HomeMy WebLinkAbout06-08-07
REV .1500 E)' "16.001
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REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Future Interest Compromise (date of death after
12-12-82)
Decedent Maintained a Living Trust (Attach
copy of Trust)
Spousal Poverty Credit (date of aeath Detween
12-31-91and 1-1-95)
THIS SECTION MUST BE COMPLETED. ALL COR~ESPOND!:.NC_E )l.ND C()~~II)E_N_T~L_Tp'x}~ORI'II~T~()~~HOULD BE DIRECTED TO:
NAME COMPLETE MAILING ADDRESS
Susan E. Lederer
COMMONWEALTH o~ DENNSY;..VANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HAR~ISBURG, PA 17128-0601
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DECEDENTS NAME (LAST FIRST. AND MIDDLE INITIAL)
Querry, Kenneth Monroe
DATE OF DEATH (MM-DD-YEAR)
DATE OF BIRTH (MM-DD-YEAR)
09/09/2006
04/04/1931
(IF APPLICABLE) SURVIVING SPOUSES NAME ( LAST FIRST AND MIDDLE INITIAL\
Querry, Rebecca J.
i:8] 1 Original Return
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Supplemental Return
o 4 LimlIed Estate
o 6 Decedent Died Testate (Attach copy
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litigation Proceeds Received
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F!R~11 ~J/',ME ::::':=::CQj::;;
Law Offices of Susan E Lederer
TELEPHONE NUMBER
717/652-7323
1. Real Estate (Schedule A)
2. Stocks and Bonds (Schedule B)
3 Closely Held Corporation, Partnership or Sole-Proprietorship
4. Mortgages & Notes Receivable (Schedule D)
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5 Casn, Bank Deposits & Miscellaneous Personal Property
(Schedule E)
6. Jointly Owned Property (Schedule F)
o Separate Billing Requested
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G or L)
8. Total Gross Assets (total Lines 1-7)
9 Funeral Expenses & Administrative Costs (Schedule H)
10 Debts of Decedent. Mortgage Liabilities, & Liens (Schedule I)
11 Total Deductions (total Lines 9 & 10)
1:2 Net Value of Estate (Line 8 minus Line 111
FILE NUMBER
21 07
COUNTY CODE YEAR
SOCIAL SECURITY NUMBER
00076
NUMBER
207 -22-0946
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
179-30-4950
D 3 Remainder Return (date of de2tn i=rlor to 12-13-82)
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5. Federal Estate Tax Return ReqUired
8 Total Number of Safe Deposit Boxes
o 11 Election to tax under Sec. !J113(A) (Attach Sch 0)
4811 Jonestown Rd.
Suite 226
Harrisburg, PA 17109
(1) None
(2) None
(3) None
(4) None
(5) None
(6) None
(7) 389,57419
(8) 389.574.19
(9) 3,79900
(10) 785.29
(11 )
4,584.29
(12)
384,989.90
13. Charitable and Governmental Bequests/See 9113 Trusts for whieh an election to tax has not been
made (Schedule J)
14. Net Value Subject to Tax (Line 12 minus Line 13)
(13)
228,319.96
(14)
156,669.94
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
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20. 0
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT.
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Copyright 2000 form software only The Lackner Group, Inc.
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15.Amount of Line 14 taxable at the spousal tax rate, 156,669.94 x .00 (15)
or transfers under Sec. 9116(a)(1.2)
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0 16.Amount of Line 14 taxable at lineal rate x
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0- 17 Amount of Line 14 taxable at sibling rate x .12 (17)
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x 18. Amount of Line 14 taxable at collateral rate
<( x .15 (18)
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19 Tax Due (19)
>> BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND RECHECK MATH<<
Form REV-1500 EX (Rev. 6-00)
Decedent's Complete Address:
STrUTT ADDRESS
.
421 West Main Street
CITY
STATl
PA
Mechanicsburg
Tax Payments and Credits:
Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
Total Credits (A + B + C)
3 Interest/Penalty if applicable
D. Interest
E. Penalty
Total Interest/Penalty (0 + E)
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is thEOVERPA YMENT
Check box on Page 1 Line 20 to request a refund
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is theTAX DUE
A. Enter the interest on the tax due.
B. Enter the total of Line 5 + 5A. This is theBALANCE DUE
Make Check Payable to: REGISTER OF WILLS, AGENT
ZIP 17055
(1 )
(2)
000
0.00
(3) 0.00
(4)
(5) 0.00
(5A)
(58) 0.00
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIA TE BLOCKS
No
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1. Did decedent make a transfer and:
a. retain the use or income of the property transferred; '.. ................ .... ......... ...............
b retain the right to designate who shall use the property transferred or its income; ..............u.
c. retain a reversionary interest; or ..... . ............................ .. . ..._. " ............__..
d. receive the promise for life of either payments, benefits or care?.
2. If death occurred after :::>ecember 12, 1982, did decedent transfer property within one year of death without
receiving adequate consideration?..........................u ....... ..............
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her jeath?
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property whish
contains a beneficiary designation? ........... .......... ...__ ............. .__... ..............__.
Yes
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B
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
Under penalties of perJurJ', I declare that I have e)amined thIs return, including accompanYing schedules and statements, and to the best of my knowledge and belief, it is true,:orrect and complete. Declaration
pr~parer other than the personal representative is based on all information of which preparer ha.s any knowledge
SIGNATURE OF PERSON RESPONSIBLE FOR "ILlNG RETURN ADDRESS
Rebec,c~j)71?U. ry /) ~-.
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SIGNA. TURE OF PERSON R:-.:PON~l::['1,-e OR ~ RETURN _.
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SIGNATURE OF PREPARER OTHER AN REPRESENTATIVE
Susan E. Lederer
421 West Main Street
Mechanicsburg, PA 17055
ADDRESS
ADDRESS
4811 Jonestown Rd.
Suite 226
Harrisburg, PA 17109
DATE
(~ {L(I07
DATE
C~/Ldl)7
DATE
For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the
surviving spouse IS 3% [72 PS ~9116 (a) (1 1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0%
[72 PS ~9116 (a) (1 1) (ii)]. The statutedoes not exempt a transfer to a survivlIlg spouse from tax, and the statutory requirements for disclosure
of assets and filing a tax return are still applicable even if the survivln9 spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural
parent, an adoptive parent, or a stepparent of the child is 0% [72 PS ~9116 (a) (1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5%, except as noted in 72 P.S. ~9116
12) [72 PS ~9116 (a) (1)]
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% [72 P.S. ~9116 (a) (1.3)J A sibling is defined,
under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption
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COMMONWEAL TH OF PENNSYl VANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
ESTATE OF Querry, Kenneth Monroe
ITEM
NUMBER
FILE NUMBER
21 - 07 - 00076
This schedule must be completed and filed if the answer to any of questions 1 through 4 on page 2 is yes.
DESCRIPTION OF PROPERTY
Incluae the name of the transferee their relationship to decedent
and the date of transfer Attach a copy of the deed for reai estate
2,400 shares of Charter Communications, I nc, Cusip
No. 16117r\~ 1071 held at Jefferson Pilot Securities
Corporation, IRA Account No. 4GH-991748, Kenneth
M. Querry, owner, Rebecca J, Querry, beneficiary
($155125/share)
2
594.2184 shares of Annaly Capital Management inc,
Cusip No 035710409, held at Jefferson Pilot
Securities Corporation, IRA Account No. 4GH-991748,
Kenneth M. Querry, owner, Rebecca J. Querry,
beneficiary ($1272/share)
DATE OF DEATH
VALUE OF ASSET
0;0 OF
DECD'S
INTEREST
TAXABLE VALUE
3
193 shares of Pan American Silver Corp., Cusip No.
697900108, held at Jefferson Pilot Securities
Corporation, IRA Account No. 4GH-991748, Kenneth
M. Querry. owner, Rebecca J. Querry, beneficiary
($2140/share)
EXCLUSION
(IF APPLICABLE'
3,723.00 100%
3723.00
4
151.695 shares of Vanguard Specialized Portfolios
Health Care Fund, Cusip No. 921908307, held at
Jefferson Pilot Securities Corporation, IRA Account
No. 4GH-991748, Kenneth M. Querry, owner, Rebecca
J, Querry, beneficiary ($146.955/share)
7,55846 100%
7,55846
5
376.737 shares of Rydex Series FDS, Inverse Russell
2000 Fund Class A, Cusip No. 78355E544, held at
Jefferson Pilot Securities Corporation, IRA Account
No. 4GH-991748, Kenneth M. Querry, owner, Rebecca
J. Querry, beneficiary ($40.37/share)
4,130.20 100%
4,130.20
6
1649.048 shares of ING Mid Cap Value Choice FD
Class 1, Cusip No. 44981 V524, held at Jefferson Pilot
Securities Corporation, IRA Account No 4GH-991748,
Kenneth M. Querry, owner. Rebecca J. Querry,
beneficiary ($10.745/share)
22,292.34 100%
22,29234
Total of Continuation Schedule(s)
15,208,87 100%
15,208.87
17,719.02 100%
17,71902
TOTAL (Also enter on line 7, Recapitulation)
336,661.32
389,574.19
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COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
continued
ESTATE OF Querry, Kenneth Monroe
FILE NUMBER
21 - 07 - 00076
This schedule must be completed and filed if the answer to any of questions 1 through 4 on page 2 is yes.
ITEM
NUMBER
DESCRIPTION OF PROPERTY
Include the name of the transferee, their relationship to decedent
and tne date of transfer Attach a copy of the deed for real estate
DATE OF DEATH
VALUE OF ASSET
% OF
DECO'S
INTEREST
EXCLUSION
(IF APPLICABLE:
TAXABLE VALUE
7
1654.258 shares of Hussman Strategic Growth FD,
Cusip No 448108100, held at Jefferson Pilot
Securities Corporation, IRA Account No. 4GH-991748,
Kenneth M. Querry, owner, Rebecca J Querry,
beneficiary ($16155/share)
26,724.54 100%
26,72454
8 1736 766 shares of Federated Market Opportunities 22,638.74 100% 22.638.74
Fund A, Cusip No 314172743, held at Jefferson Pilot
Securities Corporation, IRA Account No. 4GH-991748.
Kenneth M Querry, owner, Rebecca J. Querry,
beneficiary ($13 035/share)
9 Dreyfus Government Cash Mngt Investor Shs, Cusip 36,674.77 100% 36,674.77
No 262006307, held at Jefferson Pilot Securities
Corporation, IRA Account No. 4GH-991748, Kenneth
M. Querry, owner, Rebecca J. Querry, beneficiary
($1 OO/share)
10 Real Estate located at 421 West Main Street, 165,436.80 50% 82,718.40
Mechanicsburg, PA, Parcel 10 No 20-23-0567-026,
titled to the Querry Family Living Trust (assessed value
$145,120.00 x 114 common level ratio)
11 Brokerage money market, held at Jefferson Pilot 154,817.81 50% 77,408.91
Securities Corporation, Account No. 4GH-991730,
titled to Kenneth M Querry and Rebecca J. Querry,
Trustees of the Querry Family Living Trust dated July
10,1997
12 334537 shares of Federated Market Opportunities 43,60690 50% 21,803.45
Fund A, Cusip No 314172743, held at Jefferson Pilot
Securities Corporation, Account No. 4GH-991730,
titled to Kenneth M Querry and Rebecca J. Querry,
Trustees of the Querry Family Living Trust dated July
10, 1997(13035/share)
Page 2 of Schedule G
...
COMMONWEAL TH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
continued
ESTATE OF Querry, Kenneth Monroe
ITEM
NUMBER
13
14
15
This schedule must be completed and filed if the answer to any of questions 1 through 4 on page 2 is yes.
FILE NUMBER
21 - 07 - 00076
DESCRIPTION OF PROPERTY
lnc::lude the name of the transferee their relatIOnship to decedent
and the date of transfer. Attach a copy of the deed for real estate
3732.11 shares of Hussman Strategic Growth FD,
Cusip No 448108100, held at Jefferson Pilot
Securities Corporation, Account No 4GH-991730,
titled to Kenneth M Querry and Rebecca J. Querry,
Trustees of the Querry Family Living Trust dated July
10, 1997(16155/share)
560 shares of Pan American Silver Corp., Cusip No.
697900108, held at Jefferson Pilot Securities
Corporation, Account No. 4GH-991730, titled to
Kenneth M. Querry and Rebecca J. Querry, Trustees
of the Querry Family Living Trust dated July 10, 1997
(2140/share)
734.97 shares of Rydex Inverse Russell 2000 Fund
Class A, Cusip No. 78355E544, held at Jefferson Pilot
Securities Corporation, Account No. 4GH-991730,
titled to Kenneth M. Querry and Rebecca J. Querry,
Trustees of the Querry Family Living Trust dated July
10, 1997(40 37/share)
DATE OF DEATH
VALUE OF ASSET
%OF
DECD.S
INTEREST
60,292.24 50%
11,98400 50%
29,67074 50%
EXCLUSION
(IF APPLICABLE)
TAXABLE VALUE
30,146.12
5,992.00
14,835.37
Page 3 of Schedule G
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
COMMONW-~L TH OF PENNSYLVANIA
INHERITANCE nIx RETURN
RESIDEN-:- DECED~NT
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER FUNERAL EXPENSES:
A. Auer Funeral Home
FILE NUMBER
21 - 07 - 00076
ESTATE OF Querry, Kenneth Monroe
DESCRIPTION
AMOUNT
1,28400
B. ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Social Security Number(s) I EIN Number of Personal Representative(s):
Street Address
City
State
Zip
2.
Year(s) Commission paid
Attorney's Fees Law Offices of Susan E. Lederer
3 Family Exemption: (If decedent's address is not the same as claimant's. attach explanation)
Claimant
2,500.00
Street Address
City
Relationship of Claimant to Decedent
State
Zip
4. Probate Fees
5. Accountant's Fees
6. Tax Return Preparer's Fees
7. Other Administrative Costs
Filing fee, PA Inheritance Tax Return
15.00
TOTAL (Also enter on line 9, Recapitulation)
3,799.00
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SCHEDULE I
DEBTS OF DECEDENT, MORTGAGE
LIABILITIES, & LIENS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF Querry, Kenneth Monroe
Include unreimbursed medical expenses.
ITEM
NUMBER
DESCRIPTION
Med Supply Cabinet - medical supplies
I
FILE NUMBER
21 - 07 - 00076
TOTAL (Also enter on Line 10, Recapitulation)
AMOUNT
785.29
785.29
FILE NUMBER
21 - 07 - 00076
RELATIONSHIP TO
DECEDENT
Do Not List Trustee(s)
REV-1513 EX+ (9-00)
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SCHEDULE J
BENEFICIARIES
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Querry, Kenneth Monroe
NUMBER
NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
1. TAXABLE DISTRIBUTIONS (include outright spousal distributions)
Rebecca J. Querry
421 West Main Street
Mechanicsburg P A 17055
Wife
Enter dollar amounts for distributions shown above on lines 15 through 18, as appropriate, on Rev 1500 cover sheet
AMOUNT OR SHARE
OF ESTATE
IRA
156,66994
II.
NON-TAXABLE DISTRIBUTIONS
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT
BEING MADE
Family Trust created under Article 10 of the Querry Family Living Trust
Disclaimer and Renunciations by Lisa Beth Q. Leen (dated 1/11/2007 and recorded
1/23/2007) and Eric Todd Querry (dated 1/12/2007 and recorded 1/23/2007) (children) of
their interest in the principal of the Family Trust (see attached copies)
B CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
228,319 96
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
228,319.96
JA~i-5-2C)[11 16: 31 FRm1: CUMBERLAND
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THIS INDENTURE. m;ulc th~ _~ OilY of f.l~~.J of
year"" ()o1Jr LCII'tj Om~ ihou!l3nd Nine Hundred Nincty-~~e" (1997).
in an,
BETWEEN :KENNETH M. QUERRY, and :REBEC~ J. QUE1Ul'... hi/; Ifire,
(If Lower ^\1e1l Town5hip, Cumberland Cmmty, PeImO;rITIIIlIII, ('muttors, Parties of the Fim
Pill1,
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TliE QUERRY FAMD,Y 11UJS1" dated JUly 10, 1997. Grantor. Party of fhe
Soool1d Part.
WTI'NESSETH !hat the said PRr!y ..r tile Firm Part, fOT and in co".idcrali()n cor
rhe!!Urn of One lU1d No/loo Dcollaro ($1.00), lawfUl money of lhe United SUIte< Qf Amerlca. well
,,"d tnIly p;lld by lilt !ll\ld Party of me S<::!'Ond !'at:. W lhe SI'1id panic. of the Fml Part, llllloo
t)efOl"C lhe sealing and delivery of lhe$c pr=nlS, U'e receipt wiler-ear is hmby acl","""'edgW.
Ill\\'C granted. bargained. BOld. aliened. ~. reJeam, am~yed lInd confJmlW and by IbMe
pr~~ da iram, I>IIl'Jlain. sell, ~1i~n, cnfeoff, l'C1C8~e. t'Q<1vey, and oonfiTffi ullto the !I.ll.id Party
of the Sewlld Part. Its h~il'll, ~~e<;.\ttor~ and lldmini.tra.lors.
ALL tHAT CKR'rAll'i llo\!''lC al11l lot (If WUUnd sltlll\te in the Borough cof M~hanicsburg.
County of CumbcrlllrKllUld Sta~ of Pennsylvania, bounc!l'd and d=ibed as followo, to Wit:
BEGINNING at Illl X In curb OIl the swtlmm line of West Main Slro:t a Qirtance of two hundred
~\:x.rYcrour Rod ~cventy.five hurKlredlh~ (264.15) feelll1cuured In 3n CllllIWllrdly direction aloni;
die !lOUlhl:nl IIDe of West Main Street from Soulh Broad Stn:~: UlenCC alol'lf, the southern I ine or
WctoC M~Ii\ Street North 70 dcgees Bula d~tIll)Cf' of lIIirly.four and tw~nty-fivc hundredths
04.25) Il>eltn lII1 X In curb; ~nce along propel1y tllOWIl HI! No. 419 WC$t Main Slteet South 20
dcll!'e\".~ &..1 a d~ one hundred clghty-clghl and ,,~hleen hundl'edt~ (18S.18) fe>elW 3'~
"n the nc:>rthe[n ~k1e of Locust Alley (20 feet widCol); mence alOTlll the oorthem line of Locu!l!. Alley
Soooth 72 <lcj?n:<l::; D> mln"t= W~l'" di.la""" nf ,hl.ty-four and tW~llly-!eyen hundn:dths (34.27)
feet to a pin: lhcnc~ alollg J>l'llIlcrty known II.< No. 4:t3 W~t Mail\ S1J'ect NOorth 20 d~gr~a WeJt
. dl:.l~nce of Qne hundred e~ghlY-<li1\ and ninety-four h~m.lrecllh. (186.94) feet ro (he point aM
5fiOK 164 I'~~i: 926
JAr-j - 5 - 2007 Hi: :; 1 mOM : CUI'1BERLA~jD
TO; 18667327243
pJ~ce of llOOINNlNG.
HAVING 'l'llEREON erected a two and o~c half 5tory frame dwclliflj! Jrn(IW1l :lnd numbered :ll!
421 We3t Main Street.
Tf.TJS CONVEYANCE is made subjcct, howcvcr, to the IllO of ~~ lan~ by lire aortlUgJl of
Meehanlabull for Ihe purpooo of drainar:a of storm ~!lWer water as set forth tn Rillhlo()f.W~y
Agreemt1!t dated September 1.5, 1954~ alid rC""wrd~ in iJie Recurde-i"";ji Offli;:e affJfesaid in
Mi1Gellaneou~ Book 155, Palfe TIS,
.....S SURVEYED by D,P, RaffetUperger lwociarCli, Camp Hill, PA.. December '29, J969.
BEING tile same prtmi~ whicll Robert J, fclarrmgron and Lucy R. HMT'lngton. hls wife, by lbeir
dr:al dlllr.d Pebl1llll)' 5. 1970. aOO recorded In the omc:e or the Reeorder of Deeds of Cumberland
(',ounty in D=I Book K. Volume 23, !'age S99. gnlOted and conveyed unto Kenneth M. Querry
anr;ll<ebect<l J. Querry, his wife, GrnlUOrli herein,
TOGETHER with all and iingular, the lcnemenlS. heredItaments and
appurlllrum= 10 the same belonging or in ar.ywilC appataining, and Ihe reV!:r.iion and TCYlIuions,
N:.mai~d!!r sod remainders. renlS, iSSUe!:. and profits 1f1crrof; AND ALSO all the e.~Clte. ri!lltt.
lltl~. Interest, property. claim and demand wMUocvcr, both in law and equity, of the !:aIr! Parl"'s
of the First Part. of, in. to OJ' CUt Qf Ihe :mid prcrni$eS. llnd every pan and p;lTCel thereof.
TO HAVE AND TO HOLD the S3id prcmiilC~. with all and singular tlle
BpJiUl1enal1CCS, unto tilt: li8i~ I'llrty of lhe S=nd Part. lts heirs. execUtOl'll and ndminlrnaloo. to
lUll! ll;lr lll~ only proper 1M and behoof of lilt said Party of Ibe Second ParI, it!l heinl. CJlccutorn
~nd lIdmlni~tmlors focever.
AND l1IE SAID Parties (if tbe Fir,lt Part. for them, th1:lr heir:l, execlllol's and
n4minl~tlllm, do by tJlese ~tt. c"",ell1l,nt. grant and ag= 10 and with the said Party of the
Second Pnrt. its heirs. eJteeuton lIt'1d admitlisttatOr's, thai they tile BIIid Partict of the First Part,
their helB 3.11 and singular the beredilllmelJt\ and premises. llereirmbove described IInd granllld or
rnffltionet:l and i~lCnded so to be, wilh appurtcnance~, unto the !lllid Party of 1f1e Second PRrt. itq
/1elrJI. executOrs and administmtnrs, 3811inSt the ~aid Partie.~ of the Firn Pan aoo thllir hcir~ and
ngAJMt :Ill BOO every odlct person or pmoo; whomooever, lawfully claimiD!; or to claim the $llme
or llny PM! thereof. by, from or under him, her. them or any CJf them. shalt and will. by these
presents, W^RRANT AND POREVER DEFEND.
~DO, 164 P!.!1, 92'7
....
,JAr~ - 5 - 21;)07 16 ; ~)2 FRiJ~1 : CUMBERLAI'lD
TiJ: 18667327243
. . ............" ~
IN WITNESS WHEREOF. the 1llIid l'lIIlic~ of the Flm P~rt, h.wc hereunlll
:let their h:\rnI~ l\nd sr:a.ls UIC d.1Y Rnd year fill! abm'c wriltt:n.
" '"':J(SEALI
1i:}"U<&~=;
II ), Que:vf ~
COMMONWEALTH OF I'ENNSYl".VANIA ) ~M~J,=g:,~~'l'~
S~Gun~lIInl'le T...p... l)(u1f1tlin ot::~"'l
:SS L Mr Cmni'niOl1'lCn F.wp'~ A\&]. s.i, i:qii ~
) ~"'-~._orHlitlI'Ci
$i~"e4, S~'~d and
DcllvtIW In ~ Pr~ellce of
Cf)JLLL
U
d!____~~ ~)
KcnllCth M. Querry \'
(5/::.-'1.1.)
COUNTY Or- D^,JI'HlN
Qn thi., Ibe -!!:.... <by of kl f . 1997, l>efore m~. 4 Notary
1'IIbllc. ~-.: uno~.,iJ!11t=d off""". p"'~(lrmlly a"~l'Cd Kl:'lllleth M. Qllerry and Reb= J. Qutrry,
hi~ wife. ~" 10 me (or :Illtl~f'i\CMily proven) 10 ~~ tile pcnom whog. namca arc SUbtcriblitllD
the within iMtroment, and acknowledged that th"}' execullld the same fur the pUl')Kl'C !h"""in
I~.
1-1 WITNESS WHEREOf', I h=unco act my hand and Official seal.
Gat/a
#; Public
[ hereby certify thai tlle prec;'LaJ of the GranLee In the within Deed is.:
'{JI w' m..~ f........ ~
m..I,."". '-"t {>A l7o,r
. orocy fClJ" Grantee
COMMONWEALTH OF PENNSYLVANIA
CI/t17&'R'LiIIoI}Y;'OUNTY
'.f.I,':'!
,. '
1Ui:COROIID in th~ 0lTlC!! f()r thc Rl'<'ording of tleed. in and for (.,..w...(C001
In Record Book~. Pllge~, , :
WITNESS Rt. hand and Bea] of office this 2L d:ly
50&. ,1~ ~~ ~ Ji::-,
pCO~ 164 rA~[ 926 ~ ft\N~
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'f .n /9;'
I'I.m THI~ FORM P~OP~~LY 04>< 4TT M:H A'1>Ll~8l. OOCv"'ENTATION M".,. ~ESULT I THe ueo~DrlI:'S R>1US.....
Will Df'(~.
lliioK is<l PAGt 929
006-07 SCHOOL REAL ESTATE TAX NOTiCE SClVii.-tL:, (" IJ-t-vv"\ I c.'
1ECHANICSBURG AREA SCHOOL DISTRICT
JULY 1 2006
Bill No: 2322
AVAELE BARRY L HECf<ARD SK
o 605 SOMERSeT DRIVE
MECHANICSBURG PA 17055
PHONE: 717-766-6205
Assessed
Values
Land Improvement i
20000 I 125120 i
! Discount 2.000, i
TOlal
145 L~O
Face
186189
..,SCHOOL R/E
MAP NO: 20-23-0567-026
LAND LESS THAN 1 ACRE
Resident1al BUilding
12.830 m 1824.65
2048.08
:::SC
I' ,~
H:';;J
~;:;
L~it:<
I
C J.,
I
':=;~rAX AMOUNT DUE ------>
Due Date
1824.65
JULY & AUG
i
1 1861.89 , 2048.08
SEPT & OCT !NOV & DEC
: ~..-- -
-"-: - '
002322
AX QUERRY FAML Y TRUST
AYER 421 WEST MAIN STREET
MECHANICSBURG PA 17055
If taxes are 'In escrow, forward this bill to Your mortgage company. If unoaid bv 12/15/06 taxe" will be turned over to
Cumberland Cc. Tax Claim Bureau. Return Bill with payment. For a Receipt. return bon caples with a Self
Addressed Stamped Envelope. $1.00 tee for additional receipts requested,
OFFICE
HOURS
JULY & AUG TUES & THURS 10AM-4PM
WED 5-7PM SEPT -DEC TUES 10AM-4PM
WED 5-7PM CLOSED SEPT 11 THRU 15
OFFICE CLSD ELECTION DAY & HOLIDAYS
02322607012006000182465000186189000204808205
2006-07 SCHOOL PERSONAL TAX NOTICE
MECHANICSBURG AREA SCHOOL DISTRICT
C.';'" _" . ~.
JUL Y 1 2006
Bill No: 4039
OAYABLE
TO.
BARRY L HECKARC SR
605 SOMERSET DRIVE
MECHANICSBURG PA 17055
PHONE, 717-766-6205
-~
~
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.
- -
.
.
'. .
. --
. I
. i
-
.
i
-.
-
AUG
2 2 L'LlL
~
,
ACCT NO: 016-0006529
------>
10.00
':'
-'.' .
11.00
rAX
'AYER:
004039
QUERRY, REBECCA J.
421 W. MAIN ST.
MECHANICSBURG PA 17055-3242
, -
TAX AMOUNT DUE
i
Due Date
!
I JULY & AUG
. .'
9.80
i ,--'.'
Deadline to correct or appeal job title is 90 days tram aale of bill. Call 240-6365 or 697.0371 ext 6365 or 532-7286
ext 6365, If unpaid by 12/15/06 taxes will be turned over to Dellnauent Collector, Return Bill with payment For a
Receipt. return both copies with a Self ,Addressed Stamped Envelope, $1 00 fee for additional receipts requested,
I SEPT & OC- !NOV & DEC
OFFICE
HOURS:
JULY & AUG TUES & THURS 10AM-4PM
WED 5-7PM SEPT -DEC TUES 10AM-4PM
WED 5-7PM CLOSED SEPT 11 THRU 15
OFFICE CLSD ELECTION DAY & HOLIDAYS
!O06-07 SCHOOL PERSONAL TAX NOTICE
rIlECHANICSBURG AREA SCHOOL DISTRICT
JULY 1 2006
Bill No: 4038
~. "', r-,
------>
Due Date
'A'IABLE
0:
BARRY L HECKARD SR
605 SOMERSET DRIVE
MECHANICSBURG PA 17055
PHONE: 717-766-6205
AceT NO: 016-0006528
AUG 2 S
'~T ,'. I
::';1--,\; '. >
AX
AVER:
004038
QUERRY, KENNETH M.
421 W. MAIN ST.
MECHANICSBURG PA 17055-3242
,'-''."
'Deadline to correct or appeal JOb title IS 90 days frafT, of bill. Call 240-6365:Jr 697-0371 ext 6365 or 532-7286
ext 6365. If unpaid by 12/15/06 taxes will be turned over to Jelinouent Colleclor Return Bill with payment For a
Receipt. return both caples With a Self Adoressed Stamped Envelope Sl.00 fee for addltlcnal receipts requested.
OFF:CE
HOURS
JULY & AUG TUES & THURS 10AM-4PM
WED 5-7PM SEPT -DEC TUES 10AM-4PM
WED 5-7PM CLOSED SEPT 11 THRU 15
OFFICE CLSD ELECTION DAY & HOLIDAYS
.
s~(,,~ G
l.-k~\ 1- {'! c,,-l {I- ;~
Asset Name Shares DOD Mean Value Asset DOD Value
Charter Communications, Inc. 2,400.00 $1.55125 $3,723.00
Annaly Capital Management, Inc. 594.2184 $12.72 $7,558.46
Pan American Silver Corp. 193.00 $21.40 $4,130.20
Vanguard Specialized Portfolios 151.695 $146.955 $22,292.34
Health Care Fund
Rydex Series FDS, Inverse 376.737 $40.37 $15,208.87
Russell 2000 Fund Class A
ING Mid Cap Value Choice 1,649.048 $10.745 $17,719.02
FD Class 1
Hussman Strategic Growth FD 1,654.258 $16.155 $26,724.54
Federated Market Opportunities 1,736.766 $13.035 $22,638.74
Fund A
Dreyfus Government Cash 36,674.77 $1.00 $36,674.77
Management Investor Shares
In name of loint trust
Brokerage Money Market $154,817.81
Y2 $77,408.91
Federated Market Opportunities 3,345.37 $13.035 $43,606.90
Fund A Y2 $21.803.45
Hussman Strategic Growth FD 3,732.11 $16.155 $60,292.24
Y2 30,146.12
Pan American Silver Corp. 560.00 $21.40 $11.984.00
Y2 $5,992.00
Rydex Inverse Russell 2000 734.97 $40.37 $29,670.74
Fund Class A Y2 $14,835.37
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Ul/IU/07 88:J.3arn P. 0()3
./-k'Wl s. 11- (')
Holq1!1~!i by Invest()r
Kenneth & Rebecca QuelTY ,
421 W. Main Street
Mechanicsburg, PA 17055
SAMUEL S LINDENBERG CLU CFP
JEFFERSON PILOT SECURITIES
CORPORATION
800 Corporate Circle
Suite 106
Harrisburg, PA 17-110
_lE-540-78QL~______ _ __~__~________
Querry Family
Date: 09/09/2006
Created: 01/10/2007
Accl Name: QUERRY FAMILY LIVING TRUST D10 7I10m7 REBECCA J QUERRY TRUSTEE 421 W MAIN ST
MECHANICSBURG PA 17055-3242
Aeel No: 4GH991730 AcctType: Trust
HUSSMAN. STRATIfGIC GROWTH FWNDHSGFX
PAN AMERICAN SILVER CORP COM PAAS
~{Rg~i.NVERSE RLJ$SELL 2QOO Fl,JNO RYAFX
EQUITY
RYOEXJlJNDS
Account Total:
$300,817.35
Investor Total:
$347,291.88
Portfolio Total:
$503,947.40
,". ",- -'~'.'-"~"'....",,,."'r,""',~,"-'_L. c",'''",.,",,,,,, "'-"""""~,...",,,~.-~,,,~;"""""'k,....,......~=o<,,,,,,-~c,,,,,,.,.",....,,,,.,,,,,,,",~'""";"'L""",,,,,",...,,,,,,,,,I":'~'_>"""-",,,,,,,,.,,.,,,,,,,,,,,,,I"
lncomoJete if oresented without acc:omoanvina disclosure oaoe
Pa!J8 2 of 3
S'ctu:cL~J e J
I~ rr- A
1. 1 I
INRE:
ESTATE OF KENNETH M.
QUERRY. deceased
'<"7
DISCLAIMER and RENUNCIATION
WHEREAS. Kelmeth M. Querry died on September 9. 2006. a resident or
Mechanisburg Bora, Cumberland County. Pennsylvania.
establishd 3. Revocable Trust Agreement known a:; the QUERRY FAMIL Y TRUST
WHEREAS. Kelmeth M. Querry. deceased, and his \vife, Rebecca.T Querry,
d2.~e!1 ~! u h,-
!! \ "r uu.':
~ 'J C ,C j ~.
WHEREAS, upon the death of Kenneth M. Querry. the assets of the QUERR Y
FAMIL Y TRUST were divided between the Marital Trust and the Family Trust created
in accordance with Article Eight, Sections 1, 2. 3 and 4 of such trust agreement.
WHEREAS. Article Ten. Section 1 of the QUERRY FAMILY TRUST dated July
10, 1997. provides as follows:
Miele Ten
The Family Trust
Section 1.
Income and Principal Distributions in our Trustee's Discretion
:l.
DistribuLions When the Survlvi,,:: ! rllc:tm:::d(f'r Te: Nnt ~\'1::!rripci
During any penod of time when the surviving Trustmaker is not married,
our Trustee shall distribute to or for the benefit of the surviving
Trustmaker and our descendants as much orthe net income orthe Family
Trust as our Trustee, in its sole and absolute discretion, shall consider
necessary or advisable for their education, health, maintenance and
support. Marriage shall mean any marriage entered into by the surviving
Trustmaker which is v81id in the jurisdiction whele the marriage took
place.
1. Undistributed Net Income
, . '
Any net income of the Family Trust which is not distributed by our
Trustee shall be accumulated and added to the principal of the
Family Trust.
.,
Primary Consideration to Be Given to the Survi"ving
T rustmaker
Our Trustee shall, at all times when the surviving Trustmaker is
not married. give primary consideration to the education. heal:h.
maintenance. and support of the surviving Trustmaker. and only
thereafter to our descendants.
3. Distributions of Principal from the Ivlarital Trust
In making cliscfeLionary disLlibuLiollS or principal to the surviving
Trustmaker. our Trustee shall preferably make all distributions of
principal from the Marital Trust until it is exhausted. and only
thereafter from the Family Trust.
Querry.
'V\/tIEREAS. the Settlors have two descendants: Lisa Beth Q. Leen and Eric Todd
WHEREAS, less than nine (9) months have elapsed since the date of death of
Kenneth M. Querry and the undersigned disclaimant has not accepted any of the property
of the QlTERRY FAMIL Y TRUST, nor has she exercised any control as beneficial owner
over any such property or any interest therein;
Disclaimer and Renunciation is that the propeny that otherw~se could have been
V/HEREAS. the Disclaimant acknowledges that the affect of the execution of this
QUERRY FAMILY TRUST dated July 10.1997.
distributed to her will now be held in accordance with the provisions of Article Ten of the
WHEREAS. upon the Disclaimer by LISA BETH Q. LEEN of her interests in the
Family Trust dUflng the lifetime of Rebecca 1. Querry, Rebecca J. Queny VI'ill be the sole
beneficiary of the net income from the Family Trust.
, , '
:\TOW. THEREFORE. L LISA BETH Q. LEEN. an adult beneficiary residing at
707 South Market Street. Mechanicsburg. Pelllisyh'ania 17055, do hereby exercise the
rights granted to me in the Pem1sylvania Probate, Estate and Fiduciaries Code. 20 PC].
C.S.A. 6101 et seq., to DISCLAIIvI AND RENOlJ}\)CE certain of my interests as a
beneficiary of the QUEP..R'{ Fl'>.MIL Y TRUST under agreement dated July 10. 1997, as
follows:
1. I hereby" renounce and disclaim duriilg the lifetime of Rebecca J. Querry,
all right. jtle and interest W Clnd in the assets held by or passing into the Family Trust.
"
I understand that as a result of this Disclaimer I will have no ri ght title or
beneficial interest in or to the assets of the F amily Trust during the lifetime of Rebecca 1.
Querry.
set my hand this
IN \VITNESS WHEREOF, intending to be legally bound hereby, I have hereuntc,
dav of
- "
1007.
\VITNESS:
7~.1hcJ!kIvfJ:.e--
[}
LISA BETH Q. LEEN
'/
1",'- "''-'"\.; _'.
, . '
ACKNO'VLEDGE1\1ENT
COMMON\VE4LTE OF PENNS\'l VANIA:
: ss
COl~!TY OF DAUPHTh:
On this.
, \
2007, before me 2 notary public, the undersigned
to be the person whose name is subscribed to the within instrument, and acknowledged that
-
officer, personally appeared LISA BETH Q. LEE1\'. known to me (or satisfactorily proven)
she executed the same br the purposes therein containec..
IN WITI-.JESS WHEREOF. I hereunto set my hand and official seal.
,"-
( SEAL)
;~
-0-/
~OIv1MONWEAL Ti-: OF PENNSYLV ANJA
I Notarial Sea! -----:
,/ Jacqueline M. M!ndeck Notaht Pul)ll'~ I
' '-'. "), I..... ,
i LOwer c-'aA1on Twp., OauDhin Counn' I
'-- My Commission Expiies Oct. 25, 20'(0 I
ivlembe- Pe . '., ---i
I ':. nnSYfvanlE; AS3,)ciatiori of Notarie~
S " ) 'll...,-rr-, A
c0 tA,h ~ ~ ;', . ~-vV\ ..J...J.-
IN RE:
EST ATE OF KENNETH M.
QUERl<. Y deceased
DISCLAIMER and RENUNCIATION
Vvl1EREAS. Kenneth M. Queny died on September 9, 2006. a resident of
Mechanisburg Bora. Cumberland County, Pennsylvania.
....J,...,+___,.J l~~l...~ 1 n 100'1
'...H1U.....U ~, UI _' 1.' i I j ,
esmblished a Revocable Trust A;zreemem k110wn as the OUEPJ',~y' ti-\..1vlIL '{ TRUST
~ ~
'0."l1EREAS. Kenneth M. Querry, deceased, and his wife. Rebecca J. Querry.
WHEREAS. upon the death of Kenneth M. Querry. the assets of the QUERRY
FAMILY TRUST were divided between the Marital Trust and the Family Trust created
in accordance with Article Eight Sections 1, 2, 3 and 4 of such trust agreement.
V/HEREAS, Article Ten. Section 1 of the QUERRY FAMILY TRUST dated July
10, 1997.. provides as follows:
Article Ten
The F amil y Trust
Section 1.
Income and Principal Distributions in our Trustee's Discretion
a.
Distribution:; V?lJ.en the SE!"vi"i~:gl mstmaker 1s Not Married
During any period of time when the surviving Trustmaker is not married,
our Trustee shall distribute to or for the benefit of the surviving
Trustmaker and our descendants as much of the net income orthe Family
Trust as our Trustee, in its sole and absolute discretion, shall consider
necessary or advisable for their education, health, maintenance and
support. Marriage shall mean any marriage entered into by the surviving
Tmstmaker which is valid in the jurisdiction whel~ the ma'Tiage took
place.
1. Undistributed Net Income
It ,if . ...
i\ny net income of the Family Trust which is not distributed by our
Trustee shall be accumulated and added to the principal of the
Family Tmst.
') Primary Consideration to Be Given to the Surviving
T mstmaker
Our Trustee shall. at all times \vhen the surviving Trustmakei' is
not married, give primary consideration to the education. health.
maintenance, and suppon of the surviving TmstmakeL and only
thereafter to our descendants.
.J. Distributions of Principal from the Marital Tmst
in making dIscretionary distnbutIOns of principal to the surviving
Tmstmaker, our Tmstee shall preferably make all distributions of
principal from the Marital Tmst until it is exhausted. and only
thereafter from the Family Tms!.
Querry.
\VHEREAS. the Settlors have two descendants: Lisa Beth Q. Leen and Eric Todd
VlHEREAS, less than nine (9) months have elapsed since the date of death of
KeImeth M. Querry and the undersigned disclaimant has not accepted any of the property
of the QUERRY FAMIL Y TRUST, nor has he exercised any control as beneficial owner
over any such property or any interest therein;
Disclaimer and Renunciation is that the propeny thar otherwise could have betll
Vv'HEREAS. the Disclaimant acknowledges that the affect of the execution of this
distributed to him will now be held in accordance with the provisions of iv-ticle Ten of
the QUERRY F AMIL Y TRUST dated July 10, 1997.
WHEREAS, upon the Disclaimer by ERIC TODD QUERRY of his interests in
the Family Tmst during the lifetime of Rebecca 1. Querry, Rebecca 1. Querry will be the
sole beneficiary of the net income from the Family Trust.
--
.. . . l
NOW, THEREFORE. L ERIC TODD QUERRY. an adult beneficiary residing at
401 East I\1ain Street. Mechanicsburg. Pennsylvania 17055. do hereby exercise the rights
granted to me in the Pennsylvania Probate. Estate and Fiduciaries Code. 20 Pa. C.S.A.
6201 et seq.. to DISCLAIM AND RENOUl\JCE certain of my interests as a beneficiary
of the QUER.RY FlUvrIL Y TRUST under agreement dated July 10,1997, as follmvs:
I hereby renounce and disclaim during the lifetime of Rebecca .T. Quen'y.
all right title and interest to and in the assets held by 0:' passing into the Family Trust.
Querry.
beneficial interest in or to the assets of the Family Trust during the lifetime of Rebecca J.
; understand that as (! resulL ofth;, :-;;",C-;C1;"JC! i ,,/il; hC1\1e ~() right. [irle or
set 111 Y hand this
IJ\i VvTINESS Vi/l-IEREOF, intending to be legally bound hereby. I have hereunto
.- dav of
- -
..,. .~.. ,,; ,- ~r \..<,
..L{__~._'~
.2007.
WITNESS:
,. ~ -"i
t.:;, ~.\I ,..
- .~ \.. ..C~J,- I " ,/ ,
\ .-\..........~ "- - - .' ~---' ~
.._::-,;:>;
/~/
~.....,
ERIC)~OD1? QUERRY
-
....... . ..
ACKNO\VLEDGEMENT
COMMONVv'EAlTH OF PENNSYLVANIA:
: ss
C:OtJ"NTY OF DAUPHIN
On this.--. ",-,/'J" !,.'v,." ~
. 2007, before me a notary public. the undersigDed
~ ~ ~ ~
fir- 11 ~ 1
o HeeL personallY appeareQ
ER1C TODD QUERRY. knovm to me (or satisfactorily
acknowjiedged that he executed the same for the purposes thereirl contained.
proven). to be the person whose name is subscribed to the within instrument and
IN VlITI'-JESS \VHEREOF I hereunto set my hand and official seal.
(SEAL)
y
"NOTARYPUBUC
-~
./_/'f.-.....--.
rf9MMONWEAL TH OF PENNSYL V ANtI!,
I
i ,Notarial Seal I
i ~aCque~ne M. Mindeck, Notary Public i
! Mower, axton Twp.,Dauphin Couniv i
L,. y Co~~ion Expires Oct. 25,2010 i
Mambe- ~ ","" =--==---==-~ I
' " r-ennsYIV/1nia AssOciatl0rl ei /~otafltj7
, - ,
@@~"
This
LIVING TRUST
prepared for
KENNETH M. QUERRY
and
REBECCAJ.QUERRY
by
Robert J. Kreidler
Law Offices of Robe11 J. Kreidler
Attorney and Counselor at Law
126 Locust Street, P.O. Box 11409
Harrisburg, PA 17108
Telephone: (717) 233-3959
Copyright(g 1997 Robert J. Kreidler
Table of Contents
The
QIJERRY FAl\1ILY
Living Trust
Introduction
Article One
. . . . . . . . . . . . .
Creation of Our Trust
Article Two
. . . . . . . . . . . . .
Our Family
Article Three ............ Funding Our Trust
Providing for Us and Our Family during Our Lifetimes
A11icle Four . . . . . . . . . . . .. Administration of Our Trust during Our
Lives
Article Five . . . . . . . . . . . . . Insurance Policies and Retirement Plans
Providing for Us and Our Family upon Our Deaths
Article Six . . . . . . . . . . . . . . Administration of Our Trust upon the
Death of a Trustmaker
Anic1e Seven . . . . . . . . . . . . Distlibution of Our Tangible Personal
Propeny and Specific Distributions
Article Eight . .
. . . . . . . . . .
Creation of the Marital and Fan:1ily Trusts
AI1icle Nine . .
. . . . . . . . . .
The Marital Trust
1
Anicle Ten ..
The Family Tmst
Article Eleven .
The COIllll1on Tmst
Anicle Twelve
Distribution of Our Tmst Property
Article Thi11een .
Ultimate Distribution Pattern
Article Fourteen
Methods of Distribution and Trust Admi-
nistration with Regard to Minor and Dis-
abled Beneficiaries
Provisions Regarding Our Trustee
Article Fifteen
The Resignation, Replacement, and Suc-
cession of Our Tmstees
Anic1e Sixteen ........... General Matters and Instmctions with
Regard to the Tmsteeship
General and Adlninistrative Provisions
Anicle Seventeen. . . . . . . . . . Our Tmstee's Administrative and Invest-
ment Powers
Anicle Eighteen .......... Definitions and General Provisions
11
The QUERRY FAMILY Living Trust
A..rticle One
Creation of Our Trust
Section 1. Our Trust
We are husband and wife. This is our Living Trust, dated July 10, 1997, by
KENNETH M. QUERRY, the husband Trustmakcr, REBECCA J. QUERRY,
the wife Trustmaker, and the following initial Trustees:
KENNETH M. QUERRY
REBECCA J. QUERRY
Our trust is a joint revocable living trust that contains our instructions for our
own well-being and that of our loved ones. All references to "our trust" or
"trust," unless otherwise stated, shall refer to this Living Trust and the trusts
created in it. All references to "Trustee" shall refer to our initial Trustee or
Tmstees, or their successor or successors in trust.
When the term "Trustmaker" is used in our trust, it shall have the same legal
meaning as "Grantor," "Settlor," "Trustor," or any other term referring to the
maker of a trust.
Notwithstanding anything in our trust to the contrary, when we are serving as
Trustees under our tlUst, either of us may act for and conduct business on
behalf of our trust as a TlUstee without the consent of any other TlUstee.
Section 2. The Name of Our Trust
For convenience, our trust shall be known as the:
QUERRY FAlvfILY LIVING TRUST, dated July 10, 1997
1-]
For purposes of beneficiary designations and transfers directly to our trust, our
lruSI shall be referred to as:
KENNETH M. QUERRY aud REBECCA J. QUERRY,
Trustees, or their successors in trust, under the QUERRY
FAMILY LIVING TRUST, dated July 10, 1997, aud auy
amendments thereto.
1-2
Article T~TO
Our Family
The names and bilth dates of our children are:
LISA BETH Q. LEEN, bom May ) ), 1960
ERlC TODD QUERRY, bom June 4, 1970
All references to our children in tIns agreement are to these children, as well
as any clnldren subsequently bom to us, or legally adopted by us.
2-1
Article Three
Funding Our Trust
Section 1. Initial Funding
We hereby transfer, assign, and convey all of our right, title, and interest in
and to all of our property that is pellllined by law to be held in trust, wherever
situated, whether personal or real, tangible or intangible, separate or
community" to our TlUstee to hold and administer for our benefit and for the
benefit of our h=neficiaries pursuant to the tenus of tins tIust.
We shall also each lllitially fund our trust with $10 concurrent with its
executIon.
a. Reliance by Third Parties
Upon presentation by our Trustee of tills Article of our trust and a
separate Affidavit of Trust stating the name and address of our
Trustee, affirming that our tIust is in full force and effect, and
containing any pertinent provisions of our truSt, all tlllrd par1ies shall
rely on tills transfer and follow all of our Trustee's instructions
without risk of incuning any liability to us, our Trustee, or our
beneficiaries.
b. Specific Transfers of Property
Our tlUSt may be additionally funded with property interests of all
kinds by either of us or by any other person in any manner. All
proper1y interests assigned, conveyed, or delivered to our Tmstee
must be acceptable to our Trustee.
Section 2. Funding with Community Property
Any cOlllillunity propeny which is or becomes trust property, and the proceeds
from such cOilllllUlnty propeny, shall remain community property during our
lives.
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a. Transfer or Conveyance of Community Property
A conveyance or transfer of community propeny to our trust,
whether directly transferred or transferred to a nOlrullee or agent on
behalf of our trust, shall not be constlued as a partition of the
conmmnity property unless there is an express written agreement to
that effect between us.
h. Withdrawals of Community Property
If withdrawals of community propelty are made from the trust, the
property that is withdrawn shall retain its character as community
propeny. If we revoke our uust, any and all community propeny
held on behalf of our u'ust shall be recol1veyed by our Trustee to us
as community property.
During our lives:
The net income from the cOllillmnity property shall retain
its community character regardless of whether it is accumu-
lated or to whom our Trustee is directed to disu-ibute it.
Our Trustee shall have no power with respect to community
propeny that would be greater than that power that each of
us would have over that same community propeny were it
free of trust.
Section 3. Funding with Separate Property
Any separate property, including any individual interests in propeny, and the
proceeds from such propelty, which is or becomes trust propeny, shall remain
the separate propelty of a Trustmaker. A separate schedule of such propelty
shall be maintained to facilitate the payment of income or the transfer of all
or pan of the principal the Tmstmaker who is entitled to such distIibutions.
Either of us shall have the unrestricted right to remove all or pan of our
respective separate propeny at any time.
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Article Four
Administration of Our Trust
during Our Lives
Section 1. Our Lifetinle Powers
While we are both living, we shall have the following powers:
a. Control and Direct Payments
Our Trustee shaU distribute or retain the principal and net income of
the community estate, if any, as we may direct from time to time,
except that we shall have no power to direct our Trustee to make
gifts of principal or income from the community estate to a third
pany .
Our Trustee shall distribute or retain the principal and net income of
a Trustmaker's separate estate as that Trustmaker shall direct, except
that a Trustmaker shall have no power to direct our Trustee to make
gifts of principal or income from the Trustmaker's separate estate to
a third party.
Any gift made directly by our Trustee to a third party in violation of
these provisions shall be construed as a distribution made directly to
either or both of us, and then a gift from one or both of us to such
third party.
Absent directions from us, our Trustee shall distribute the trust
income from the community estate, if any, at least monthly and shall
distribute the tIUst income from a Trustmaker's separate estate to that
Trustmaker at least monthly.
b. Investment Decisions
During our lifetinle, except for any period of our incapacity, we
individually reserve the right to specifically approve or disapprove
each and every trust investment, purchase, or sale before it is made.
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Our Trustee is relieved from all liability for loss which may result
from the purchase or sale of trust propeny which has been directed
by either of us. Should Kenneth M. Querry become disabled then
our Trustee shall consult with Samual Lindenberg of Team Financial
Services. Sam shall direct all investing on our behalf.
c. Add or Remove Trust Property
We shall have the absolute right, either individually or jointly, to add
to the trust propeny at auy time. A Trustmaker shall also have the
absolute right to remove his or her own separate property, in whole
or in palt, from the tmst at any time. Both of these rights shall be
exercised in writing.
Each of us shall have the absolute right to remove as community
property as much of our respective interests in the COllllUUruty estate,
if any, as we shall request in writing at any time.
d. Amend or Revoke the Trust
We shall have the absolute right to amend or revoke our trust, in
whole or in palt, at any time. Any amendment or revocation must
be in writing, signed by both of us, and delivered to our Trustee.
This right to amend or revoke is personal to us and may not be
exercised by a legal representative of either of us. After the death
of one of us, tlllS agreement shall 110t be subject to amendment or
revocatIOn.
Section 2. The Definition of Our Disability
Our disability, for purposes of this agreement, shall be defined as follows:
a. The Opinion of Two Licensed Physicians
A Tmstmaker shall be deemed disabled during any period when, in
flle opinion of two licensed physicians, a Tmstmaker is incapacitated
or disabled because of illness, age, or any otller cause which results
in the Trustmaker's inability to effectively manage his or her
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property or fmancial affairs.
b. Court Determination
.1\ Trustmaker shall also be deemed to be disabled upon the determi-
nation of a comt of competent jurisdiction that a Trustmaker is
incompetent, incapacitated, or otherwise legally unable to effectively
manage his or her propeny or financial affairs.
t. Disappearance or Absence
A Trustmaker shaD be deemed to be disabled upon tile unexplained
disappearance or absence of a Trustmaker, or if a Trustrnaker is
being detained under duress where fue Trustmaker is unable to
effectively manage his or her property or fmancial affairs.
Section 3. Procedural Guidelines for OUf Disability
During any period of time when one or both of us are disabled, our Trustee
shall apply the trust propeI1y, including its income, exclusively for our benefit
and for our valid obligations by observing the following procedural guidelines:
a. The Disability of One of Us
Our Trustee shall provide as much of fue principal and net income
of a disabled Trustmaker's separate estate, and as much of the
principal and net income of fue disabled Trustmaker's share of the
community estate, if any, as is necessary or advisable, in its sole and
absolute discretion, for tlle healtll, SUppOI1, maintenance, and general
welfare of the disabled Trustmaker.
b. Provide for the Other Trustmaker
During any period of time that one of us is disabled, our Trustee, in
its sole and absolute discretion, shall provide as much of the
principal and net income of the disabled Trustmaker's separate estate
and as mucb of the pIIDcipal and net income of the disabled
Trustmaker's community estate, if any, as is necessary for tbe
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education, health. maintenance, and support of the other Trustmaker.
C. Provide for Our Obligations
Our Trustee shall provide as much of the principal and net income
of our trust as our Trustee, in its sole and absolute discretion, deems
advisable for the payment of any valid obligations as confmned by
our Trustee. A payment shall be paid from any community estate,
if an obligaiJoll of both of us, and out of a Trustmaker's separate
share or out of a Trustmaker's share of the community estate, if any,
if an obligation of that Tmstmaker.
Ollr Trustee shall provide as much of the principal and net income
of our trust as our Trustee deems advisable for the payment of
insurance premiums on policies owned by one of us, either directly
or beneficially, or our UUSL Our Trustee shall pay premiums for
any life insurance policies that are the sole and separate property of
one of us from that Trustmaker's sole and separate property.
d. Procedural Guidelines
ill making disu"ibutions under this Section, our Trustee shall, at all
times, give primary consideration to the needs of the disabled
Trustmaker ,md thereafter to the other Trustmaker.
When making such distributions to the other Trustmaker, our Trustee
shall consider other income and resources available to the other
Trustmaker and that are known to our Trustee.
A distribution made to a Trustmaker shall not be charged against the
ultimate share which may be distributable to the Trustmaker under
any other provision of this agreement.
Section 4. Undistributed Net Incollle
Any net income which is not distlibuted under this Article shall be accumulat-
ed and added to principal.
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Article Five
Insurance Policies and Retirelnent Plans
Section 1. During Our Lives
During our lives, we shall have the following rights, and our Tmstee shall
have the following duties, with respect to insurance policies or retirement
plans owned by or made payable to our trust, to the extent of our comlllunity
or sole and separate interest in those policies or plans.
a. A Trustmaker's Rights
Each of us reserves, and may exercise without the approval of our
Trustee or any beneficiary, all of the rights, powers, options. and
privileges with respect to any insurance policy, retirement plan,
annuity, or any other third-palty beneficiary contract made payable
to our trust or deposited with our Trustee.
b. Our Trustee's Obligations
Our Trustee shall deliver to a Tmstmak:er or the Tmstmaker's
designee, upon the Tmstmaker's written request, any and all
insurance policies, retirement plan documents, annuity contracts, and
all other third-party beneficiary contracts, as well as all related
documents, which are owned by or deposited with our Tmstee
pursuant to our tmst. Our Trustee shall not be under any obligation
to have any or all of such documents returned.
Our Trustee shall have no obligation to see that premiums or other
sums that may be due and payable under any insurance policy,
retirement plan, aIilluity contract, or aIlY other third-party beneficiary
contract are paid. Further, our Trustee shall have no obligation with
respect to any insurance policy, retirement plan, annuity conuact, or
other third-party beneficiary contract, as well as any documents
related thereto, deposited with our Trustee, other thaIl to provide for
their safekeeping.
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No proVISlOl1 of this agreement shall be constmed to impose any
obligation on either of us to maintain any insurance policy, retire-
ment plan, annuity contract, or any other third-party beneficiary
contract in force.
Section 2. Upon a Trustnlaker's Death
Upon the dearil of a Trusunaker, our Tmstee shall make all appropriate
elections with respect to insurance policies, retirement plans, and other death
benefits which constitute the separate estate of the deceased Trustmaker. As
to all insurance policies, retirement plans, and other death benefits which are
a p<ut of the community estate, our Trustee and the surviving Trustmaker shall
together make all appropriate elections consistent with the laws of the state
having jurisdiction over such propeny.
a. Collection of Insurance Proceeds and Other Nonretirement
Death Proceeds
Our Trustee shall malee every reasonable eff0l1 to collect all sums
made payable to our tlUst or our Trustee under all life insurance
policies, or other nometirement death benefit plans, which provide
for death proceeds made payable to or owned by the trust.
In collecting policy or death benefit proceeds, our Trustee may, in
its sole and absolute discretion, exercise any of the settlement options
that may be available under the telms of a policy or any other third-
pany beneficiary contract with regard to the interest of the deceased
Trustmalcer in those policy or death benefit proceeds.
Our Trustee shall not be liable to any beneficiary for the settlement
option ultimately selected.
b. Retirement Plan Elections
Our Trustee shall have the right, in its sole and absolute discretion,
to elect to receive any retirement plan death proceeds, whether under
a qualified pension, profit sharing, Keogh, individual retirement
account, or any other retirement plan, either in a lump sum or in any
other manner pemlitted by the telms of the palticular retirement
plan, to the extent of the interest of the deceased Trustmaker.
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Our Trustee shall not be liable to any beneficiary for the death
benefit election ultimately selected.
Our Trustee, in its sole and absolute discretion, may disclaim the
benefits of any retirement plan payable to our trust, including
individual retirement accounts that are payable to our tlUSt. Such
disclaimed benefits shall be payable to the surviving Trustmaker.
c. Collection Proceedings
Our TlUstee may institute proceedings, whether in law or equity,
administrative or otherwise, to enforce payment of such proceeds.
Our Trustee need not, except at its option, enter into or maintain any
litigation or take action to enforce any payment until it has been
indenmifiecl to its satisfaction for all expenses and liabilities to
which, in its sole judgment, it may be subjected.
Our Trustee is expressly authorized, in its sole and absolute
discretion, to adjust, settle, and compromise any and all claims that
may arise ham the collection of any death proceeds. The decisions
of our Trustee shall be binding and conclusive on all beneficiaries.
d. Liability of Payor
No person or entity which pays insurance proceeds or other death
proceeds to our Trustee as beneficiary shall be required to inquire
into any of the provisions of tins tlUst or to see to the application of
any such proceeds by our Tmstee.
The receipt of tile proceeds by our Trustee shall relieve the payor of
any further liability as a result of malting such payment.
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Article Six
Adluinistratiol1 of Our Trust
upon the Death of a Trustmaker
Section 1. Payment of Expenses, Claims, and Taxes
lJpon the death of the fIrst one of us to die, our Trustee is authorized, but not
din~cted, TO pay the following:
Expenses of the last illness, funeral, and burial, including memorials
of all types and memorial services of such kind as our Tmstee in its
sole discretion shall approve.
Legally enforceable claims against the deceased or the estate.
Expenses with regard to the administration of the estate.
Federal estate tax, applicable state inheritance or estate taxes, or any
otller taxes occasioned by death.
Statutory or cOUl1-ordered allowances for qualifying family members.
The payments authorized under this Section are discretionary, and no claims
or right to payment by third parties may be enforced against our tmst hy virtue
of such discretionary authority.
Our Trustee shall be indemnified from the trust property for any damages
sustained by our Tmstee as a result of its exercising, in good faith, the
authority granted it under this Section.
The payments amhorized under tlus Section shall be paid only to the extent
that the probate assets (other than real estate, tangible personal proper1y, or
propeny that, in our Tmstee's judgment, is not readily marketable) are
insufficient to make these payments.
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Section 2. Redeluption of Treasury Bonds
If our trust holds United States Treasury Bonds which are eligible for
redemption at par in payment of the federal estate tax, our Trustee shall
redeem such bonds to the extent necessary to pay federal estate tax as a result
of a death.
Section 3. Coordination with the Personal Representative
TIlls Section shall be utilized to help facilitate the coordination between the
personal representative of the deceased Trustmaker's probate estate, if any,
and our Trustee with respect to any propeny, whether owned solely or held
as community propeny, to the extent of the deceased Tmstmaker's interest in
such propeny owned by the Trustmaker outside of tllls trust agreement on the
Trusunaker's death.
a. Authorized Payments
Our Trustee, in its sole and absolute discretion, may elect to make
the payments authorized under tins Article either directly to tlle
appropriate persons or institutions or to tlle personal representative
of the deceased Trustmaker's probate estate.
Our Tmstee may rely upon the written statements of the deceased
Trusunaker's personal representative as to all material facts relating
to these payments; our Trustee shall not have any duty to see to the
application of such payments.
b. Purchase of Assets and Loans
Our Trustee is authorized to purchase and retain in the fmID
received, as an addition to our trust, any prope11y which is a part of
tIle deceased Tmstmaker's probate estate. In addition, our Trustee
may make loans, with or without security, to the deceased
Trustmaker's probate estate. Our Trustee shall not be liable for any
loss suffered by our trust as a result of tile exercise of the powers
granted in this paragraph.
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c. Distributions from the Personal Representative
Our Trustee is authorized to accept distributions from the personal
representative of the deceased Trustmaker's probate estate without
audit and our Trustee shall be under no obligation to examine the
records or accounts of the personal representative of the deceased
Tmstmaker's probate estate.
Section 4. TreatIllent of Exempt Property
111 making any payments pursuant to tius Alticle, our Trustee shall not use any
prnpeny to the extent it is not rncluded in the deceased Trustmaker's gross
estate for federal estate tax purposes.
However, if our Trustee makes the determination, ill its sole and absolute
discretion, tilat otiler nonexempt property is not available for payments
pursuant to tins Alticle, or that it is not economically prudent to use
nonexempt property for the payment of such expenses, it may then use such
exempt propelty.
Section 5. Apportionment
All expenses and clalins and all estate, inheritance, and death taxes, excluding
any generation-skipping transfer tax, resulting from the death of a Trustmaker
shall be paid without apportionment and without reimbursement from any
perSall, except as otherwise specifically provided in this trust.
a. Protection of :Marital Trust
Notwithstanding any tiling to fue contrary in our trust, no death taxes
payable as a result of the death of the first Trustmaker to die shall be
allocated to or paid from the Marital Trust or from any assets
passing to the surviving Trustmaker and qualifying for the federal
estate tax marital deduction unless our Trustee has first used all other
assets available to our Trustee.
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b. Property Passing Outside Our Trust
Notwitllstandil1g anytiung to tile contrary in our trust, estate.
inheritance, and death taxes assessed with regard to propeny passing
outside of our trust or outside of our probate estates, but included in
the gross estate of a Trustmaker for federal estate tax purposes, shall
be chargeable against the persons receiving such property.
Section 6. Our Trustee's Authority to Make Tax Elections
Om Trustee Illay exercise any available elections with regard to state or
federal income, inheritance, estate, succession, or gift tax law.
a. Alternate Valuation Date
The authority granted our Trustee in tius Section includes the right
to elect any altemate valuation date for federal estate or state estate
or inheritance tax purposes.
b. Deduction of Administration Expenses
The authority granted our Tmstee in tllls Section shall include the
right to elect whether all or any parts of the adnunistration expenses
of a deceased Tmstmalcer's estate are to be used as estate tax
deductions or income t.ax deductions.
No compensating adjustments need be made between income and
principal as a result of such elections unless our Tmstee, in its sole
and absolute discretion, shall determine otherwise, or unless required
by law.
c. Deferment of Estate Taxes
The authority granted our Trustee in tllls Section shall include the
right to elect to defer payment of all or a part of a deceased
Tmstmaker's estate taxes, pursuant to any law permitting deferral,
and to enter into any agreement necessary to defer payment of estate
6-4
taxes even if doing so extends the statute of lilllitatioJJS and regard-
less of whether sufficient funds are available to pay the estate taxes
when due.
d. Election for Qualified Terminable Interest Property
Our Trustee. in its sole and absolute discretion, may elect to have
u'ust property qualify for the federal estate tax marital deduction as
qualified tenninable imerest propeny under the appropriate provi-
sions of the Intemal Revenue Code and its regulatioJJS.
P Special Use Valuatiun
The authority granted to our Tmstee in this Section shall include the
right to elect to value qualified real propel1y at its value based upon
actual use rather than its fair market value and to enter into any
agreement necessary to make such election as pennitted under the
lntemal Revenue Code and its regulations.
f. Taxes and Returns
Our Trustee may also:
Sign joint tax retums.
Pay any taxes, interest, or penalties with regard to taxes.
Apply for and coUect tax refunds and interest thereon.
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Article Seven
Distribution of Our Tangible Personal Property
and Specific Distributions
Section 1. Nonbusiness Tangibie Personai Property
On the death of each of us, our Trustee shall distribute the nonbusiness
tangible personal propel1y belonging to the deceased Tnlstmaker as follows:
a. Use of Memorandum
Our Trustee shall distribute the jewelry, clothing, household
furniture, furnishings and fixtures, chinaware, silver, photographs,
works of art, books, boats, automobiles, sporting goods, artifacts
relating to the hobbies of the deceased Trustmaker, and all other
tangible alticles of household or personal use in accordance with any
written, signed, and dated memorandulll left by the deceased
Trustmaker directing the distribution of such property.
Any memorandum written, dated, and signed by the deceased
Trustmaker disposing of nonbusiness tangible personal property shall
be incorporated by reference into this agreement.
Should the deceased Trustmaker leave multiple written memoranda
which conflict as to the disposition of any item of nonbusiness
langible personal property, that memorandum which is last dated
shall comrol as to those items which are in conflict.
h. Distribution of Property Not Distributed by Memorandum
If state law does not allow the use of a memorandum to distribute
nonbusiness tangible personal property or, to the extent that a
Trustmaker's nonbusiness tangible personal property which is or
becomes trust prope11y is not disposed of by memorandum for any
reason, then that nonbusiness tangible personal property shall be
distributed under the tenus of this trust agreemem.
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Section 2. Business Tangible Personal Property
The disposition of the tangible personal propeIty under this AIticle shall not
include tallgible personal propeny which our Trustee, in its sole and absolute
discretioll, detennines to be pan of or used exclusively 111 any business or
profession in which the deceased Trustmaker had an interest at the time of
death.
Section 3. Specific Distributions of Trust Property
Upon the death of the second one of us 10 die, our Tmstee shall distribute,
free uf lhe mIst, the specific dIstributions of tIust propeIty, if any, listed on
tbe following page(s) of tIlis AIticle. If an item of nonbusiness tangible
personal property appears on the memorandum disposing of nonbusiness
tangible personal propelty and is also specifically distributed lmder tlis
Section. then the distribution under tIlis Section shall prevail.
If tile propelty which is the subject of a specific distribution is received by our
Trustee from the probate estate or in any other manner at any time after the
death of bOtIl of us, then our Tmstee shall distribute the propeny free of the
trust as a specific distribution hereunder at tIlat tinle. If the property is not
pall of the trust property at the death of both of us or does not subsequently
become trust propeny, then the specific distribution shall be considered to be
null and void, without any legal or binding effect.
Notwithstanding anything in our trust to the contrary, all expenses, claims, and
taxes shall be appOltioned to the recipients of any specific distributions under
this Section. Property passing under this Section shall pass subject to all liens,
mortgages, and all other encumbrances on the propeny.
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Schedule
Specific Distributions of Trust Property
upon the Death of the Second One of ITs to Die
Section 1. Cash Distribution to ALAN S. QUltKRY, SR.
Up all the death of the second of llS to die, our Trustee shall make a cash
distrihmioJ) of $10,000.00 to ALAN S. QUERRY, SR..
If ALAN S. QUERRY, SR. should predecease the second of us to die or die
before the complete distribution of his specific gift, our Trustee shall include
H with the trust propelty distributed under the telllls of Article Twelve of this
agreement.
Section 1. Distributions of Nonbusiness Tangible Personal
Property to ALAN S. QUERRY, SR.
Upon the death of the second of us to die, our Trustee shall make distributions
of our nonbusiness tangible personal property to ALAN S. QUERRY, SR..
The property consists of the following:
The Mobil Home in v\1hich Alan currently resides.
If ALAN S. QUERRY, SR. should predecease the second of us to die or die
before the complete distribution of his specific gift, our Trustee shall include
it with the trust: propelty distributed under the terms of Alticle Twelve of this
agreemem.
7S-1
llrticle ~igl1t
Creation of the I\1arital and FalniIy Trusts
Section 1. Division of Trust Property
Upon the death of the first one of us La die, our Trustee shall divide tbe tlUS!:
propeny 1Ilto cwo separate tlUSts.
3. Creation of the Marital Trust
rOle Marital Trust shall consist of the surviving Trustmalcer's interest
in the conununity portion of the tlUst prope11y, if any, and his or her
separate p0l1ion of the tlUSt prope11y. In addition, the Marital Trust
shall consist of a dollar amount equal to the maximum federal estate
tax marital deduction allowable to the deceased Tmstmaker's estate.
1. Nontrust :Marital Deduction Assets
The Marital Trust shall be reduced by the value, for federal
estate tax purposes, of any interest in property that qualifies
for the federal estate tax marital deduction and which
passes or has passed from the deceased Tmstmalcer to the
surviving Tmstmaker other than under this Article.
2. Amounts Not Taxable because of the Unified Credit
The Marital Trust shall also be reduced by that amount of
the deceased Trusunaker's estate which is not taxable by
reason of the unified credit against federal estate tax (after
taking into aCCollnt adjusted taxable gifts, if any) as fmally
detennmed for federal estate tax purposes, and the credit
for state death taxes (but only to the extent that the use of
this credit does not require an increase in the state death
taxes paid).
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3. .Minimum Value of the .Marital Trust
III no event shall the value of the Marital Trust be less than
one-half of the combined value of the SurvlVrng
Trustma]cer's tmst property, less all liabilities, and the
deceased Tmsunaker's federal estate tax gross estate, less
all allowable federal estate tax deductions except the marital
deduction, reduced by the value of all nontmst marital
deduction assets passing to the surviving Trustmaker
pursuant 1:0 Paragraph a.l of this Section.
4. Pecuniary Amount
The marital deduction amount determined under tlus
Paragraph a shall be a pecuniary amount and Ilot a fractioIl-
al share.
b. Creation of the Family Trust
The Family Trust shall consist of the balance of the trust property.
Section 2. Allocation of Assets between the Two Trusts
OUf Tmstee shall have complete authority to make allocations of the deceased
Tmstmaker's tmst propeI1y between the Marital and Family Tmsts. It may,
in its sole and absolute discretion, make allocations in cash or in kind, in
undivided interests, or in any proportion thereof between the two DustS.
a. Nonqualifying Property
Our Tmstee shall not allocate any prOpel1y or the proceeds from any
propeny to the Marital Tmst which would not qualify for the federal
estate tax marital deduction in the deceased Tmstmaker's estate.
b. Life Insurance Policies on the Surviving Trustmaker's Life
Our Tmstee shall not allocate any policies of life insurance insuring
the life of the surviving Tmstmaker to the Marital Tmst.
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Our Trustee may rely Upon the written statements of the
surviving Trustmaker's personal representative as to aU
material facts relating to these payments; our Trustee shaU
not have any dmy to see to the application of such pay-
ments.
2. Purchase of Assets and Loans
Our Trustee is authorized to purchase and retain in the
fonn received, as an addition to the trust, any propel1y
which is a pan of the surviving Trustmal<:er's probate
estate. In addition, our Trustee may make loans, with or
WinlOW seemixy, to the survi vjng Tmstmaker' s probate
estate. Our Trustee shaH not be liable for any loss suffered
by the trust as a result of the exercise of the powers
granted in this paragraph.
3. Distributions from the Personal Representative
Our Trustee is authorized to accept distributions from the
surviving Trustmaker's personal representative without
audit and our Trustee shaU be under no obligation to
examine the records or accounts of the personal representa-
tive.
d. Trustee's Authority to .Make Tax Elections
Our Tmstee may exercise any available elections with regard to state
or federal income, inheritance, estate, succession, or gift tax law.
1. Alternate Valuation Date
The authority granted our Trustee in tillS Paragraph
includes the right to elect any alternate valuation date for
federal estate or state estate or inheritance tax purposes.
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2. Deduction of Administration Expenses
The authority granted our Tmstee ill tIlis Paragraph shall
include the right to elect whether all or any parts of the
administration expenses of the surviving Tmstmaker's
estate are to be used as estate tax deductions or income tax
deducriol1S.
No compensating adjustments need be made between
income and principal as a result of such elections unless our
Tmstee, in its sole and absolute discretion, shall determine
otherwise, or unless required by law.
3. Taxes and Returns
Our Tmstee may also sign tax retums; pay any taxes,
interest, or penalties with regard to taxes; and apply for
and collect tax refunds and interest tIlereon.
Section 6. Subsequent Adlninistration of the Marital Trust
The unappointed balance or remainder of tlle Marital Tmst shall be adminis-
tered as provided in Article Eleven.
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Article Ten
The FalliiIv Trust
,",'
Section 1. InC0111e and Principal Distributions in Our Trustees
Discretion
If [here is a surviving Tmstmaker, our Tmstee shall distribute the net income
of the Family Tmst as follows:
a, Distributions When the Surviving Trnstmaker Is Not
l\1arried
During any period of time when the SurvlVmg Trustmalcer is not
married, our Tmstee shall distribute to or for the benefit of the
surviving Tmstmaker and our descendants as much of the net income
of the Family Trust as our Tmstee, in its sole and absolute discre-
tion, shall consider necessary or advisable for their education, health,
maintenance, and SUPPOI1. Marriage shall mean any marriage
entered into by the surviving Tmstmaker which is valid in the
jurisdiction where the marriage took place.
1. Undistributed Net Income
Any net income of the Family Tmst which is not distri-
buted by our Trustee shall be accumulated and added to the
principal of the Family Tmst.
2. Primary Consideration to Be Given to the Surviving
Trustmaker
Our Trustee shall, at all times when the surviving Tmst-
maker is not married, give primary consideration to the
education, health, maintenance, and SUppoI1 of the surviv-
ing Trustmaker, and only thereafter to our descendants.
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3. Distributions of Principal from the l\1arital Trust
In maY,jug discretionary distTibutions of principal to the
surviving Trustmaker, our Trustee shall preferably make all
distributions of principal from the Marital Tmst until it is
exhausted, and only thereafter from the Family Trust.
b. Distributions ,Vhen the Surviving Trustmaker Is .Married
During any period of time when the surviving Tmstmaker is
married, our Trustee shall distribute to or for the benefit of our
descendants as much of the net income and principal of the Family
Tmst as our Tmstee. in its sole and absolute discretion, shall
consider necessary or advisable for their education, health, mainte-
nance, and SUPPOlt.
1. No Distributions to the Surviving Trustmaker
During any period of time when the surviving Trustmaker
is married, our Tmstee shall not distribute any of the net
income or principal of the Family Trust to the surviving
Trustmaker.
2. Undistributed Net Income
Any net income of the Family Trust which is not distri-
buted by our Tmstee shall be accumulated and added to the
principal of the Fanlily Trust.
c. Termination of a Marriage of the Surviving Trustmaker
Upon the termination of the surviving Trustmaker's marriage, the
surviving Trustmalcer shall once again receive principal distributions
pursuant to the telIDS of this Section.
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Section 2. Discretionary Guidelines for Our Trustee
Our Trustee shall be mindful that our primary CODcem and objective is to
provide for the education, health, maintenance, and SUPP0l1 of the surviving
Tmstmaker and our descendants, and that the preservation of principal is not
as imponam as the accomplishment of these objectives.
In making discretionary distributions pursuant to this Anicle, Our Tmstee shall
consider the following factors:
a. Other Resources Available to Our Beneficiaries
Ollr TruSTee, ill making distribLltions pursuant to tills Anicle, shall
ta);::e into consideration, to the extent tIlat our Tmstee, in its sole and
absolute discretion, deems advisable, any income or other resources
which are available outside of t.he Family Tmst to our beneficiaries.
b. Distributions to Our Beneficiaries According to Their Needs
Our Tmstee may make distributions to or for the benefit of one or
more of the beneficiaries of the Family Tmst to the complete
exclusion of the other beneficiaries. These distributions may be made
to a beneficiary or beneficiaries in equal or unequal amounts
according to the respective needs of our beneficiaries.
A distribution to or for the benefit of a beneficiary shall be charged
to the Family TLUst rather than against the beneficiary's ultinlate
share or the shares of those persons taking through such beneficiary
Upon the temlination of the Family Tmst.
Section 3. Termination of the Fanli1y Trust
The Family Tmst shall [ernlinate at the death of tile surviving TLUstrnaker.
The remainder of the Family TLUSt, including any accmed and undistributed
net income, shall be adruinistered as provided in the Articles that follow.
10-3
Article Eleven
The COlnnlon Trust
It is not our desire to create a Common Tmst for tile benefit of our children.
Upon the deatb of tile second Tmstmaker to die, all of the tmst propelty which
has not been distributed under prior provisions of fuis agreement shall be
di vided, administered. and distributed under tile Anicles that follow.
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~4.rticle Twelve
Distribution of Our Trust Property
Section 1. Division into Separate Shares
The remaining trust propeny shall be divided into as many shares as shall be
necessary to create one equal share for each of our then living children" and
one equal share for each of our deceased children who has then living
descendan[s.
Section 2. Distribution of Trust Shares for Our Living Chil-
dren
The share of each child who survives us shall be distributed as follows:
a. Distribution of Trust Share for LISA BETH Q. LEEN
The trust share for LISA BETH Q. LEEN shall be held in trust and
administered and distributed as follows:
L Distributions of Net Income
Our Trustee shall pay to or apply for LISA BETH Q.
LEEN's benefit, at least monthly during her life, all of the
net income from her trust share.
2. Distributions of Principal
Our Trustee shall pay to or apply for LISA BETH Q.
LEEN's benefit such amollnts from the principal of her
trust share as she may at any time request in writing.
No limitation shall be placed on LISA BETH Q. LEEN as
to either the amount of or the reason for such invasion of
principal.
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3. Principal Distributions in Our Trustee's Discretion
Our TlUstee may also distribute to or for LISA BETH Q.
LEEN's benefit as much of the principal of her tmst share
as our Trustee, in its sole and absolute discretion, shall
consider necessary or advisable for her education, health,
maintenance, and SUPPOl1.
4. Distribution on the Death of LISA BETH Q. LEEN
If LISA BETH Q. LEEN should die before the complete
distribution of her trust share, her trust shall terminate and
Our Tmstee shall distribute the balance of rlle trust property
to her then living descendants, per stiIVes.
If LISA BETH Q. LEEN has no rllen living descendants,
our Trustee shall distribute the balance of the trust property
to our then living descendants, per stil1)es.
If we have no then living descendants, our TlUstee shall
distr"ibute the balance of the trust property as provided in
Article Thirteen of this agreement.
b. Distribution of Trust Share for ERIC TODD QUERRY
The tlUst share for ERIC TODD QUERRY shall be held in trust and
admmistered and distributed as follows:
1. Distributions of Net hlc'Hne
Our TlUstee shall pay to or apply for ERIC TODD
Q1JERRY's benefit, at least monthly during his life, all of
the net income from his [lUst share.
2. Distributions of Principal
Our T111stee shall pay to or apply for ERIC TODD
QUERRY's benefit such amounts from the principal of his
tmst share as he may at any time request in writing.
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No limItation shall be placed on ERIC TODD QUERRY as to
eIther the amount of or the reason for such IJ1vaSIOn of
princIpal
3. Principal Distributions in Our Trustee I s Discretion
Our Trustee may also distnbute to or for ERIC TODD
QUERRY's benefit as much of the princIpal of his trust share
as om Trustee, in its sole and absolute discretIon, shaH
consider necessary or advisable for IllS educatIOn, health,
maintenance, and suppOJ1
4. Distribution Oil the Death of ERIC I'ODD QUERRY
If ERIC TODD QUERRY should dIe before the complete
dlstnbution of hIS tlUst share, his share shall remain in trust for
the benefit of his then living descendants. Our Trustee may
distribute as much of the pnnclpal of hIS trust share as our
Trustee, ll1 Its sole and absolute discretIon, shall consider
necessary or adVIsable for their educatIon \Nhen the youngest
ofERJC TODD QUERRY's chJ!dren reaches age 30, the trust
shall terminate and Trustee shall distribute the balance of the
trust property to ERIC TODD QUERRY's surviving spouse
If ERIC TODD QUERRY has no then living descendants or
spouse, our Trustee shall distribute the balance of the trust
property to our then living descendants, per stirpes
If we have no then living descendants, our Trustee shall
di stribllte the balance of the trust property as provided in
i\rticJe Thirteen of this agreement
c. Distribution of Trust Share for Afterborn or Adopted Chil-
dren
Ifwe have allY additional children or legally adopt any children who are
under the age of 18 after the creation of our tmst, each such child's share
shall be administered and distributed under the trust proVIsIons of
Article FOUl1een
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Section 3. Share of a Descendant of a Deceased Child
Each share set aside for a deceased child who has then living descendants shall
be distri buted or administered as follows:
3. Outright Distribution
Each share set aside for a deceased child who has then living
descendants shall be distributed to such descendants, per stirpes.
b. Retention of a 1\1inor's or Disabled Descendant's Portion in
Trust
lf any p0l1iol1 of a share is distributable under tins Section to any
descendam of a deceased child who is under 21 years of age, or to
any such descendam who is disabled or incapacitated as defIned in
AJ1icle Eighteen of this agreement, then our Tmstee shall retain such
p011ion in tmst under the provisions of A11icle FOUl1een.
Section 4. Retention of Distributions in Trust
\Vhenever a distribution is authorized or required to be made by a provision
of this Article to any benefIciary, tIlen tIlat benefIciary may direct our Tmstee
in writing to retain such distribution in tmst as follows:
3. A Beneficiary's Right to Income
Our Trustee, during tIle lifetime of the benefIciary, shall pay to or
apply for the benefIt of tile benefIciary from time to time and at the
benefIciary's written direction all of the net income from tins tmst.
b. A Beneficiary's Right to Withdraw Principal
Our Tmstee shall pay to or apply for the benefIt of tile beneficiary
SlICh amounts from tile principal as the benefIciary may at any time
request in writing.
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No limitation shall be placed on the beneficiary as to either the
amOUnt of or reason for such invasion of principal.
c. Principal Distributions in Our Trustee's Discretion
Our Trustee may also distribute to or for the benefit of the beneficia-
ry as much of the principal of the trust as our Trustee, in its sole and
absolute discretion, shall consider necessary or advisable for the
educarion, health, maintenance, and support of the beneficiary.
d. A Beneficiary's General Power of Appointment
The beneficiary shall have the unlimited and unrestricted general
power to appoint, by a valid last will and testament or tJust agree-
ment, the entire principal and any accrued and undistributed net
income of the trust as it exists at the beneficiary's death. In
exercising this general power of apPointJnent, the beneficiary shall
specifically refer to this power.
111e beneficiary shall have the sole and exclusive right to exercise the
general power of appointrnem.
TIlls general power of appointment specifically grants to the
beneficiarytbe right to appoint property to the beneficiary's own
estate. It also specifically grants to the beneficiary the right to
appoint the property anlOng persons, corporations, or other entities
in equal or unequal Proportions, and on sncb tellliS and conditions,
Whether outright or in trust, as the beneficiary may elect.
AllY prol'e/ly [11 the lJust which is llot distributed pursuant [0 the
exercise of the general power of appointJnent shall be distributed to
the beneficiary's then living descendants, per stirpes.
If the beneficiary has no then living descendants, our Trustee shall
distribute the remaining trust property as provided in Article Thine en
of this agreement.
12-5
Article Thirteen
Ulthnate Distribution Pattern
It is ollr intention to make all distributions according to the previous aI1icles.
13-1
Article Fourteen
1\/letbods of Distribution and Trust
Adulinistration ,"rith Regard to
1\1inor and Disabled Beneficiaries
Section 1. General Guidelines for Distribution
Whenever a distribution is audlOrized Or required by a provision of this
agreement to any beneficiary who is disabled or incapacitated, such distribu-
rion may be made by our Tmstee:
Withom continuing coun supervISIOn or the intervention of a
guardian, conservator, or any other legal representative.
Witham giving or requiring any bond or surety on bond.
Pursuant to any of the methods authorized under this Article.
In making distributions under this Anicle, disability or incapacity shall include
adjudicated mental incapacity by a Coort of competent jmisdiction, OJ
incapacity because of age, illness, or injury.
Before making any distribntions to beneficiaries, other than a Trustmaker,
under tIlis AIticle, it is our desire that our Tmstee, to the extent that it is both
reasonable and possible:
Inquire into the ultimate disposition of the distributed funds.
Take into consideration the behavior of tmst beneficiaries with
regard to their disposition of prior distributions of tmst property.
Our Trustee shall obtain a receipt from the person, corporation, or other entity
receiving any distribution called for in this Article.
] 3-2
Section 2. l\1ethods of Payment
Our TI1lstee may make tile distributions called for in tillS Article in allY one
or more of the following ways:
Directly to a beneficiary.
To persons, corporations, or other entities for the use and benefit of
the beneficiary.
l' 0 an account in a commercial banlc or savings institution in tile
name of the beneficiary, or in a form reserving tile title, manage-
melll... and c:ustody of the acconnt to a suitable person, corporation,
or other entity for the use and benefit of the beneficiary.
In any prudent fOlm of annuity purchased for tile use and benefit of
the beneficiary.
To any person or duly licensed fmancial institution, including our
Trustee, as a custodian under the Unifol1n Transfers to Minors Act,
or any similar act, of any state, or in any manner allowed by any
state statute dealing with gifts or distributions to minors or other
individuals under a legal disability.
To any guardian or other person deemed by our Trustee to be
responsible, and who has assumed the responsibility of caling for the
beneficiary.
Section 3. Our Trustee's Discretion to Keep Property in Trust
If any trust property becomes distributable to a beneficiary when the
beneficiary is under 21 years of age, or when the beneficiary is under any
fonn of legal disability, as defmed in Article Eighteen, our Trustee may retain
that beneficiary's share in a separate tlUSt until he or she attains 21 years of
age, or until his or her legal disability has ceased, as follows:
a. Distributions of Trust Income and Principal
Our Trustee shall apply to or for the benefit of the beneficiary as
13-3
much of the net income and principal of the uust as our Tmstee, in
its sole and absolute discretion, deems necessary or advisable for the
beneficiary's education, health, maintenance, and SUppOlt.
hI making any distributions of income and principal under this
.AJticle, our Tmsree shall be mindful of, and take into consideration
[0 the extent it deems necessary, any additional sources of income
and principal available to the beneficiary which arise outside of tins
agreement.
Any net income not distributed to a beneficiary shall be accumulated
and added to principal.
b. Termination and Distribution
Our Tmstee shall distribute the tmst propelty to a beneficiary:
When he or she attains 21 years of age, or
When he or she ceases to be disabled.
c. A Beneficiary's General Power to Appoint Trust Property
If a beneficiary should die before the complete distribution of his
or her tmst, the tmst shall tell11inate and all of tile tmst property
shall be distributed to such persons, corporations, or other entities,
including the beneficiary's own estate, in the manner in which the
beneficiary shaH elect.
TIns general power of appointment must be exercised by the
beneficiary by either a valid living Dust or last will and testament,
either of wlllch specifically refers to tllls power of appointment.
To the extent this general power of appointment is not exercised, our
Tmstee shall disu'ibute the remailllng tmst property to the then living
descendants of the beneficiary, per stirpes.
If the beneficiary has no then living descendants, our Tmstee shall
distl"ibute the remaining U"ust propeny to our tilen living descendants,
per stirpes.
13-4
If we have no then living descendants, our Tmstee shall distlibute
the remaining tmst propeny as provided in Anicle Twneen of this
agreement.
13-5
Article Fifteen
The Resignation, Replacelnent, and
Succession of Our Trustees
Section 1. The Resignation of a Trustee
Any Trustee may resign by giving thirty days' written notice to each of us or
to our respective legal representatives. If either of us is not living, the notice
shall be delivered to tbe 1'rustee and to all of the beneficiaries then eligible to
recei ve mandatory or discretionary distributions of net income from any trust
created under tIus agreement.
If a beneficiary is a minor or is legally incapacitated, tile notice shall be
delivered to that beneficiary's guardian or other legal representative.
Section 2. The Renloval of a Trustee
Any Tmstee may be removed as follows:
a. Removal by Us
We reserve the right to remove any Trustee at any time, but only if
we both agree.
b. Removal by One of Us
After one of us dies or during any period that one of us is disabled
and the other Trusunaker is living and is not disabled, the surviving
nondisabled Trustmaker may remove any Trustee.
c. Removal by Other Beneficiaries
After the death or incapacity of both of us, a majority of the
beneficiaries then eligible to receIve mandatory or discretionary
15-1
distributions of net income under this agreement may remove any
Trustee.
d. Notice of Removal
Neither of us, nor any of our beneficiaries, need give any Trustee
being removed any reason, cause, or ground for such removal.
Notice of removal shall be effeClive when made in writing by either:
Personally delivering notice to the Trustee and securing a
written receipt, or
Mailing notice in the United States mail to the last known
address or ilie Tmstee by ceI1ified mail, return receipt
requested.
Section 3. Replacenlent of Trustees
Whenever a Trustee is removed, dies, resigns, becomes legally incapacitated,
or is otherwise unable or unwilling to serve, that Trustee shall be replaced as
follows:
a. The Death or Disability of a Trustee 'While We Are Serving
as Trustees
We may serve as the only Trustees or we may name any number of
Trustees to serve with us. If any of these other Trustees subsequent-
ly die, resign, become legally incapacitated, or are otherwise unable
or unwilling to serve as a Trustee, we may or may not fill the
vacancy, as we both agree.
h. Disability Trustees of KENNETH M. QUERRY
Upon the disability of KENNETH M. QUERRY, REBECCA J.
QUERRY shall serve as disability Trustee.
15-2
If the nondisabled TrusOllaker is then serving as a Trustee, she shall
continue to serve upon the disability of KENNETH M. QUERRY.
If the disability Trustee is unwilling or unable to serve, or cannot
continue to serve for any other reason, then the following shall be
named as replacement disability Trustees in the order in which their
nanles appear:
LISA BETH Q. LEEN and ERIC TODD QUERRY, or the
survivor of them.
c. Disahility Trustees of REBECCA J. QUERRY
Upon the disability of REBECCA .T. QUERRY, KENNETH M.
QUERRY shall serve as disability Trustee.
If the nondisabled Trustmaker is then serving as a Trustee, he shall
continue to serve upon the disability of REBECCA 1. QUERRY.
If tlle disability Trustee is unwilling or unable to serve, or cannot
Continue to serve for any other reason, then the following shall be
named as replacement disability Trustees in the order in which their
names appear:
LISA BETH Q. LEEN and ERlC TODD QUERRY, or the
survivor of them.
d. Death Trustees of KENNETH M. QUEM Y
On the death of KENNETH M. QUERRY, REBECCA J. QUERRY
acting as our death Tmstee shall replace all of our initial Trustees,
if they are then serving, or all of the disability Trustees, if they are
then serving.
If the surviving Trustmaker is then serving as a Trustee, she shall
continue to serve Upon the death of KENNETH M. QUERRY.
If the death Trustee is unwilling or unable to serve as a death
Trustee, or cannot continue to serve for any other reason, then the
following shall be named as successor death Trustees in the order in
15-3
which their names appear:
LISA BETH Q. LEEN and ERlC TODD QUERRY, or the
survivor of them,
e. Death Trustees of REBECCA J. QUERRY
On the death of REBECCA J. QU~ERRY, KENNETH M. QUERRY
acting as our death Trustee shall replace all of our initial Trustees,
if they are tilen serving, or all of tile disability Trustees, if they are
then serving.
If the surviving Trustmaker is then serving as a Trustee, he shall
continue to serve upon the death of REBECCA J. QUERRY.
If the death Trustee is unwilling or unable to serve as a Trustee, or
cannot continue to serve for any other reason, then the following
shall be named as successor death Trustees in the order in which
their names appear:
LISA BETH Q. LEEN and ERlC TODD QUERRY, or the
survivor of them.
f. Successor Trustees
A successor death Trustee shall be replaced upon death, resignation,
or legal disability and tile next successor death Trustee in the order
named above shall serve and carry out the tenns and pruvisions of
uur [fnst.
A Trustee may be listed more than once in this Section or an initial
Trustee may also be named as a disability Trustee or a Trustee who
will serve at death. Naming a Trustee more than once is done as a
convenience only and is not to be construed as a termination of that
Trustee's trusteeship.
15-4
g. Untilled Trusteeship
II] the event no named Trustees are available, a maJonty of the
beneficiaries then eligible to receive mandatory or discretionary
distributions of net income under this agreement shall fOlthwith name
a corporate fiduciary.
If a majority of the beneficiaries then eligible to receive mandatory
or discretionary distributions of net income under tins agreement
cannot agree on a corporate fiduciary, any beneficiary can petition
a cOUIt of competent jurisdiction, ex paIte, to designate a corporate
fiduciary as a Tmsree.
The C()llrt (hat designates the SUccessor Trustee shall not acquire any
juriSdiction over any trust created under tins agreement, except to the
extent necessary to name a corporate fiduciary as a Successor
Trustee.
Section 4. Corporate Fiduciaries
Any C0I1)orate fiduciary named in tllls bust agreement or appointed by a coun
of competem jurisdiction as a Trustee must be a bank or trust company
situated in the United States having trust powers under applicable federal or
state law.
Such fiduciary shall have a combined capital and surplus of at least lO million
dollars.
Section 5. Powers and Liabilities of Successor Trustee
Any successor Trustee, whether corporate or individual, shall have all of the
riglm, powers, and privileges, and be subject to all of the obligations and
duties, both discretionary and ministerial, as given to the original Trustees.
Any successor Trustee shall be subject to any restrictions imposed on the
Oliginal Trustees. No SUccessor Trustee shall be required to examine the
accounts, records, and acts of any previous Trustees.
No SUccessor Trustee shall in any way be responsible for any act or omission
10 act on the part of any previous Trustees.
15-5
Article Sixteen
General l\1atters and Instructions
"rith Regard to the Trusteeship
Section L Use of IrTrustee" Nomenclature
As used throughout tius agreement, the word "Trustee" shall refer to our
initial Trustee as well as any single, additional, or SUccessor Trustees" It shall
also refer to any individual, corporation, or utile! entity acting as a replace-
lIlem, substitute. or added Trustee.
Section 2. No Requirement to Furnish Bond
Our Tmstee shall not be required to funush any bond for the faithful
perfollnance of its duties.
If a bond is required by any law or cOUIt of competent jurisdiction, it is our
desire tilat no surety be required on such bond.
Section 3. Court Supervision Not Required
All trusts created under tills agreement shall be administered free from the
active supcnrisioll of any COUl1.
Any proceedings to seek judicial instructions or a judicial detennination shall
be initiated by our Tmstee in the appropriate state court having original
jurisdiction of those matters relating to tile construction and administration of
trusts .
Section 4. Our Trustees Responsibility to Make Information
Available to Beneficiaries
Our Trustee shall rep01t, at least semiannually, to the beneficiaries then
16- ]
eligible to receive mandatory or discretionary distributions of the ner income
from the various trusts created in tIllS agreement all of the receipts, disburse-
ments, and distlibutions occurring during the reporting period along with a
complete statement of the trust propeny.
The trust's books and records along with all trust documentation shall be
available and open at all reasonable times to the inspection of the trust
beneficiaries and their representatives.
Our Trusree shall not be required to furnish trust records or documentation to
any individual, corporation, or other entity that is not a beneficiary, does not
have the express written approval of a beneficiary, or is not requesting such
pursuant to a coun order.
Section 5. Delegation alllo11g Our Trustees
Any Trustee may delegate to any other Trustee the power to exercise any or
all pmvers granted our Trustee in tins agreement, including those \vhich are
discretionary, if allowed by law.
Our delegating Trustee may revoke any such delegation at will.
The delegation of any such power, as well as the revocation of any such
delegation, shall be evidenced by an instlUll1ent in writing executed by the
delegating Trustee.
As long as any such delegation is in effect, any of tile delegated powers may
be exercised by the Trustee receiving such delegation witil the same force and
effect as if the delegating TlUstee had personally joined in the exercise of such
pmver.
Section 6. Utilization of Substitute Trustee
If our Trustee is unwilling or unable to act as to any tlUst propeny, our
Trustee shall designate, in writing, an individual, bank trust depanment, or
trust company to act as a substitute Trustee with regard to such prope11y.
The propeny being administered by tile substitute Trustee, as well as the net
income therefrom, shall be distributed or renlitted as directed by the delegating
Trustee consisrent witi1 the tenns of this agreement.
] 6-2
Each substitute Tmstee shall exercise all of the fiduciary powers granted by
this agreement unless expressly limited by the delegating Tmstee in the
instrument appointing such substitute Trustee, or by any provision within tillS
Section.
.L\ny substitute Tmstee may resign at any time by deliveling written notice to
our Trustee [0 that effect.
Section 7. Trustee's Fee
Our Trustee shall be entitled to fair and reasonable compensation for the
s~fvices it renders as a fiduciary. The amOUllt of compensation shall be an
amount equal to tile customary and prevailing charges for services of a similar
nature during the same period of time and in tile same geograpruc locale.
Our Trustee shall be reimbursed for tile reasonable costs and expenses incurred
in connection with its fiduciary duties under tillS agreement.
Section 8. A I\1ajority of Trustees Required to Control
\Vhen more than two Tmstees are acting, tile concurrence and joinder of a
majority of Tmstees shall Control in all matters peI1aining to the administration
of any trust created under tIlls agreement.
If only two Tmstees are acting, the concurrence and joinder of both shall be
required.
When more tIIM two Tmstees 3re acting, any dissenting or abstaining Trustee
may be absolved from personal liability by registering a written dissent or
abstention with the records of the tmst; the dissenting Tmstee shall thereafter
act with the other Trustees in any manner necessary or appropriate to
effecmare the decision of the majority.
Section 9. Successor Corporate .Fiduciaries
If any bank or tmst company sUcceeds to the tmst business of any corporate
fiduciary serving as a Trustee under tills agreement, whether because of a
llame change or any other fonTI of reorganization, or if such corporate
16-3
fiduciarv ever transfers all of its existing business to any other bank or trus.t
company, the Successor shall thereupon, withom any action being required,
succeed to the trusteeship as if originally named.
Section 10.
Early Termination of Trusts Based on
Cost
If our Trustee, other than the surviving Trustmaker acting as a Trustee, shalJ
detennine, in its sole and absolute discretion, that any trust created under this
agreement has become uneconomical to administer due to the high cost of
administration relative to the value of the trust propel1y, our Trustee may
ienninate such trust or tmsts and distributr the Hust property. including ,my
accrued but undistributed net income, in the following order:
To either one of us if \-ve are then living.
To the then mandatory income beneficiaries of the trust, per stirpes.
To the beneficiaries then entitled to receive discretionary payments
of income of the trust, per stirpes.
Section 11.
Generation-Skipping Tax Provisions
In order to minimize the impact of any generation-skipping tax that may be
applied to any of the trusts created by this agreement or their beneficiaries, our
Trustee, in its sole and absolute discretion, is authorized to take the following
actJons:
a. Diyision into Exempt and Nonexempt Trusts
If any trust created under this agreement would be partially exempt
from generation-skipping tax by reason of an allocation of a
generation-skipping tax exemption to it, prior to such allocation our
Trustee shall divide the total trust assets into two separate trust
shares of equal or unequal value, to pennit allocation of the
exemption solely to one trust share (the "exempt trust"). The exempt
tmst shall consist of a fractional interest of the total trust assets in an
amount necessary to cause the exempt trust to be entirely exempt
16-4
from generation-skipping tax. The other trust share (the "nonexempt
nust") shall consist of the remaining fractional interest of the total
truSt assers. For purposes of this allocation. assets values as fInally
detemuned for federal estate tax purposes shall be used.
b. Additions to a Separate Trust
If a trust under tills agreement, whether created under tins Section or
not. is emirely exempt or nonexempt from generation-skipping tax
and adding propeI1y to it would paI1ially subject the trust to
generation-skipping tax. our Tmstee may hold tIlat propel1y in a
separate truSt in lieu of malting the addition.
c. Terms of the Trusts
If our Trustee divides a trust into two separate trust shares or creates
a separate trust for additions, the trusts or trust shares that result
shall have the same terms and conditions as the original trust. OUf
Trustee shaH not make discretionary distributions from the income
or principal of the exempt trust to beneficiaries who are nonskip
persons as long as any readily marketable assets remain in the
nonexempt tIust.
d. Allocation from an Exempt Trust First
Upon division or distribution of an exempt tLUSt and a nonexempt
trust, our Trustee may allocate propeny from the exempt tlUst first
w a share from which a generation-skipping transfer is more likely
to occur.
e. Taxable Distributions
If our Trustee considers that any distribution from a trust under this
agreement, other than pursuant to a power to withdraw or appoint,
is a taxable distribution subject to a generation-skipping tax payable
by the beneficiary, our Trustee shall augment the distribution by an
amount which our Trustee estimates to be sufficient to pay the tax
and shaH charge the same against the trust to which the tax relates.
16-5
f. Taxable Terminations
If our Trustee considers that any tennination of an interest in trust
property is a taxable termination subject to a generation-skipping tax,
our Trustee shall pay the tax from the portion of the trust propeny
to which the tax relates, without adjustment of the relative interests
of the beneficiaries.
16-6
.A...rticIe Seventeen
Our Trustee's Adnlillistrative and
Investnlent Powers
Section 1. Introduction to Trustees Powers
Except as otherwise provided in this agreement, our Trustee shall have both
the administrative and investment powers enumerated under this Article and
any olher powers granted by faw with respect tn the various trusts created by
tillS agreement. Our Trustee shall consult witil Samual Lindenberg of Team
Financial prior to making any fmancial decisions as they may relate to
investments.
Section 2. Powers to Be Exercised in the Best Interests of the
Beneficiaries
Our Trustee shall exercise the following administrative and investment powers
without the order of any court, as our Trustee determines in its sole and
absolute discretion [0 be in tile best interests of the beneficiaries.
Notwithsranding anything to the contrary in this agreement, our Trustee shall
not exercise any power in a malmer inconsistent with the beneficiaries' right
to tile beneficial enjoyment of the trust property in accordance with the general
principles of the law of trusts.
Section 3. Administrative and Investment Powers
Our Trustee is hereby grallted the following administrative and investment
powers:
a. Agricultural Powers
Our Trustee may retain, sell, acqUIre, and continue any farm or
17-1
ranching operation whether as a sole proprietorship, partnership, or
corporation.
It may engage in the production, harvest.ing, and marketing of bot.h
farm and ranch product.s either by operating directly or wit.b
management. agencies, hired labor, tenants, or sharecroppers.
It. may engage and participate in any government fann program,
\vhether state or federally sponsored.
It lllay purchase or rent machinery, equipment, livestock, poult.ry,
feed, and seed.
It lllay improve and repair all farm and ranch properties; constmct
buildings, fences, and drainage facilities; acquire, retain, inlprove.
and dispose of wells, water rights, ditch rights, and priorities of any
nature.
Our Tmstee may, in general, do all things customary or desirable to
operate a fann or ranch operation for the benefit of the beneficiaries
of the various tmsts created under this agreement.
b. Business Powers
Our Trustee may retain and continue any business in which one or
botb of us have or had an interest as a shareholder, partner, sole
proprietor, or as a panicipant in a joint venture, even though that
interest may constitute all or a substantial Portion of the t.mst
property.
It may directly participate ill tbe conduct of any such business or
employ ot.bers to do so on behalf of the beneficiaries.
It may execute partnership agreements, buy-sell agreements, and any
amendments to them.
It may panicipate in the incorporation of any trust property; any
corporate reorganization, merger, consolidation, recapitalization,
liquidation, dissolution; or any stock redemption or cross purchase
buy-sell agreement.
17-2
It may hold the stock of any corporation as Dust propeny, and may
elect or employ directors, officers, employees, and agents and
compensate them for their services.
It may sell or liquidate any business interest that is pan of the tmst
property' .
h may carry out the provisions of any agreement entered into by one
or both of us for the sale of any business interest or the stock
thereof.
Our Tmstee may exercise all of the business powers granted in this
agreemem regardless of whether our Tmstee is personally interested
or an invoJ ved pal ty with respect 10 any business enterprise fonning
a pari of the DUSt property.
C. Environmental Powers
Our Tmstee shall have the power to inspect any trust propelty to
detemline compliance with any enviTol11nental law affecting such
propeny or to respond to any environmental law affecting property
held by our Trustee. "Environmental Law" shall mean any federal,
state, or local law. rule, regulation, or ordinance relating to protec-
tion of the enVirOl1l11ent or of human health.
Our T11lstee shall have the power to refuse to accept propeny if our
Trustee detennines that there is a substantial risk that such propelty
is cont3ll1inated by any hazardous substance or has previously, or is
currently, being used for any activities directly or indirectly
involving hazardous substances which could result in liability to tlle
tmst assets. "Hazardous substance" shall mean any sUbstance
defined as hazardous or toxic by any federal, state, or local law,
rule, regulation, or ordinance.
Our T11lstee shall have the power to take any necessary action to
prevent, abate, clean up or otherwise respond to any actual or
threatened violation of any envirol11nentallaw affecting trust property
prior to or after the initiation or enforcement of any action by any
governmental body.
Our Trustee may disclaim or release any power granted to it or
implied by any document, statute, or rule of law which the T11lstee
cletel111il1es may cause the Tmstee to incur liability under any
17-3
environmental law.
Our Tmstee may charge the Cast of any inspection, review, preven-
tion, abatement, response, cleanup. or remedial action authorized
under tItis power against the trust property.
Our Trustee shalJ not be liable to any beneficiary or to any other
pany for any decrease in value of the tmst propeny by reason of our
Trustee's compliance with any environmental law, specifically
including any reponing requirement under such law.
d.. Common Fund Powers
For the purpose of convenience with regard to the admiltistration and
investment of the trust propeI1y, our Trustee may hold the several
trusts created under tltis agreement as a common fund.
Our Trustee may make joint invesanents with respect to the funds
comprising the trust propeny.
Our Tmstee may enter into any transaction authorized by tltis Article
with fiduciaries of other trusts or estates ill which any beneficiary
hereunder has an interest, even though such fiduciaries are also
T ll1stees under tltis agreement.
e. Compensation Powers
Our Trustee shall pay from income or principal all of the reasonable
expenses atuibutable to the administration of the respective tmsts
created in tItis agreement.
Our Tmstee shall pay itself reasonable compensation for its services
as fiduciary as provided in tltis agreement, and shall reasonably
compensate those persons employed by our Trustee, including
agents, auditors, accountants, and attorneys.
f. Distribution Powers
Our Trustee is specifically authorized to malce divisions and
distributions of the tmst property either in cash or in kind, or paltly
in cash and partly in kind, or in any proportion it deems advisable.
17-4
Article Seventeen
Our Trustee's Adnlinistrative and
Investment POtvers
Section 1. Introduction to Trustee I s Powers
Except as otherwise provided in this agreement, our Trustee shall have both the
administrative and investment powers enumerated under thIs Article and any other
powers granted by law with respect to the varIOUS trusts created by this agreement.
Our TrusIee shall consult with Samual Lindenberg of Team Financial prior to
making any financial decisions as they may relate to investments.
Section 2. Powers to Be Exercised m the Best Interests of the
Beneficiaries
Our Trustee shall exercise the following administrative and investment powers
without the order of any court, as our Trustee determines in its sole and absolute
discretion to be in the best interests of the beneficiaries.
Notvvithstanding anything to the contrary in this agreement, our Trustee shall not
exercise any power in a manner inconsistent \vith the beneficiaries' right to the
beneficial enjoyment of the trust property in accordance with the general principles
of the law of trusts.
Section 3. Administrative and Investment Powers
Our Trustee is hereby granted the following administrative and investment pOwers:
2i. Agricultural Powers
Our Trustee may retain, sell, acquire, and continue any farm or ranching
operation whether as a sole proprietorship, paIinership, or corporation.
17-1
It may engage 1I1 the production, harvesting, and marketmg of both farm
and ranch products eIther by operatl/1g dIrectly or \vith management
agencies, hired labor, tenants, or sharecroppers
It may engage and participate in any government farm program, whether
state or federally sponsored
It may purchase or rent machinery, equipment, livestock, poultry, feed,
and seed
It may improve and repair all farm and ranch properties; construct
buildings, fences, and drainage facilities; acquire, retain, improve, and
dispose of wells, \vater rights, ditch rIghts, and priorities of any nature.
Our Trustee may, in general, do all thl/1gs customary or desIrable to
operate a farm or ranch operation for the benefit of the beneficiaries of
the various trusts created under thiS agreement
b. Business Powers
Our Trustee may retain and continue any bus1l1ess in which one or both
of us have or had an interest as a shareholder, partner, sole proprietor,
or as a participant in a joint venture, even though that interest may
constitute all or a substantial portion of the trust property
It may directly paJ1icipate in the conduct of any such business or employ
others to do so on behalf of the beneficiaries
It may execute partnership agreements, buy-sell agreements, and any
amendments to them.
It may pmiicipate in the incorporation of any trust property; any
corporate reorganization, merger, consolidation, recapitalization,
liquidation, dissolution; or any stock redemption or cross purchase buy-
se!l agreement.
It may hold the stock of any corporation as trust property, and may elect
or employ directors, officers, employees, and agents and compensate
them for their services.
It may sell or liquidate any business interest that is part of the trust
property
17-2
It may calT)' out the provisions of any agreement entered into by one or
botl~ of us for the sale of any business interest or the stock thereof
Our Trustee may exercise all of the business powers granted in thIs
agreement regardless of whether our Trustee is personally interested or
an involved party with respect to any business enterprise forming a pan:
of the trust property
c. Environmental Powers
Our Trustee shall have the power to inspect any trust property to
determine compliance with any environmemal law affecting such
property or to respond to e111:\ environmental lmlv affecting property held
by our Trustee. "Environmental Law" shall mean any federal, state, or
local law, rule, regulation, or ordinance relating to protection of the
environment or of human health.
Our Trustee shall have the power to refuse to accept property if our
Trustee determines that there is a substantial risk that such property is
con tam mated by any hazardous substance or has previously, or is
currently, being used for any activIties directly or indirectly involving
hazardous substances which could result in liability to the trust assets.
"Hazardous substance" shall mean any substance defined as hazardous
or toxic by any federal, state, or local la\\:, rule, regulation, or ordinance.
Our Trustee shall have the power to take any necessary action to
prevent, abate, clean up or otherwise respond to any actual or threatened
violation of any environmental law affecting trust property prior to or
after the initiation or enforcement of any action by any governmental
body
Our Trustee may disclaim or release any power granted to it or implied
by any document, statute, or rule of law which the Trustee determines
mal' cause the Trustee to incur liability under any environmental law.
Our Trustee may charge the cost of any inspection, review, prevention,
abatement, response, cleanup, or remedial action authorized under this
power against the trust propeliy
Our Trustee shall not be liable to any beneficiary or to any other party
for any decree.se in value of the trust property by reason of our Trustee's
compliance with any envJronmental law, speclfically including any
reporting requirement under such law.
] 7~3
d. Common Fund PO\vers
For the purpose of convenience wIth regard to the administration and
investment of the tmst property, our Trustee may hold the several tmsts
created under this agreement as a common fund.
Our Tmstee may make joint imlestments with respect to the funds
comprising the trust property.
Our Trustee may enter into any transaction authorized by this Aliicle
\.vith fiduciaries of other trusts or estates in which any beneficiarv
hereunder has an 1l1teresc even though such fiduciaries are also Trustees
under this agreement
e. Compensation Powers
Our Trustee shall pay from income or principal all of the reasonable
expenses attributable to the administration of the respective trusts
created in this agreement
Our Trustee shall pay itself reasonable compensation for its services as
fiduciary as provided in this agreement, and shall reasonably compensate
those persons employed by our Trustee, includll1g agents, auditors,
accountants, and attorneys
f. Distribution Powers
Our Trustee is specifically authorized to make divisions and distribu-
tions of the trust property either in cash or 111 kind, or paIily in cash and
partly in kind, or in any proportIon it deems advisable.
It shall be under no obligation or responsibility to make pro rata
divisions and distributions in kinq.
Our Trustee may allocate specific property to any beneficiary or share
although the property may differ in kind from the property allocated to
any other beneficiary or share
The foregoing powers may be exercised regardless of the Il1come tax
basis of any of the property.
17-4
It shall be under no obligation or responsibility to malee pro rata
divisions and distributions in kind.
Our TlUstee may allocate specific propeny to any beneficiary or
share although the propelty may differ in kind from the propelty
allocated to any other beneficiary or share.
The foregoing powers may be exercised regardless of the income tax
basis of allY of the propeny.
g. Funeral and Burial Expenses
Our Trustee may in its sole discretion pay the funeral and burial
expenses, expenses of the last illness, and valid claims and expenses
of an income beneficiary of any tmst created under this agreement.
Funeral and burial expenses shall include, but not be limited to, the
cost of memorials of all types and memorial services of such kind as
our Trustee shall approve. Valid claims and expenses shall include,
bm not be limited to, all state and federal death taxes.
The payments shall be paid from tile assets of the trust or trusts from
which the beneficiary was receiving income.
h. Income and Principal Powers
Our Tmstee may detelmine in a fair, equitable, and practical manner
how all Trustee's fees, disbursements, receipts, and wasting assets
shall be credited, charged, or apponioned between principal and
mcome.
Our Trustee may set aside from trust income reasonable reserves for
taxes, assessments, insurance premiums, repairs, depreciation,
obsolescence, depletion, and for the equalization of payments to or
for the beneficiaries; it may select any and all accounting periods
with regard to the tlUst propeny.
I. Investment Powers in General
Our Trustee may invest and reinvest in such classes of stocks, bonds,
17-5
seCUrItIes, commodities, options, metals, or other property, real or
personal, as it shall detemline.
It may invest in investment trusts as well as in COlllinon trust funds.
It Illay purchase life, annuity, accident, sickness, and medical
insurance on the behalf of and for the benefit of any trust beneficia-
ry-
J. Life Insurance Powers
OUf Tmstee shall have the powers with regard to life insurance as set
f01tLio ibis Paragrapb ,;, except as otherVi!ise provided 111 tiils
agreement.
Our Trustee may purchase, accept, hold, and deal with as OWner
policies of insurance on our individual or joint lives, the life of any
trust beneficiary, or on the life of any person in whom any trUst
beneficiary has an insurable interest.
Our Trustee shall have the power to execute or cancel any automatic
premium loan agreement with respect to any policy, and shall have
the power to elect or cancel any automatic premium loan provision
in a life insurance policy.
OUf Trustee may borrow money with which to pay premiums due on
any policy either from the company issuing the policy or from any
other source and may assign any such policy as security for the loan.
Our Tmstee shall have the power to exercise any OptiOll COlltained in
a policy with regard to any dividend or share of surplus apponioned
to the policy, to reduce the amount of a policy or convert or
exchange the policy, or to surrender a policy at any time for its cash
value.
Our Trustee Illay elect any paid-up insurance or any extended-tenn
insurance nonforfeiture option contained in a policy.
Our Trustee shall have the power to sell policies at their fair market
value to the insured or to anyone having an insurable interest in the
policies.
17-6
Our Trustee shall have the right to exercise any other right, option,
or benefit contained in a policy or pennitted by the insurance
company issuing that policy.
Upon telmination of any trust created under tins agreement, our
Trustee shall have the power to transfer and assign the policies held
by the [rust as a distribution of trust propeny.
Ie Loan, BorrOWing, and Encumbrance Powers
Our Trustee may loan money to any person, including a beneficiary,
witI1 or without interest, on any term or on demand, with or without
collateraL as it deems in the bt::-;r iJitertSLs of the trust beneficiaries.
It may borrow money upon such terms and conditions as it shall
deem advisable, including, in the case of a COlporate fiduciary, the
power to borrow from its OWn banking or commercial department.
It shall have the power to obligate the trust property for tile repay-
ment of any sums borrowed where the best interests of the beneficia-
ries have been taken into consideration.
Our Trustee shall have the pOwer to encumber the trust property, in
whole or in pan, by a mOl1gage or mortgages, deeds of trust, or by
pledge, hypothecation or otherwise, even though such encumbrance
may continue to be effective after the tenn of any trust or trusts
created in this agreement.
1. l\1argin, Brokerage, and Bank Account Powers
Our Tmstee is authorized to buy, sell, and trade in securities of any
nature, including shan sales and 011 margin. Our Trustee may main-
tain and operate margin accounts with brokers. and may pledge any
securities held or purchased by Our Trustee with such brokers as
secmities for loans and advances made to our Trustee. OUf Trustee
is authorized to establish and maintain bank accounts of all types in
one or more banlcillg institutions that our Trustee may choose.
17-7
ill. :Mortgage Powers
Our Tmstee shall have the power to enter into any mongage whether
as a mOltgagee or mOltgagor, to purchase mOltgages on the open
market, and to otherwise buy, sell, or trade in first or subordinate
mortgages.
It may reduce the interest rate Oll any mongage and consent to the
modificatioll or release of any guaramy of any mongage.
Our Tmstee may continue mortgages upon and after maturity with
or without renewal or extension, and may foreclose any mortgage.
It may purchase the illOItgaged propelty or acquire it by deed from
[he illOltgagor without foreclosure.
ll. Nominee Powers
Our Trustee may hold any tmst propelty in the name of our Trustee.
or in the name of a nominee, and may enter into agreements to
facilitate holding such propeny. It may accomplish such with or
witllOut disclosing its fiduciary capacity.
o. Nonproductive Property
Our Trustee may hold propelty which is non-income producing or is
otherwise nonproductive if the holding of such property is, in the
sole and absolute discretion of our Trustee, in the best interests of
the beneficiaries.
p. Oil, Gas, Coal, and Other Mineral Powers
Our Trustee may do all things necessary to maintain in full force and
effect any oil, gas, coal, or other mineral interests comprising part
or all of the trust propeny.
It may purchase additional oil, gas, coal, and other mineral interests
when necessary or desirable to effect a reasonable plan of operation
or development with regard to the trust propeny.
It may buy or sell undivided interests in oil, gas, coal, and other
mineral interests, and may exchange any of such interests for
17-8
interests in other propenies or for services.
It may execute oiL gas, coal, 311d other mineral leases on such terms
as our Trustee may deem proper, 311d may enter into pooling,
unitization, repressurization, and other types of agreements relating
to the development, operation, 311d conservation of mineral proper-
ties.
Any lease or other agreement may have a duration that our Trustee
deems reasonable, even though extending beyond the duration of any
trust created in this agreement.
It may execute division orders, transfer orders, releases, assign-
ments, fan110UiS, awl any other instruments which it deems proper.
It lllay drill, test, explore, mine, develop, and otherwise exploit any
311d all oil, gas, coal, 311d other mineral interests, and may select,
employ, utilize, or panicipate in any business fonn, including
partnerships, joint ventures, co-owners' groups, syndicates, and
corporations, for the purpose of acquiring, holding, exploiting,
developing, operating, or disposing of oil, gas, coal, and other
mineral imerests.
It may employ the services of consultants or outside specialists in
connection with the evaluation, management, acquisition, disposition,
or development of 31lY mineral interest, and may pay the cost of such
services from the principal or income of the trust property.
Our Trustee may use the general assets of the trusts created under
this agreement for the purposes of acquiring, holding, managing,
developing, pooling, unitizing, repressmIDg, or disposing of any
mineral interest.
q. Powers of Attorney
Our Trustee may execute, deliver, 311d grant to any individual or
corporation a revocable or ilTevocable power of attorney to tr3llSact
31lY and all business on behalf of the various trusts created in this
agreement.
The power of attorney may grant to the attorney-in-fact all of the
rights, powers, and discretion that our Trustee could have exercised.
] 7-9
r. Powers to Merge Similar Trusts
Our Trustee may merge and consolidate any trust created in tillS
agreement WitiI any other trust created by both or eitiIer of us, or any
other person at any other time, if the otiler tIust conk1.ins substantial--
Iy the same tenllS for tile same beneficiaries, and has at least one
Trustee ill common with the trust or trusts created in this agreement.
Our Trustee may administer such merged and consolidated trusts as
a single Lrust or unit. If, however, such a merger or consolidation
does not appear feasible, as detemlined in the sole and absolute
discretion of our Trustee, the Trustee may consolidate the assets of
such ousts for purposes of investment and trust administration while
retallUl1g separate records and aCCOUflts for the respective tmsts.
s. Powers of an Interested Trustee
iUl interested Tmstee is any Trustee who has an lllterest as a
beneficiary in this trust agreement or any tmst created by it. In all
illstances where an interested Trustee distributes, or participates in
the distribution, of trust income or principal to or for the benefit of
such Tmstee, then the distribution shall be limited by the ascertain-
able standards of education, health, maintenance, and support.
Notwifustanding any tiling in this agreement to the contrary, in
maklllg such distributions, the interested Trustee shall not use
discretion in applying those ascertainable standards.
No individual Tmstee shall exercise or participate in the exercise of
such discretionary power with respect to distributions to any person
or persons such Tmstee is legally obligated to support, as to that
support obligation.
t. Powers of an Insured Trustee
Any individual Trustee under this agreement, other than either of us,
is prohibited from exercising any power confened on the owner of
any policy which insures the life of such llldividual Trustee and
which is held as part of the trust property.
If our Tmstee holds any such policy or policies as a part of the trust
propel1y, the powers conferred on the owner of such a policy shall
be exercised only by the other then acting Tmstee.
17-lO
If the insured Tmstee is the only then acting Tmstee, then such
powers shall be exercised by a substitute Tmstee designated pursuant
to the provisions of this agreement dealing with the trusteeship.
If any rule of law or COUIt decision constmes the ability of the
insured Trustee to name a substitute Trustee as an incident of
ownership, tile substitution process shall be implemented by a
majority of the then current mandatory and discretionary income
beneficiaries, excluding the insured Trustee if tile insured Tmstee is
a beneficiary.
u. Real Estate Powers
UurTrustee may purchase, sell, transfer, exchange or otherwise
acquire or dispose of any real estate.
Our Trustee may make leases and grant options to lease for any
[enn, even though the ten]} may extend beyond the termination of
any trust created under this agreement.
It may grant or release easements and other interests with respect to
real estate, enter into palty wall agreements, execute estoppel
cenificates.. and develop and subdivide any real estate.
It may dedicare parks, streets, and alleys or vacate any street or
alley, and may construct, repair, alter, remodel, demolish, or
abandon improvements.
It may elect to insure, as it deems advisable, all actions contemplated
by this subsection.
Our Trustee may take any other action reasonably necessary for the
preservation of real estate and fixtures comprising a pan of the tlUSt
property or the income therefrom.
v. S Corporation Stock
If any stock of an S corporation becomes distributable to a trust
created under this agreement, and such trust is not a qualified
Subchapter S tmst, our Trustee may implement any of the following
alternatives with respect to the S corporation stock:
17-11
1. A Sole Beneficiary
Where the original trust is for a sole beneficiary, our
Trustee may create for that beneficiary a separate trust that
qualifies as a Subchapter S trust, and then distribute such
stock to the newly created tmst.
2. .Multiple Beneficiaries
Where the original trust is for multiple beneficiaries, our
Tmstee may divide the trust into separate trusts for each of
the beneficiaries. Each newly created trust shaH hold that
beneficiary's pro rata share of ihe S corporation stock, and
shall quaiif)i as a Subchapter S trust.
3. Outright Distribution
If circumstances prevent our Trustee from accomplishing
the first two alternatives under this paragraph, our Trustee
may, ill its sole and absolute discretion, distribute such
stock to the beneficiaries as if the trust had terminated,
while continuing to hold any other non-S corporation
propeny in tmst.
Each newly created S corporation trust shall have mandatory
distributions of income and shalll10t provide for powers of appoint-
mellt that can be exercised by the beneficiary during the beneficiary's
lifetime. In all other respects, the newly created trusts shall be as
consistent as possible with the original busts and stiU qualify as
Subchapter S trusts.
Our Trustee may take any action necessary with regard to S
corporations, including making any elections required to qualify
stock as S corporation stock, and may sign all required tax returns
and forms.
w. Sale, Lease, and Other Dispositive Powers
Our Trustee may sell, lease, transfer, exchange, grant options with
respect to, or otherwise dispose of the trust propeny.
17-12
It may deal with the trust propcny at such time or times, for such
purposes, for such considerations and upon such terIllS, credits, and
conditions, and for such periods of time, whether ending before or
after the tenn of any trust created under tlllS agreement, as it deems
advisable.
Our Trustee may make such Contracts, deeds, leases, and any other
instruments it deems proper under the uml1ediate circumstances, and
may deal with the trust property in all other ways in which a natural
person could deal with IllS or her propeny.
x. Securities Powers
In addition to those otiler securities powers granted tlIroughout this
Anicle, our Trustee may retain, exercise, or sell rights of conversion
or subscription with respect to any securities held as pall of the trust
propelty.
Our Trustee may vote or refrain from votUlg at corporate meetings
either in person or by proxy, whether general or limited, and with or
without substimtions.
y. Settlement Powers
Our Trustee may compromise, adjust, arbitrate, alter tlle tenns of,
ar abandon any claim in favor of or against any trust created under
this agreement, and may take deeds in lieu of foreclosure.
z. Trust Addition and Retention Powers
Our Trustee is authorized to receive additional trust propeny,
whetller by gift, will, or otherwise, either from us, from either of us,
or from any other person, cOrporation, or entity.
Upon receipt of any additional propeny, our Trustee shall administer
and distribute the same as part of the trust propeny.
Our Trustee may retain, without liability for depreciation or loss
resulting from such retention, all propeny constituting the trust estate
at the time of its creation or thereafter received from other sources.
17-13
The foregoing shall be acceptable even though such propeny may not
be of 111e character prescribed by law for the investment of tlUSt
funds or may result in inadequate diversification of the tlUst
propeny.
aa. Trustees' or Fiduciaries' Powers Acts
In addition to all of the powers specifically gramed our TlUstee in
this Anic1e, our Trustee may exercise those powers set f0I1h under
the Trustees' or Fiduciaries' Powers Acts, or their equivalent, of the
State of Pennsylvania, rogether with any amendment to such laws.
Our Tmstce may jJe1fonn every act reasonably necessary to
admmister each and every share or tlUSt created under tillS agree-
ment.
AU 1)[ the powers granted to our Tmstee in tIlls Article shall be in
addition to those powers conferred upon Trustees under all applicable
state and federal statutes
Each power conferred upon our Tmstee under tIlls Anicle, or upon
Trustees in generaL by applicable state or federal statutes, shall be
subject to any express limitations or contrary directions contained in
this agreement.
17-14
Article Eighteen
Definitions and General Provisions
Section 1. Definitions
For purposes of this agreemem, rhe following words and phrases shall be
defined as follows:
a. Adopted and Aftcrhorn Persuus
Persons who are legally adopted while they are under 18 years of age
shall be rreared for all PUl1Joses under this agreement as though they
were tlle naturally born children of their adopring parents.
A child in gestation who is later born alive shall be considered a
child in being thToughout the peliod of gestation.
b. Descendants
A person's descendants shall include all of his or her lineal descen-
dams thTOUgh all generations.
A descendant in gestation who is later born alive shall be considered
a descendant in being throughout the period of gestation.
An adopted person, and all persons who are the descendants by blood
or by legal adoption while under the age of 18 years of such adopted
person, shall be considered descendants of the adopting parents as
well as the adopting parents' ancestors.
c. Per Stirpes Distributions
Whenever a distribution is to be made to a person's descendants, per
stirpes:
18-1
The distributable assets are to be divided into as many
shares as there are then living children of such person and
deceased children of such person who left then living
descendams.
Each then living child shall receive one share and the share
of each deceased child shall be divided among such child's
then living descendants in the same manner.
d. Education
As used in tins trust. "education" shall include:
Any course of study or instruction at an accredited college
or university granting undergraduate or graduate degrees.
Any course of study or illStruction at allY institution for
specialized, vocational, or professional training.
Any curriculum offered by any institution that is recognized
for purposes of receiving flllancial assistaIlce from any state
or federal agency or program.
Any course of study or ulstmction wInch may be useful in
preparing a beneficiary for any vocation consistent with the
beneficiary's abilities and interests.
Distributions for education may include tuition, fees, books, supplies,
liVUlg expellSes, travel, alld spending money to the extent that they
are reasonable.
e. Personal Representative
For the purposes of tllls agreement, the telID "personal represen-
tative" shallUlclude an executor, administrator, guardiall, custodian,
conservator, Trustee, or any other form of personal representative.
18-2
.
f. Disability
Except as otllerwise provided in this agreement, any individual may
be treated as disabled. incompetent, or legally incapacitated if:
The individual has been declared or adjudicated as such by
a coun of competent jurisdiction, or
A guardian, conservator. or mher personal representative
of such individual's person or estate has been appointed by
a Court of competent jurisdiction, or
The individnal has been celtified as snch in writing by at
least two licensed physicians, 01'
The individual has disappeared or is absent for unexplained
reasons, or tlle individual is being detained under duress
where the individual is unable to effectively manage his or
her property or financial affairs.
Section 2. Dissolution of Our 1\1arriage
If our marriage is dissolved at any time, each spouse shall be deemed to have
predeceased the other for purposes of distributions under this agreement. It
is our intent that our respective propeny held in our tlUst shall not be used for
the benefit of the other spouse upon the dissolution of our marriage.
Section 3. The Rule Against Perpetuities
lJnless SOoner terminated by the express provisions of tills agreement, each
tmst created in tIris agreement shall tenuinate twenty-one years after the death
of the last survivor of tlle group composed of the both of us and those of our
descendants living at the time the first one of us dies. At that time, the
property held in tlUst shall be discharged of any further tlUSt, and shall
inllnediately vest in and be distributed to those persollS entitled to receive or
have the benefit of the income from the respective tlUSt.
For pllI1Joses of distributions under this Section only, it shall be presumed that
any person tllen entitled to receive any discretionary payments of tlle income
18-3
..
of a separate trust is entitled to receive all of the income, and it shall be
presumed that any class of persons entitled to receive discretionary payments
of income is entitled to receive all of such income.
Section 4. Protective Clause
To the fullest extent permitted by law, the interests of all of the beneficiaries
in rhe various trusts and trust propeny subject to tillS agreement, except for
our interests in tlle valious trusts or trust propeny subject to this agreement,
shall not be alienated, pledged, anticipated, assigned, or encumbered unless
specificalIv authorized by the tenus of this agreement.
. - ~
Sucl1 ll1terests shall not be subject to legal process or to tile claims of any
creditors, otIler than our creditors to tlle extent of each of our respective
imerests in tile trusts or trust propeI1y, while such interests remain trust
propeny.
Section 5. 1\1aintaining Property in Trust
If, on the tennination of any separate trust created under tIns agreement, a
final distribution is to be made to a beneficiary for whom our Trustee holds
a tmst created under this agreement, such distribution shall be added to such
tmst ratIler than being distributed.
Dlt propeny that is added to the trust shall be treated for purposes of
administration as though it had been an original paI1 of tile trust.
Section 6. Survivorship Presumptions
If the order of our deaths cannot be established by proof, the wife Trustmaker
shall be deemed to have survived the husband Tmstmaker.
Section 7. Contest Clause
If any person, including a beneficiary, other than one of us, shall 111 any
18-4
.
manner, directly or indirectly, attempt to contest or oppose the validity of this
agreement, including any amendments thereto, or commences or prosecutes
any legal proceedings to set tllis agreemem aside, then in such event such
person shall forfeit his or her share, cease to have any right or interest in tbe
tmst proper1y, and shan be deemed to have predeceased both of us.
Should any persall disclaim his or her interest, in whole or in par1, in any trust
created for his or her benefit in this trust agreement, the result of which would
be for that person to receive tIUSt propel1y free of tIUst earlier than provided
by the ienns of the rrusl, then the disclaiming persall shall forfeit his or her
interest in the trust. shall cease to have any right or interest in the tIUSl:
propeny, and shall be deemed to have predeceased both of us.
In the event the surviving Tmstmaker successfully elects to take a statutory
share of the deceased T'msunalcer's estate as provided under state law, then the
surviving Trustmalcer's imerest in the deceased Trustmaker's property in this
trust shall tenninare and any of the deceased Trustmalcer's prOper1y previously
held in tIust for flIe benefit of the surviving TIUstmaker as provided in 11lis
agreement shall be held and distributed as though flIe surviving Trustmaker
had predeceased flIe deceased TIUsunaker, notwithstanding any provision in
thjs agreement to the contrary.
Section 8. Changing the Trust Situs
After tbe death or disability of one of us, the situs of this agreement may be
changed by the unanimous consent of all of the beneficiaries then eligible to
receive mandatory or discretionary distributions of net income under this
agreement.
If such consent is obtained, the beneficiaries shall notify Our Trustee in writing
of such change of tIUSt situs, and shall, if necessary, designate a Successor
corporate fiduciary in the new situs. This notice shall constitute removal of
HIe current Trustee, if appropriate, and any successor corporate Trustee shaH
assume its duties as provided under fllis agreement.
A change ill sims under this Section shall be fInal and binding, and shall not
be subject to judicial review.
18-5
.
Section 9. General 1\1atters
The followillg general matters of consu-uction shall apply to the provisions of
this agreemem:
a. Construction
Unless tbe Context requires otherwise, words denoting the singular
may be COl1stI-ucd as denoting the plural, and words of the plural may
be cOnstrued as denoting the singular. Words of one gender may be
constmed as denoting another gender as is appropriate within such
context.
h. Headings of Asticles, Sections, and Paragraphs
The headings of Articles, Sections, and Paragraphs used within this
agreement are included solely for the convenience and reference of
the reader. They shall have no significance in the interpretation or
construction of thjs agreement.
c. Notices
All notices required to be given in tIils agreement shall be made in
writing by either:
Personally delivering notice to the parry requiring it, and
securing a written receipt, or
IVlailing notice by certified United States mail, return
receipt requested, to the last known address of the party
requiring notice.
The effective date of the notice shall be the date of the written
receipt or the date of the retum receipt, if received, or if not, the
date it would have nonnally been received via certified mail,
provided there is evidence of mailing.
18-6
II
d. Delivery
For purposes of this agreemem "delivery" shall mean:
Personal delivery to any party, or
Delivery by ceItified United States mail, retum receipt
requested to the party making delivery.
The effective date of delivery shall be the date of personal delivery
or the date of the reUlrn receipt, if received, or if not, the date it
would have 11on11a11y been received via ceItified maiL provided there
is evidence of mailing,
e. Applicable State Law
The validity of t1lis tIUst shall be deteImined by reference to the laws
of the State of Pennsylvania.
Questions with regard to the constmction and adnlinistration of the
various trusts comained in this agreement shall be detennined by
reference to the laws of the state in which the truSt is then currently
being administered.
f. Duplicate Originals
This agreement may be executed in several counterpans; each
CounteI1Jart shall be considered a duplicate original agreement.
u Not Contractual
~~..
Weare executing our wills at or about the same time, but even though
our wills are siulilar, they are not intended to be, and shall not be
construed to be, contractual or reciprocal.
18-7
, ,
~
h. Severability
If any provision of tltis agreemem is declared by a COUll of compe-
tem juriSdiction to be invalid for any reason, such invalidity shaUnot
affect the remaining provisions of tllis agreement. The remaining
provisions shall be fully severable, and tltis agreement shall be
construed and enforced as if the invalid provision had never been
included in tllis agreement.
We have executed tIlis agreement the day and year first written above.
We cenify that we have read our foregoing revocable living trust agreement,
and Olaf it correctly states the terms ;wd l~ollditions under which our tIust
property' IS to be held, managed, and disposed of by our Trustee. We approve
tlus revocable living trust in all particulars, and request our Trustee to execute
II.
KENNETH M. QUERRY, Trusunakev"/
.._-~~,
REBECCA J. QUERRY, Trustmaker ~
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KEN~~TH LvI. QUERRY, Trustee
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REBECCA .T. QUERRY, Trustee
18-8
. . "
STATE OF PENNS\L VANIA
C()UNT\' OF CUMBERLAND
ss.
On tile July 10, 1997, before me, a Notary Public, personally appeared
ICENNETH M. QUERRY, as Trustmaker and Trustee, and in due form of law
acknowledged the foregoing Trust to be her act and deed, and desired that the
same nu::rht be recorded as such.
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My/~nission expires:
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Nmary Public
STA TE OF PENNSYLVANIA
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COUNTY OF CUMBERLAND
OIl the July 10, 1997, before me, a Notary Public, personally appeared
REBECCA .1. QUERRY, as Trustmaker and Trustee, and in due f01ID of law
acknowledged the foregoing Trust to be her act and deed, and desired that the
same might be recorded as such.
Witness my hand and official seaL
M);.A':Ull1}llission expires:
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N mary Ptlblic
18-9
!
Susan E. Lcdc,'cr
\i/>
June 6, 2007
Register of Wills
Cumberland County Courthouse
1 Courthouse Square
Carlisle,PA 17013
RE: Kenneth M. Querry
Social Security Number: 207-22-0946
Ladies and Gentlemen:
Enclosed for filing are two (2) completed Forms REV -1500 with
attachments, and a check for filing fees ($15.00). Please ensure that the
disclaimers attached to the tax return are included with the package forwarded to
the P A Department of Revenue.
One (1) additional photocopy of the front page of the completed REV-
1500 form has been provided. Please time/date stamp this copy as received and
return it to me in the envelope provided.
If there are any questions or further requirements regarding this return,
please do not hesitate to contact me.
Sincerely,
~-~~
Susan E. Lederer
Enclosures
4811 ]onestown Road. Suite 226 . Harrisburg. PA 17109 . Phone 717.652.7323 . Fax 717.652.7340 . susan@ledererlaw.com
www.ledererlaw.com
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