation, in effect at the time of such Grantor's death, to any portion or all of any other trusts or bequests in such Grantor's Will or any other transfer which such Grantor is the transferror for purposes of the generation skipping tax. Generally, the Grantors anticipate that each Grantor's Personal Representative will elect to allocate this exemption first to direct skips as defined in Code section 2612, then to the Family Trust, unless it would be inadvisable based on all the circumstances at the time of making the allocation; and to make the special election under section 2652(a)(3) of the Code to the extent such Grantor's Personal Representative deems in the best interest of the Grantor's estate. | more ▾ | more ▾ |
| X | 10.30 | Prior to accepting any real property, or the stock of any closely held business holding real property, as an asset of any Trust established under this agreement, Trustee may, in its sole discretion, consult an environmental expert to inspect said real property to determine the possibility of an environmental cleanup being required by any environmental protection agency of the state or federal government. The costs of said inspection and related expenses, whether incurred by the Personal Representative of either Grantor's probate estate or by Trustee, may be paid by Trustee. | more ▾ | more ▾ |
| X | 10.31 | Subsequent to any environmental inspection, Trustee, in its sole discretion, may refuse to accept, as an asset of the Trust, any Trust asset, real or personal, that has been contaminated by any hazardous material. For the purposes of this Agreement, the term "hazardous material" shall include, without limitation, any flammable explosives, radioactive materials, hazardous materials, hazardous waste, hazardous or toxic substances, or related materials defined in the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended (42 U.S.C. Section 9601, et. seq.), the Hazardous Material Transportation Act, as amended (49 U.S.C. Section 1801, et. seq.), the Resource Conservation Recovery Act, as amended (42 U.S.C. Section 691, et. seq.), and in the regulations adopted in any publications pursuant thereto, or in any other federal, state or environmental law, ordinance, rule or regulation. | more ▾ | more ▾ |
| X | 10.32 | With respect to real property or the stock of a closely held corporation holding real property, held in the Trust hereunder, or owned by Grantors, or by either Grantor's probate estate at said Grantor's death (if requested by Grantor's Personal Representative), if said real property requires any type of environmental cleanup, Grantors reserve exclusively unto the Trust hereunder, and to Grantors, all liability for any costs, fees, penalties, judgments or other payments or awards of any kind because of environmental contamination or pollution that may have arisen or may arise due to uses of the property prior to acceptance of the property by Trustee; and Trustee shall be indemnified by the Trust against any personal liability for costs incurred as a result of Trustee's holding title to said real property or stock. | more ▾ | more ▾ |
| X | 10.33 | For any purpose consistent with the terms hereof including but not limited to inducing any medical doctor to certify in writing that a Grantor has become physically or mentally disabled and is unable to manage his or her affairs in his or her best interests, as aforesaid, the Grantor hereby unconditionally and absolutely authorizes the Trustee to remit and disclose his or her medical records to insurance companies, doctors, and other third parties so as to assure the payment of the Grantor's bills, to aid and assist in the determination of the Grantor's competency or capacity, and for any other purpose considered necessary or appropriate by the Trustee and the Grantor further hereby waives any right to privacy of health care or related information he or she may have under the federal Health Insurance Portability and Accountability Act of 1996, as amended, (Public Law 104-191), and any other similar federal or state law prohibiting or restricting the dissemination of medical information, and the Grantor and the Grantor's heirs, estate, distributees, legal representatives, successors and assigns further represent, warrant and agree that they will indemnify and hold such medical doctors harmless from any loss suffered or liability incurred by them in so acting prior to such medical doctors' receipt of written notice of termination of this waiver and agreement to indemnify and hold harmless. | more ▾ | more ▾ |
| X | 10.34 | Notwithstanding any provision in this Trust Agreement to the contrary, the Trustee shall hold the benefits and distributions from any qualified retirement plan (referred to in this Section as "retirement benefits") which are payable to the Trustee of any trust created under this Trust Agreement in a separate trust (referred to in this Section as a "retirement benefits trust") created under this Section. Each such separate retirement benefits trust shall have identical terms as the trust from which such retirement benefits were set aside, except as follows: (i) the surviving Grantor shall be the sole beneficiary of such retirement benefits trust, and all retirement benefits distributed to the Trustee shall be paid directly to the surviving Grantor upon receipt by the Trustee so that the Trustee shall serve as a conduit only; (ii) with regard to the Beneficiaries' Trusts, the beneficiary of the trust from which such retirement benefits were set aside shall be the sole beneficiary of such retirement benefits trust, and all retirement benefits distributed to the Trustee shall be paid directly to such beneficiary upon receipt by the Trustee so that the Trustee shall serve as a conduit only; (iii) distributions upon termination of such retirement benefits trust shall not be made to or for the benefit of any charity, any other non-individual beneficiary, or any individual who is older than the beneficiary of such retirement benefits trust from any benefits which are payable to such trust under any retirement benefits and which are subject to the "minimum distribution rules" of Section 401(a)(9) of the Code, or other comparable provisions of law (and for purposes of any such distribution, each such impermissible beneficiary shall be treated as not being in existence or alive, as the case may be); and (v) the beneficiary of such retirement benefits trust shall have no special or general power of appointment over the property of such trust. Any provisions of this Trust Agreement which may conflict with or fail to satisfy the intentions specified in this Section shall be disregarded, reconciled, or amplified to accomplish such intentions. Further, if a retirement benefits trust is not considered a qualifying trust for purposes of the "minimum distribution rules" of Section 401(a)(9) of the Code, the Trustee shall have the power to amend such retirement benefits trust (by acknowledged instrument and without the requirement of a court order approving such amendment) so that the trust will achieve those ends. The term "qualified retirement plan" as used in this Section shall mean any pension plan, profit sharing plan, thrift plan, stock bonus plan, tax sheltered annuity, profit-sharing plan, individual retirement account, or other plan, arrangement or account which is qualified for favorable income tax treatment under Sections 401 - 409 of the Code. | more ▾ | more ▾ |
| X | 10.35 | Upon the death of the Grantor that is the IRA owner, if the deceased IRA owner's spouse is not then living, the retirement account shall be segregated into separate shares for Grantors' beneficiaries, and the division shall be considered retroactive to the time of the IRA owner's death. The separate shares shall be created by having the IRA trustee or custodian set up sub-accounts, as inherited IRAs, within the original IRA, each named for the benefit of an individual beneficiary, and then account for gains, losses, and distributions separately for each beneficiary's inherited IRA. The intent is that this division shall not affect the tax-deferred status of the IRA and shall not be treated as a taxable distribution to the beneficiaries. The individual beneficiaries may elect to have the IRA transferred in a trustee-to-trustee transfer to separate IRA accounts provided that the each of the accounts remains in the decedent IRA owner's name, for example, "[IRA owner's name] (Deceased [date of death]) FBO, [name of beneficiary]". The distributions to each beneficiary may be calculated using each individual beneficiary's account balance and life expectancy. If the Trustee or beneficiary elects to leave distributions from the IRA in trust, the income taxes due on the distribution shall be paid from that beneficiary's share of the trust estate. | more ▾ | more ▾ |
| ARTICLE XIBeneficiary Under 21 | ||||
| XI | Provision for Trustee to Act as Trustee for Beneficiary Under Age Twenty-one. If any share hereunder becomes distributable to a beneficiary who has not attained the age of Twenty-one (21), such share shall immediately vest in the beneficiary, but notwithstanding the provisions herein, the Trustee shall retain possession of the share in trust for the beneficiary until the beneficiary attains the age of Twenty-one (21), using so much of the net income and principal of the share as the Trustee deems necessary to provide for the medical care, education, support and maintenance in reasonable comfort of the beneficiary, taking into consideration to the extent the Trustee deems advisable any other income or resources of the beneficiary or his or her parents known to the Trustee. Any income not so paid or applied shall be accumulated and added to principal. The beneficiary's share shall be paid over and distributed to the beneficiary upon attaining age Twenty-one (21), or if he or she shall sooner die, to his or her personal representatives. The Trustee shall have with respect to each share so retained all the powers and discretions it had with respect to the trusts created herein generally. | more ▾ | more ▾ | |
| ARTICLE XIIPayments to Minors/Incompetents | ||||
| XII | Trustee's Discretion in Making Payments to a Person Under Age Twenty-one, Incompetent, or Incapacitated Person. In case the income or principal payment under any trust created hereunder or any share thereof shall become payable to a person under the age of Twenty-one (21), or to a person under legal disability, or to a person not adjudicated incompetent, but who, by reason of illness or mental or physical disability, is, in the opinion of the Trustee unable properly to administer such amounts, then such amounts shall be paid out by the Trustee in such of the following ways as the Trustee deems best: (1) directly to the beneficiary; (2) to the legally appointed guardian of the beneficiary; (3) to some relative or friend for the medical care, education, support and maintenance in reasonable comfort of the beneficiary; (4) by the Trustee using such amounts directly for the beneficiary's care, support and education; (5) to a custodian for the beneficiary under the Uniform Gifts or Transfers to Minors Act. | more ▾ | more ▾ | |
| ARTICLE XIIITrustee Resignation | ||||
| XIII | 13.01 | Power of Trustee to Resign During Grantors' Joint Lifetimes. Any Trustee may resign this trusteeship during the Grantors' joint lifetimes by giving the Grantors Thirty (30) days notice in writing delivered to the Grantors in person or mailed to the Grantors' last known address, the resignation to become effective as hereinafter provided. Upon receipt of such notice, the Grantors shall appoint a successor Trustee. Upon the failure of the Grantors to appoint a successor Trustee who accepts the trust within Thirty (30) days from the time notice was delivered in person or mailed to the Grantors, the Trustee may resign to the court having jurisdiction over this trust, which court may, if it deems advisable, accept the resignation and appoint a successor Trustee which shall be an individual as successor to an individual trustee or a bank or trust company qualified to do business in the state of the Grantors' domicile as successor to a corporate trustee. Upon the appointment of and acceptance by the successor Trustee, the original Trustee shall pay over, deliver, assign, transfer or convey to such successor Trustee the Trust Estate and make a full and proper accounting to the Grantors, whereupon its resignation shall become effective. The substitute or successor Trustee upon acceptance of this trust and the Trust Estate shall succeed to and have all the rights, powers and duties, authority and responsibility conferred upon the Trustee originally named herein. | more ▾ | more ▾ |
| XIII | 13.02 | Power of Trustee to Resign After Death of Both Grantors. Any Trustee may resign this trusteeship by giving Thirty (30) days notice in writing delivered to the qualified beneficiaries of the trust and all co-trustees. A Trustee may also resign with the approval of the court. Liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation. | more ▾ | more ▾ |
| XIII | 13.03 | Appointment of Successor Trustee by Beneficiaries. If all successor Trustees resign or fail to serve as Trustee, a majority of the beneficiaries may appoint an independent successor Trustee. If the beneficiaries fail to appoint an independent successor Trustee, court having jurisdiction over this trust may appoint a successor Trustee. | more ▾ | more ▾ |
| ARTICLE XIVSuccessor Trustee | ||||
| XIV | Grantors During Their Joint Lifetimes to Designate Substitute or Successor Trustee. The Grantors during their joint lifetimes may name a substitute or successor Trustee by delivery to any Trustee herein a notice naming the successor or substitute Trustee and indicating an intent to replace the Trustee named. Upon receipt of such notice the Trustee named shall pay over, deliver, assign, transfer or convey to such substitute or successor Trustee (which accepts the appointment as trustee), the Trust Estate and make a full and proper accounting to the Grantors, whereupon the Trustee named shall be discharged and have no further responsibility under this Trust Agreement. Upon the failure of the Trustee to make such conveyance the Grantors may apply to the court having jurisdiction of this trust and such court may compel the conveyance by the Trustee. The substitute or successor Trustee upon acceptance of this trust and the Trust Estate shall succeed to and possess all the rights, powers and duties, authority and responsibility conferred upon the Trustee originally named herein. | more ▾ | more ▾ | |
| ARTICLE XVTermination of Small Trust | ||||
| XV | Discretion in Trustee to Terminate Small Trust and Distribute to Income Beneficiary. If at any time any trust created hereunder has a fair market value as determined by the Trustee of Fifteen Thousand ($15,000.00) Dollars or less, the Trustee, in its absolute discretion if it determines that it is uneconomical to continue such trust, may terminate such trust and distribute the trust property to the person or persons then entitled to receive or have the benefit of the income therefrom or the legal representative of such person. If there is more than one income beneficiary, the Trustee shall make such distribution to such income beneficiaries in the proportion in which they are beneficiaries or if no proportion is designated in equal shares to such beneficiaries. | more ▾ | more ▾ | |
| ARTICLE XVIQSST Qualification | ||||
| XVI | It is the intention of Grantors that all Trusts created herein qualify in all respects as a Qualified Subchapter "S" Trust (QSST) under Section 1361 of the Internal Revenue Code of 1986 (Code), as amended. Accordingly, all provisions of this Trust shall be construed to effectuate this intention and shall be construed solely in a manner consistent with the sections of the Code and the regulations and rulings which may be promulgated from time to time with respect to such qualification. The Trustee is granted all the administrative powers necessary to act in compliance with the requirements of the Code, as in effect at the time of a Grantor's death and from time to time thereafter, so as to maintain the Trust's qualification as a QSST. Should any provisions hereof be inconsistent or in conflict with the sections of the Code or the regulations and rulings governing the Trust's qualification as a QSST as in effect from time to time, then such sections, regulations and rulings shall be deemed to override and supersede such inconsistent or conflicting provisions of the Trust. If such laws, regulations and rulings at any time require that trusts seeking to qualify as QSST's contain provisions which are not expressly set forth in this instrument, then such provisions are hereby incorporated herein by reference. Trustee shall make any and all elections as well as execute and deliver any and all instruments necessary to obtain and maintain the Trust's status as a QSST. | more ▾ | more ▾ | |
| ARTICLE XVIIDefinition of Children | ||||
| XVII | Definition of Children. At the date of the Trust Agreement, the Grantors have two (2) living children whose names are [redacted]. | more ▾ | more ▾ | |
| XVII | As used in this Trust Agreement, the term "the Grantors' children" shall refer to the Grantors' children named in this Article and to any other child or children born to or adopted by the Grantors after the date hereof. The term "the Grantors' issue" shall refer to the Grantors' children and to the lawful descendants in any degree of the Grantors' children (to include adopted children as provided herein). Except as limited above, for the purposes of this Trust, "children" means the lawful blood descendants in the first degree of the parent designated; and "issue" and "descendants" mean the lawful blood descendants in any degree of the ancestor designated; provided, however, that if a person has been adopted, that person shall be considered a child of such adopting parent and such adopted child and his or her issue shall be considered as issue of the adopting parent or parents and of anyone who is by blood or adoption an ancestor of the adopting parent or either of the adopting parents. The terms "child," "children," "issue," "descendant" and "descendants" or those terms preceded by the terms "living" or "then living" shall include the lawful blood descendant in the first degree of the parent designated even though such descendant is born after the death of such parent. | more ▾ | more ▾ | |
| XVII | The term "per stirpes" as used herein has the identical meaning as the term "taking by representation" as defined in the Florida Probate Code. | more ▾ | more ▾ | |
| ARTICLE XVIIISimultaneous Death | ||||
| XVIII | Simultaneous Death Provision Presuming Beneficiary Predeceases. If the Grantors should die under circumstances which would render it doubtful as to which Grantor died first, it shall be conclusively presumed for the purposes of this Trust that Devanand Seereeram died first. If any other beneficiary and a Grantor should die under such circumstances, it shall be conclusively presumed that the beneficiary predeceased such Grantor. | more ▾ | more ▾ | |
| ARTICLE XIXFuneral Expenses | ||||
| XIX | Payment of Funeral Expenses and Expenses of Last Illness of Income Beneficiary. On the death of any person entitled to income or support from any Trust hereunder, the Trustee is authorized to pay the funeral expenses and the expenses of the last illness of such person from the principal of the Trust from which such person was entitled to income or support. | more ▾ | more ▾ | |
| ARTICLE XXGoverning Law | ||||
| XX | State Law to Govern. This Trust Agreement and the trusts created hereby shall be construed, regulated and governed by and in accordance with the laws of the State of Florida or such other jurisdiction having a sufficient connection with the administration of the trust pursuant to Section 736.0107 of the Florida Statutes. | more ▾ | more ▾ | |
| ARTICLE XXISpendthrift Provision | ||||
| XXI | Spendthrift Provision. Except as otherwise provided herein, all payments of principal and income payable, or to become payable, to the beneficiary of any trust created hereunder shall not be subject to anticipation, assignment, pledge, sale or transfer in any manner, nor shall any beneficiary have the power to anticipate or encumber such interest, nor shall such interest, while in the possession of the fiduciary hereunder, be liable for, or subject to, the debts, contracts, obligations, liabilities or torts of any beneficiary. The Trustee shall have the discretion to withhold or postpone a distribution if such distribution will be subjected to the debts, contracts, obligations, liabilities or torts of a beneficiary. | Applies in BOTH scenarios. Shields the trust corpus from a beneficiary’s creditors, debts, contracts, or torts; the Trustee may withhold a distribution that would be exposed to them. Protects the pot regardless of who controls it. more ▾ | Applies in BOTH scenarios. Shields the trust corpus from a beneficiary’s creditors, debts, contracts, or torts; the Trustee may withhold a distribution that would be exposed to them. Protects the pot regardless of who controls it. more ▾ | |
| ARTICLE XXIIPerpetuities & Homestead | ||||
| XXII | Perpetuities Savings Clause. No trust or exercise of a power of appointment created under this Trust Agreement shall continue for more than the limited period permitted by the Rule Against Perpetuities under Section 689.225 of the Florida Statutes, without application of the 360-year period under Section 689.225(f). At the end of such period, Trustee shall distribute each remaining portion of the Trust property to the beneficiary thereof, and if there is more than one beneficiary, in the proportions in which they are beneficiaries. No court shall modify any trust created hereunder or by the exercise of a power of appointment granted to any person under this Trust, pursuant to Florida Statutes, Section 736.04115, as it now exists or may be hereafter amended. | more ▾ | more ▾ | |
| XXII | Grantors' Right to Occupy Homestead. In the event that the Trust Estate property includes the primary permanent residence of Grantors (or either of them, hereinafter referred to as "Grantors"), Grantors shall have the exclusive right to use, occupy and reside in said residence during Grantors' life. It is the intent of this provision to preserve in Grantors the requisite beneficial interest and possessory right in and to such real property to comply with Section 196.031 of the Florida Statutes, such that Grantors' possessory right constitutes, in all respects, "equitable title to real estate," as that term is used in Section 6, Article 7, of the Constitution of the State of Florida. Notwithstanding anything else contained in this Trust Agreement to the contrary, the interest of Grantors in any real property upon which Grantors reside pursuant to the provisions of this Trust shall be deemed to be an interest of real property and not personalty. So long as Grantors occupy such residence, Grantors shall be entitled to the homestead exemption on such property. | more ▾ | more ▾ | |
| ARTICLE XXIIITax Law Changes | ||||
| XXIII | Tax Law Changes. The Trustee shall liberally interpret and amend this trust to comply with the Economic Growth and Tax Reconciliation Act of 2001. | more ▾ | more ▾ | |
| XXIII | 23.01 | Compliance. Grantors intend this to comply with the Economic Growth and Tax Reconciliation Act of 2001, (hereinafter the "Act"). | more ▾ | more ▾ |
| XXIII | 23.02 | Duration of Compliance. Grantors further intend this Trust to comply with the Act as it exists on the date this Trust is signed and as the Act is intended to change between through year 2011. | more ▾ | more ▾ |
| XXIII | 23.03 | Adoption of Most Favorable Tax Treatment. If following the Grantors' adoption of this Trust the Act is amended, changed, altered, modified or repealed, Grantors direct and authorize Trustee to liberally interpret and amend this Trust to take advantage of the most favorable tax options within the Act or successor Act or law in force at the time or times consistent with the wishes of Grantors as expressed herein so as to thereby achieve the greatest tax advantages for Grantors, the Trust Estate, the sub-trusts herein created, the primary, secondary or contingent beneficiaries, and the estate of any decedent hereunder. | more ▾ | more ▾ |
| XXIII | Testimonium Clause. IN WITNESS WHEREOF, the Grantors and the Trustees have executed this Agreement as of the day and year first above written. | more ▾ | more ▾ | |
| XXIII | GRANTORS AND TRUSTEES [signed] Devanand Seereeram [signed] Charmaine Saith WITNESSES [signed] Barbara Coenson [signed] Lisa Lye | more ▾ | more ▾ | |
| General / Execution | ||||
| STATE OF FLORIDA / COUNTY OF ORANGE | more ▾ | more ▾ | ||
| WE, Devanand Seereeram and Charmaine Saith, Grantors and Trustees, and Barbara Coenson and Lisa Lye, the witnesses, respectively, whose names are signed to the attached or foregoing instrument, being first duly sworn, do hereby declare to the undersigned officer that the Grantors signed the instrument as their joint Revocable Trust, entitled the SAITH-SEEREERAM FAMILY REVOCABLE TRUST, dated March 10, 2008, and that each of them signed voluntarily in the presence of each witness, and that each of the witnesses, in the presence of Devanand Seereeram and Charmaine Saith, and in the presence of each other, signed the Trust as a witness, and that to the best of the knowledge of each witness, each Grantor was, at that time, 18 or more years of age, of sound mind, and under no constraint or undue influence. | more ▾ | more ▾ | ||
| [signed] Devanand Seereeram [signed] Charmaine Saith [signed] Barbara Coenson, Witness [signed] Lisa Lye, Witness | more ▾ | more ▾ | ||
| Sworn to and subscribed before me by Devanand Seereeram, who has produced a Florida Driver's License as identification, and by Charmaine Saith, who has produced a Florida Driver's License as identification, and by Barbara Coenson and Lisa Lye, the witnesses, who are personally known to me, on this 10th day of March, 2008. | more ▾ | more ▾ | ||
| [Notary stamp: Kristen M. Jackson, Notary Public, State of Florida, Commission # DD 344479, Expires September 5, 2008, Bonded Thru Budget Notary Services] | more ▾ | more ▾ | ||
| [signed] Notary Public, State of Florida | more ▾ | more ▾ | ||
Scenario analyses are general legal information, not legal advice. A key contested point: Article I’s “in the opinion of the other Grantor” trigger may not satisfy §5.04(b)’s “incapacitated,” which arguably requires a more formal finding. Comment edits are on-screen only and not saved to a file.