Hello, I was hoping you can help me understand my father in laws trust agreement he left. My children and wife are beneficiaries as well as my brother in law. The question is whether the children get 100% of the retirement accounts - then everything else left (house, other accounts, etc...) will be split accordingly. Here is a copy of how that part reads. Thanks for all your help!!!
Article II. (Distribution) shall be amended to read as follows:
"On the death of the last of us, if the Trust Estate shall not have been exhausted and the Trust hereby terminated by payment of income and principal as hereinabove provided, or for any other reason, then, the remaining principal of the Trust, including any property to which the Trustee is entitled as a result of the death of us, or
otherwise, shall be disposed by distribution as follows:
A. Tangible personal property of the Trust to those persons designated
in a separate writing in existence at the time of our death which is signed by us and which describes the items and the devisees with reasonable certainty. In the event the Trustee is unable to locate such separate writing thirty (30) days after my death, it shall be conclusively presumed that such writing does not exist;
B. Any and all retirement accounts that designate this Trust as the beneficiary shall continue to be held in Trust for the equal benefit of my grandchildren, Leslie and Sue, and managed by the Trustee upon the terms and conditions contained in Article III., hereinbelow;
C. All of the remaining assets of the Trust shall be distributed as follows: 1. Twenty-one percent (21%) to my grandchild, Leslie
BLAIR, pursuant to the terms and conditions contained in Article III., hereinbelow;
2. Twenty-one percent (21%) to my grandchild, Sue, pursuant to the terms and conditions contained in Article III., hereinbelow;
3. Eight percent (8%) to my daughter,
Cheryl, per stirpes; and
4. Fifty percent (50%) to my son, Mike, per
stirpes."
Article II. (Distribution) shall be amended to read as follows:
"On the death of the last of us, if the Trust Estate shall not have been exhausted and the Trust hereby terminated by payment of income and principal as hereinabove provided, or for any other reason, then, the remaining principal of the Trust, including any property to which the Trustee is entitled as a result of the death of us, or
otherwise, shall be disposed by distribution as follows:
A. Tangible personal property of the Trust to those persons designated
in a separate writing in existence at the time of our death which is signed by us and which describes the items and the devisees with reasonable certainty. In the event the Trustee is unable to locate such separate writing thirty (30) days after my death, it shall be conclusively presumed that such writing does not exist;
B. Any and all retirement accounts that designate this Trust as the beneficiary shall continue to be held in Trust for the equal benefit of my grandchildren, Leslie and Sue, and managed by the Trustee upon the terms and conditions contained in Article III., hereinbelow;
C. All of the remaining assets of the Trust shall be distributed as follows: 1. Twenty-one percent (21%) to my grandchild, Leslie
BLAIR, pursuant to the terms and conditions contained in Article III., hereinbelow;
2. Twenty-one percent (21%) to my grandchild, Sue, pursuant to the terms and conditions contained in Article III., hereinbelow;
3. Eight percent (8%) to my daughter,
Cheryl, per stirpes; and
4. Fifty percent (50%) to my son, Mike, per
stirpes."
