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HomeMy WebLinkAbout01-16-09 (2)REVOCABLE ESTATE TRUST On this 5~' day of June, 2006, I, CARL L. CROCKER, of 541 Seventh Street, New Cumberland, Cumberland County, Pennsylvania 17070, as Settlor, by this deed of Trust, have transferred or upon my death, will arrange for transfer certain property to Trustee, ROBERT EDWARDS (hereinafter referred to as "Trust Property"). I direct that the Trust Property, together with whatever additional property is given to the Trust by me or by any other person, shall be held by the Trustee as follows: SECTION I: (a) Upon my death, Fifty (50%) percent of my estate shall be paid pursuant to Item III of my Last Will and Testament dated June 5, 2006 to this Trust for the benefit of my daughter, JEANNE C. O'NEILL. These funds shall be held in absolute trust by the Trustee and distributed only in accordance with the terms of this Trust. I hereby direct the Trustee to distribute One Thousand Dollars ($1,000.00) per month to my daughter, JEANNE C. O'NEILL, to be used in her sole discretion. (b) When my daughter, JEANNE C. O'NEILL, predeceases me, I direct that this Trust shall terminate and be null and void. I direct that all remaining principal and interest in said Trust shall be distributed to the following issue of JEANNE C. O'NEILL: is ELIZABETH WALSH; ii: KATHLEEN JANDRY; and iii: PATRICIA McPHLLANY. c~ ~~ -o ~ , -~ - -,~. c ~ __ -- . -- _~ , ~~ ;_ ~ ` , `- ? c-? _ _~ c, If any beneficiary predeceases JEANNE C. O'NEILL, her share shall lapse and the remainder of the Trust shall be divided between the surviving beneficiaries designated herein. SECTION II: In the administration of the Trust herein: (a) Before actual payment to a beneficiary, no interest in income or principal shall be assignable by, or available to anybody having a claim against any named beneficiary. (b) The Trustee may make authorized distributions to the beneficiary in cash or in kind. (c) The Trustee, at any time, may terminate the Trust if the value thereof is less than Ten Thousand Dollars ($10,000.00) or does not warrant the cost of continuing said share in Trust or if its administration would be otherwise impractical. On such termination, the Trustee shall pay the principal and any accumulated income of the Trust to my daughter, JEANNE C. O'NEILL. SECTION III: No part of the income or principal of the subject property held under this Trust shall be subject to attachment, levy or seizure by any creditor, spouse, assignee or trustee or receiver in bankruptcy of any beneficiary prior to his or her actual receipt thereof. The Trustee shall only pay over the specified sum to the beneficiary, without regard to any attempted anticipation pledging or assignment by any beneficiary under this Trust, and without regard to any claim thereto or attempted levy, attachment, seizure or other process against said beneficiary. 2 SECTION IV: Any fiduciary appointed in this Trust may exercise the powers given by law and those given by this Trust, and in addition thereto and without any order of court and in the discretion of such fiduciary, may sell all or any trust property, real or personal, at public or private sale, for cash or credit, and may execute deed or bills of sale. Such fiduciary may also invest and reinvest in any property without restriction to legal investments, including any common trust fund maintained by a fiduciary and including stock in or obligations of a fiduciary, and also vote securities, in person or by proxy, including stock in a fiduciary and in such connection delegate discretionary powers, and also compromise or abandon claims. SECTION V: The situs of the Trust shall be Cumberland County, Pennsylvania, and questions about the validity, construction and administration of the Trust shall be determined in accordance with the law of Pennsylvania. SECTION VI: (a) I reserve the right to revoke or amend this Trust in whole or in part at any time and from time to time by written instrument delivered to the trustee when I am living. (b) The duties, powers and liabilities of the Trustee shall not be changed by amendment without the written consent of the Trustee. (c) The Trustee shall deliver as directed, absolutely and free of Trust, any policies or other properly withdrawn by revocation. 3 SECTION VII: Concerning fiduciaries: (a) No fiduciary shall be required to give or enter into any bond or security in any jurisdiction. (bl The Trustee shall be reimbursed for any expenses incurred in discharging his responsibilities as trustee, including but not limited to telephone, postage and travel expenses. (c) The Trustee may make court accountings, but the approval of an account by the interested beneficiary shall be a full discharge of the trustee. SECTION VIII: In the event that the trustee appointed above shall be unable, unwilling or cease to act as trustee under this Trust, then I nominate, constitute and appoint PHYLLIS EDWARDS as trustee. IN WITNESS WHEREOF, and intending to be legally bound hereby, I have hereunto set my hand and seal this 5th day of June, 2006. WITNESS: ~ ~ ~ ~~ ~~y\ ~. ~~-~~-~-z~-~ (SEAL) CARL L. CROCKER 4 ACCEPTANCE BY TRUSTEE Now, this 5th day of June, 2006, the Trust created is accepted by the Trustee, ROBERT EDWARDS. RO ERT EDWARD COMMONWEALTH OF PENNSYLVANIA . SS. COUNTY OF CUMBERLAND On this, the 5`i' day of June, 2006, before me, the undersigned officer, personally appeared CARL L. CROCKER, who being duly sworn to law, deposes and says that the foregoing Revocable Estate Trust is his act and deed and that he desires same to be recorded as such. IN WITNESS WHEREOF, I hereunto set my hand and notarial seal the day and year aforesaid. ~~ NOTARY PUBLIC (SEAL) My Commission Expires: Nom sEn~ BARBARA SUMPLE-SULWAN Notary Public NEWCUMBERIAND BOROUGH CUMBERLAND COUNTY Commlaabn Ex res Nov 15, 2007