HomeMy WebLinkAbout08-17-06
REV. 1500 EX + (6-00)
.
REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG. PA 17128-0601
DECEDENT'S NAME (LAST. FIRST. AND MIDDLE INITIAL)
DORRELL, HARRIET K.
...
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DATE OF DEATH (MM-DD-YEAR)
DATE OF BIRTH (MM-DD-YEAR)
03/30/2006
07/07/1920
(IF APPLICABLE) SURVIVING SPOUSE'S NAME ( LAST. FIRST AND MIDDLE INITIAL)
DORRELL, WILLIAM H.
~ 1. Original Return 0 2. Supplemental Return
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... 0 Li m ited Estate 0 4a. Future Interest Compromise (date of death after
~~Ul 4.
OO:~ 12-12-82)
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:1:00 6. Decedent Died Testate (Attach copy 7. Decedent Maintained a Living Trust (Attach
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II.lD of Will) copy of Trust)
II.
<( 0 9. Litigation Proceeds Received 0 10. Spousal Poverty Credit (date of death between
1
AME
!z Hillary A. Dean, Esquire
~ IRM NAME (If applicable)
~ Martson Deardorff Williams & Otto
II.
ELEPHONE NUMBER
717/243-3341
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. Cash, Bank Deposits & Miscellaneous Personal Property
(Schedule E)
6. Jointly Owned Property (Schedule F)
D 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)
12. Net Value of Estate (Line 8 minus Line 11)
()FF'iCi;\L USE ONl_'i
FILE NUMBER
21
COUNTY CODE
06 0 12.~
YEAR NUMBER
SOCIAL SECURITY NUMBER
141-12-8974
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
o 3. Remainder Retum (date of death prior to 12-13-82)
o 5. Federal Estate Tax Return Required
o 8. Total Number of Safe Deposit Boxes
o 11.Election to tax under Sec. 9113(A) (Attach Sch 0)
COMPLETE MAILING ADDRESS
10 East High Street
Carlisle, PA 17013
(1 ) None
(2) None
(3) None
(4) None
(5) None
(6) 2,187.50
(7) 516,954.41
(8)
(9) 4,119.00
(10) 254.82
OFFiCiAl.. US.C:f)NL.Y
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519,141.91
(11 )
4,373.82
(12)
514,768.09
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been
made (Schedule J)
14. Net Value Subject to Tax (Line 12 minus Line 13)
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
(13)
(14)
514,768.09
15.Amount of Line 14 taxable at t x rate, 514,768.09 x .00 (15)
or transfers under Sec. 9116(a)(1.2)
z .045 (16)
0 16. Amount of Line 14 taxable at lineal rate x
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II. 17.Amount of Line 14 taxable at sibling rate x .12 (17)
::IE
0
0
~ 18. Amount of Line 14 taxable at collateral rate x .15 (18)
...
19. Tax Due (19)
0.00
20. 0
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT.
0.00
Copyright 2000 form software only The Lackner Group, Inc.
Form REV-1500 EX (Rev. 6-00)
.
Decedent's Complete Address:
STREET ADDRESS
30 Me1-Ron Court
CITY
Carlisle
STATE PA
ZIP 17013
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1 )
0.00
Total Credits (A + B + C)
(2)
0.00
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 the OVERPAYMENT.
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 the TAX DUE.
A. Enter the interest on the tax due.
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE.
(3) 0.00
(4)
(5) 0.00
(5A)
(5B) 0.00
Make Check Payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred;.................................................................................. ~ D
~: ~:::~ ~h;e~~~:i~~~~:~~;~s~~~..~~~.I~. ~~~. ~~~. :.~.~.~.~.~:. .t.~~~~.~~~~~~.~.~ .i.t.~. ~~~~~~ ~:: :::::::::::::::::::: :::::::::::::: ~ ~
d. receive the promise for life of either payments, benefits or care?.............................................................. ~ tj
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without
receiving adequate consideration? .......................... ................................ ............................................................. D ~
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?......... D ~
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary desig nation? ........................................................ .............................................................. ~ D
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
preparer other than the personal representative is based on all information of which preparer has any knowledge.
SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN ADDRESS
William H. Dor ell
LJ
SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN
DATE
crvuJi
30 Me1-Ron Court
Carlisle, PA 17013
ft J{, 66
D TE
ADDRESS
ADDRESS
DATE
10 East High Street
Carlisle, PA 17013
8/ fiR /otp
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 P.S. 99116 (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 P.S. 99116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure
of assets and filing a tax return are still applicable even if the surviving 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 P.S. 99116 (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. 99116
1.2) [72 P.S. 99116 (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. 99116 (a) (1.3)]. 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.
.
SCHEDULE F
JOINTLY-OWNED PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
DORRELL, HARRIET K.
I FILE NUMBER
21 - 06 -
If an asset was made joint within one year of the decedent's date of death, it must be reported on schedule G.
SURVIVING JOINT TENANT(S) NAME
ADDRESS
RELATIONSHIP TO DECEDENT
A Patrice D. Tritt
7 Southern Cross Drive
Boiling Springs, P A 17007
Daughter
B William H. Dorrell
30 Me1-Ron Court
Carlisle, P A 17013
Husband
JOINTLY OWNED PROPERTY:
DATE DESCRIPTION OF PROPERTY %OF
ITEM LETTER Include name of financial institution and bank account number DATE OF DEATH DATE OF DEATH
NUMBER FOR JOINT MADE or similar identifying number. Attach deed for jointly-held real VALUE OF ASSET DECO'S VALUE OF
TENANT JOINT estate. INTEREST DECEDENT'S INTEREST
1 AB 08/2004 Members 1st Checking #248878-11 3,975.75 33.3% 1,323.92
2 AB 08/2004 Members 1st Savings #248878-00 204.64 33.3% 68.15
3 AB 08/2004 Members 1st Money Management #248878-05 2,388.69 33.3% 795.43
TOTAL (Also enter on line 6, Recapitulation) 2,187.50
.
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
DORRELL, HARRIET K.
FILE NUMBER
21 - 06 -
This schedule must be completed and filed if the answer to any of questions 1 through 4 on page 2 is yes.
ITEM DESCRIPTION OF PROPERTY DATE OF DEATH %OF
Include the name of the transferee. their relationship to decedent and the date of transfer. EXCLUSION TAXABLE VALUE
NUMBER VALUE OF ASSET DECD'S (IF APPLICABLE)
Attach a copy of the deed for real estate. INTEREST
1 T. Rowe Price Mutual Funds registered iln/o Harriet K. 186,097.49 100% 186,097.49
Dorrell Revocable Trust of 1992
2 Merrill Lynch CMA registered to Harriet K. Dorrell Trust 222,361.92 100% 222,361.92
U/ A dated 4/29/92
3 Shenandoah Life Insurance Company Single Premium 15,000.00 15,000.00
Deferred Annuity, Policy No. 001046159; beneficiary:
William H. Dorrell, spouse
4 American Equity Investment Life Insurance Company 11,248.00 11,248.00
Flexible Premium Deferred Annuity, Contract No. 054200;
beneficiary: William H. Dorrell, spouse
5 Fidelity and Guaranty Life Insurance Company Flexible 82,247.00 82,247.00
Premium Deferred Annuity, Policy No. L9050768;
beneficiary: William H. Dorrell, spouse
TOTAL {Also enter on line 7, Recapitulation} 516,954.41
*'
SCHEDULEH
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
DORRELL, HARRIET K.
I FILE NUMBER
21 - 06 -
Debts of decedent must be reported on Schedule I.
ITEM DESCRIPTION AMOUNT
NUMBER
A. FUNERAL EXPENSES:
1 Hollinger Funeral Home, Mt. Holly Springs, P A, Funeral expenses 764.00
2 East Ridge1awn Cemetery, Clifton, NJ, burial expenses 400.00
3 East Ridge1awn Cemetery, monument 940.00
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Social Security Number(s) / EIN Number of Personal Representative(s):
Street Address
City State Zip
-
Year(s) Commission paid
2. Attorney's Fees Martson Deardorff Williams & Otto, estimated 2,000.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City State Zip
Relationship of Claimant to Decedent
4. Probate Fees
5. Accountant's Fees
6. Tax Return Preparer's Fees
7. Other Administrative Costs
1 Register of Wills, filing fee, Inheritance Tax Return 15.00
TOTAL (Also enter on line 9, Recapitulation) 4,119.00
SCHEDULE I
DEBTS OF DECEDENT, MORTGAGE
LIABILITIES, & LIENS
COMMONWEALTH OF PENNSYlVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
DORRELL, HARRIET K.
I FILE NUMBER
21 - 06 -
Include unreimbursed medical expenses.
ITEM
NUMBER
1 Pharmacy account
DESCRIPTION
AMOUNT
72.96
2
Podiatrist account balance
35.00
3
Ambulance account balance
96.97
4
BMC Corporation, account balance
49.89
5 Note: The above expenses were not covered by insurance
TOTAL (Also enter on Line 10, Recapitulation)
254.82
REV.1513 EX+ (9-00)
*'
SCHEDULE J
BENEFICIARIES
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
DORRELL, HARRIET K.
I FILE NUMBER
21 - 06 -
RELATIONSHIP TO AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY DECEDENT OF ESTATE
n^ J^'
I. TAXABLE DISTRIBUTIONS (include outright spousal distributions)
1 William H. Dorrell, Trustee Under Agreement dated 4/29/1992, for benefit Spouse All Assets listed on
of William H. Dorrell Schedule G, Items 1 &
30 Me1-Ron Court 2
Carlisle, P A 17013
2 William H. Dorrell Spouse All proceeds listed on
Schedule G, Items 3-5
3 Patrice D. Tritt Daughter $0. [All of decedent's
7 Southern Cross Drive funds in joint accounts
Boiling Springs, P A 17007 listed on Schedule F
were used to pay
estate expenses.]
Enter dollar amounts for distributions shown above on lines 15 through 18, as appropriate, on Rev 1500 cover sheet
II. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT
BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
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ORIGINAl RETAINED BY:
LAW OFFICES
.dHatfjon. r:DeatdOtff. <1/l!ifflanH 6 c.'V!
A PROFESS!ONAI CORPORATION
TEN EAST HIGH STREEl
CARLISLE. PA i701~
O17l143-3341
F\FILES\DATAFILE\Estale Planning\11503.t .wwi1L2005
LAST WILL AND TESTAMENT
I, HARRIET K. DORRELL, of Middlesex Township, Cumberland County, Pennsylvania,
being of sound and disposing mind and memory, do hereby make, publish and declare this to be my
Last Will and Testament, hereby revoking any and all former Wills or Codicils made by me.
1.
I direct that all my legally enforceable debts, funeral expenses, testamentary expenses and
all death taxes (whether such taxes may be payable by my estate or by any recipient of any property)
shall be paid from my residuary estate as soon as practicable after my decease and as part of the
administration of my estate. My Executor shall have no duty or obligation to obtain reimbursement
for any such tax so paid, even though on proceeds of insurance or other property not passing under
this Will.
2.
If my husband shall survive me by thirty (30) days, then I give, devise and bequeath all of my
estate, both real and personal property, unto my husband, WILLIAM H. DORRELL, absolutely.
3.
In the event my said husband, WILLIAM H. DORRELL, shall predecease or fail to survive
me by more than thirty (30) days, then I give, devise and bequeath all of my estate, both real and
personal property, unto my children, in equal shares, absolutely, provided that the share of any child
who predeceases me shall be distributed to his or her issue, per stirpes, and in default of any such
then-living issue, such share shall be distributed to my surviving child.
4.
I nominate, constitute and appoint my husband, WILLIAM H. DORRELL, as Executor of
my estate. In the event he is unwilling or unable to so act, then I appoint my children, MARK.
EDWARD DORRELL and PATRICE ANN TRITT, or the survivor, to act in such capacity.
5.
I direct that my Executor, or his successors, shall not be required to file a bond to secure the
faithful performance of their duties in any jurisdiction.
/<.D
[Initials]
Page 1 of 3 Pages
6.
I authorize and empower my Executor, or his successors, in their sole and absolute discretion,
to purchase or otherwise acquire and retain any investments of which I die seized or any real or
personal property of any nature; to sell, lease, pledge, mortgage, transfer, exchange, dispose of or
grant options in regard to any or all property of any kind forming a part of my estate for such terms
and such prices as they may deem advisable; to borrow money for any purposes connected with the
protection and preservation of my estate; to mortgage or pledge any real or personal property forming
a part of my estate or to join in or secure the partition of same; to compromise any claims or
demands of my estate against others or of others against my estate; to make distribution in kind and
to cause any share to be composed of cash, property or undivided fractional shares in property
different in kind from any other share; to employ agents, attorneys and proxies and to delegate to
them such power as my Executor, or his successors, consider desirable and to pay reasonable
compensation for such services as may be rendered by such agents, attorneys and proxies; and to
execute and deliver such instruments as may be necessary to carry out any of these powers. In
addition, I direct that my Executor, or his successors, shall have the power to conduct an inventory
of any safe deposit box necessary to the administration of my estate.
IN WITNESS WHEREOF I have hereunto set my hand and seal this .;2S.?t! day of
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',. t',' ';<-7'-(~y.r ,.....1 "1.'); ~~'fft' ~'.7
Harriet K. Dorrell
(SEAL)
SIGNED, SEALED, PUBLISHED AND DECLARED by the above-named Testatrix, as and
for her Last Will and Testament, in the presence of us, who at her request, have hereunto subscribed
our names as witnesses thereto, in the presence of the said Testatrix and of each other.
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t1;dLIv,) t/ f/JeJ./tlh
Page 2 of 3 Pages
COMMONWEALTH OF PENNSYLVANIA )
: SS.
COUNTY OF CUMBERLAND )
We, Harriet K. Dorrell, Edward L. Schorpp, and 5d(~/I')~ n. j)CekLr-, the
tJ
Testatrix and the witnesses, respectively, whose names are signed to the foregoing instrument, being
first duly sworn, do hereby declare to the undersigned authority that the Testatrix signed and
executed the instrument as her last Will and that the Testatrix has signed willingly, and that the
Testatrix executed it as her free and voluntary act for the purposes therein expressed, and that each
ofthe witnesses, in the presence and hearing ofthe Testatrix, signed the Will as a witness and that
to the best of his/her knowledge the Testatrix was at that time eighteen years of age or older, of
sound mind and under no constraint or undue influence.
. . J
iz';;~' j;)~( ~,;- ,A" . jf.?-}-,.l,oC' /
Harriet K. Dorrell, Testatrix
--~~
WItness
Subscribed, sworn to and acknowledged before me by Harriet K. Dorrell, the Testatrix, and
subscribed and sworn to before me by Edward L. Schorpp and ::rA..~IY1 t A. J)~,
the witnesses, this J.,S'IJ-d'ay of ffrr ii, 2oos.
~~ ~ ()-Y~I p" 4~
Notary Public U
,~
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NOTARIAL SEAL
CORRINE L. MYERS, NOTARY PUBLIC
CARLISLE BORO. COUNTY OF CUMBERLAND
MY COMMISSION EXPIRES MAY 27 2007'
.........,""-"'-=. '
~
Page 3 of 3 Pages
THE HARRIET K. DORRELL
REVOCABLE TRUST
OF 1992
THIS TRUST AGREEMENT, made this ~ '1 'I-I? day of April,
1992, by and between HARRIET K. DORRELL of Brevard County, Florida,
hereinafter referred to as the "Grantor," and WILLIAM H. DORRELL
and/or HARRIET K. DORRELL, jointly and severally, of Brevard
County, Florida, hereinafter referred to as the "Trustee,"
WIT N E SSE T H :
The Grantor, for and in consideration of the sum of Ten
Dollars ($10.00) and other good and valuable consideration to him
in hand paid, the receipt of which is hereby acknowledged, does
hereby create a revocable trust with respect to property and assets
hereinafter described and identified and designates and appoints
WILLIAM H. DORRELL and/or HARRIET K. DORRELL, jointly and
severally, as Trustee of said Trust, to hold, use and administer
the property for the uses and purposes and subject to the terms and
conditions hereinafter set forth.
}
HABENDUM
.1-
ARTICLE I
TRUST PROPERTY
1.1 Prooerty Placed in Trust. The Grantor does hereby
grant, bargain, sell, transfer, and set over to the Trustee, in
trust, the property which is described in Schedule 1 attached
hereto and incorporated herein by this reference, which schedule is
verified for identification by the signatures of the respective
parties. In addition to the execution of this instrument, the
Grantor shall execute all other documents necessary to make this
Trust fully effective with respect to the items being placed in
trust.
1.2 Title to Trust Assets. All property placed in trust
shall be titled and held in the names of the trustee(s) of THE
HARRIET K. DORRELL REVOCABLE TRUST OF 1992 ula dated the 29th day
of April, 1992, flblo HARRIET K. DORRELL, et al. The trustee(s)
acting at any time shall be the only signatory or signatories on
any trust account and the only person(s) authorized to act with
respect to any property titled as stated herein.
1. 3 Addi tions to Trust. Property, assets, and items
other than and in addition to the property described in Paragraph
1.1 may be added to the Trust at any time and from time to time by
the Grantor or by any other person or entity whether by will or
otherwise. (No person who shall add property to this Trust other
than HARRIET K. DORRELL shall be deemed a "grantor" for purposes of
this instrument. The term "grantor" refers solely to HARRIET K.
DORRELL). If not made by will, such additions may be made in any
manner that identifies the transfer as being subject to this Trust.
Transfers may be evidenced and identified by schedules numbered in
sequence and signed by the Trustee and transferror. Funds may be
transferred to the Trust by a check or draft made payable to the
Trustee.
1.4 Uses and Purposes. The uses and purposes of the
property now and hereafter placed in this Trust shall be as set
forth herein. The Trustee shall: hold, manage, control, invest,
and reinvest the Trust estate; collect the income therefrom; and
disburse the net income and principal as herein provided.
ARTICLE II
PROVISIONS FOR GRANTOR
2.1 Benefits for Grantor. During the lifetime of the
Grantor, the Trust assets shall be held and administered for the
Grantor's benefit. All of the net income of the Trust shall be
paid to or applied for the benefit of the Grantor, or otherwise
distributed as directed in writing by the Grantor. In addition,
the Trustee, as a matter of discretion, may pay to or use for the
benefit of the Grantor such portion or all of the principal of the
Trust estate as the Trustee determines to be required for the
Grantor's health, support, comfort, maintenance and general welfare
or for any purpose deemed by the Trustee to be in the Grantor's
best interests.
2.2 Grantor's Reserved Riahts.
(a) Rights Reserved. During the Grantor's
lifetime, the Grantor reserves the right at any time or from time
to time and without ,notice to any person other than the Trustee:
(1) to revoke, in wtiole or in part, the Trust hereby created; (2)
to withdraw all or any portion of the Trust assets; (3) to direct
the Trustee to use or apply any portion or all of the Trust
principal for the benefit of, or as directed by, the Grantor; (4)
to direct the Trustee to make gifts from the principal of the
;L
-
"
trust; and (5) to modify, in whole or in part, the terms and
provisions of this Trust Agreement.
(b) Method of Exercise. Revocation of this Trust
and amendments to or changes in the terms or conditions of the
Trust shall be accomplished by written revocation or amendment
executed in the same manner as is this instrument. A revocation
shall not become effective until at least thirty (30) days after
the delivery of the notice to the Trustee.
ARTICLE III
BENEFITS FOR OTHERS AFTER GRANTOR'S DEATH
3.1 Debts: Expenses. Upon the death of the Grantor, the
Trustee may pay, in its discretion, any part or all of the legal
debts, funeral expenses and other costs incident to the settling of
the affairs of the Grantor.
3.2 Trust Liabilitv for Taxes. All federal estate taxes
and all inheritance and succession taxes payable by reason of
Grantor's death which are attributable to property comprising this
Trust shall be paid out of this Trust. All such taxes attributable
to property that does not form a part of this Trust (including, but
not limited to, joint tenancy property, life insurance proceeds and
any property over which Grantor may have a general power of
appointment) shall be paid from this Trust and may be charged to
and collected from the persons receiving such property to the
extent provided by law, in the discretion of the Trustee, taking
into consideration the best interests of Grantor's beneficiaries as
a whole.
3.3 Definitions: Family. As of the date of execution
hereof, Grantor's family consists of Grantor's husband, WILLIAM H.
DORRELL, and Grantor's adult children, PATRICE ANN TRITT, Boiling
Springs, Pennsylvania; GARY WILLIAM DORRELL, presently a member of
the U. S . Army stationed at Heidelberg, Germany; MARK EDWARD
DORRELL, Berlin, New Jersey; and their respective spouses and
children.
3.4 Specific Distribution of Homestead Propertv. If
Grantor's husband survives Grantor, any property held by this Trust
which qualifies as the homestead of the Grantor for purposes of
Article X, Section 4 of the Constitution of the State of Florida,
shall be distributed outright, and free of trust to Grantor's said
husband. If Grantor's said husband does not survive Grantor or if,
having survived Grantor, Grantor's said husband disclaims any
interest in said homestead property, the trustee shall distribute
said property as provided below for distribution of the Remaining
Trust Assets.
3.5
Trustee shall
augmented by
testamentary
Assets"), as
Remainder.
distribute
any assets
document of
follows:
Upon the death of the Grantor, the
the remaining assets of the Trust,
passing to the Trustee under any
the Grantor, (the "Remaining Trust
(a) Credit Shelter Portion. If the Grantor's
husband survives the Grantor, the Trustee shall retain that
fractional share of the Remaining Trust Assets defined below in a
Trust to be kno~n a~ The Residuary Trust and held, managed, and
administered upon tne terms and conditions hereafter set forth.
The numerator of the fraction shall be a sum equal to the largest
amount that can pass free of federal estate tax pursuant to Chapter
11, Internal Revenue Code, by application of the unified credit and
any state death tax credit, after taking account of dispositions
under other Articles of this Trust, Grantor's Will, and property
;]
-
passing outside of said Trust and Will which do not qualify for the
marital or charitable deduction and after taking account of
administrative expenses and other charges to principal that are not
allowed as deductions in computing Grantor's federal estate tax,
and after taking account of any other factor that affects the
largest sum that can pass free of federal estate tax. The
denominator of the fraction shall be the value of the Remaining
Trust Assets. For the purpose of establishing such fraction,
values as finally determined for federal estate tax purposes shall
be used. In the event the numerator of such fraction may be zero,
no property shall be distributed to this Residuary Trust.
(b) Marital Portion. If Grantor's husband survives
the Grantor, the Trustee shall distribute the balance, if any, of
the Remaining Trust Assets (or the whole if no property passes
pursuant to Section A of this Article) for the use and benefit of
Grantor's said husband unto a separate trust to be known as The
William H. Dorrell Marital Trust and held, managed, and
administered upon the terms and conditions hereafter set forth.
(c) Distributions to Descendants. If Grantor's
husband does not survive the Grantor, the Trustee shall distribute
the remaining Trust assets unto Grantor I s children, in equal
shares. However, if a child of Grantor is not then living, his or
her share shall be distributed as follows:
(1) If said predeceased child is survived by
a spouse and children, such child's share shall be distributed in
equal shares among such spouse and children.
(2) If said predeceased child is survived by
children but not a spouse, such child's share shall be distributed
in equal shares among such child's children.
(3) If said predeceased child is survived by
a spouse but no issue, such child I s share shall be distributed
fifty percent (50\) unto such child's surviving spouse and fifty
percent (50\) unto Grantor's then-living children, in equal shares.
(4) If said predeceased child is not survived
by spouse or issue, such child's share shall be distributed unto
Grantor's then living children, in equal shares.
3.6 THE HARRIET K. DORRELL RESIDUARY TRUST. The Trustee
shall manage gifts made to The Harriet K. Dorrell Residuary Trust
and shall distribute principal and income of the Trust in the
following manner:
(a) Benefits for William H. Dorrell and
Descendants. For the duration of the Trust, the Trustee, in the
Trustee's discretion, may accumulate the income, or may distribute
the income and also so much of the corpus or accumulated income to
or for the use of Grantor's husband and any of Grantor's then
living descendants (the beneficiaries) at such times and in such
amounts and proportions as the Trustee deems advisable to provide
adequately and properly for the support, maintenance, health, and
education of the said beneficiaries, including, but not by way of
limitation, expenses incurred by reason of illness, disability, or
invalidism. In determining the amounts to be so disbursed, the
Trustee may take into consideration any other income or property
which the Trust~e knows to be readily available without loss or
hardship to the beneficiary from any other source, and the
Trustee I s discretion shall be conclusive and binding on all persons
interested in this Trust. No distribution shall be made to any
descendant without the prior written consent of Grantor's husband.
4
(b) Remainder. Upon the death of Grantor's
husband, this Trust shall terminate and the Trustee shall
distribute all of the then remaining principal of the Trust unto
Grantor's children, in equal shares. However, if a child of
Grantor is not then living, his or her share shall be distributed
as follows:
(1) If said predeceased child is survived by
a spouse and children, such child's share shall be distributed in
equal shares among such spouse and children.
(2) If said predeceased child is survived by
children but not a spouse, such child's share shall be distributed
in equal shares among such child's children.
(3) If said predeceased child is survived by
a spouse but no issue, such child's share shall be distributed
fifty percent (50%) unto such child's surviving spouse and fifty
percent (50%) unto Grantor's then-living children, in equal shares.
(4) If said predeceased child is not survived
by spouse or issue, such child's share shall be distributed unto
Grantor's then living children, in equal shares.
3.7 THE WILLIAM H. DORRELL MARITAL TRUST. The Trustee
shall manage gifts made to THE WILLIAM H. DORRELL MARITAL TRUST and
shall distribute principal and income of the Trust in the following
manner:
(a) Benefits for william H. Dorrell; Remainder.
(1) Income. The Trustee shall pay all of the
income of the Trust to, or for the benefit of, Grantor's husband in
quarterly or more frequent intervals. The final payment of income
shall include all income accrued by the Trust from and after the
date of the last payment immediately preceding the death of
Grantor's husband through the date of Grantor's husband's death.
Notwithstanding any other provision of this instrument, the net
income for the period between the last distribution and the date of
the beneficiary's death shall be distributed to such person or
persons, including the estate or creditors of the beneficiary, or
the creditors of the estate of the beneficiary, in such shares and
proportions and upon such terms, conditions or trusts as the
beneficiary may appoint and direct in a valid last will and
testament executed after the date of death of the Grantor
specifically referring to this marital trust and duly admitted to
probate. In default of the effective exercise of this power over
all or part of the undistributed trust income earned before the
beneficiary's death, the Trustee shall distribute such income unto
the estate of the beneficiary.
(2) Lifetime Power of Withdrawal. The
Grantor's husband shall have the power to withdraw all or any part
of the principal of the Trust at any time, or from time to time.
The Trustee shall pay such amounts, or distribute such assets, as
Grantor's said husband may direct and appoint in a signed writing
delivered to the Trustee.
(3) Invasion of Principal. In addition to any
other sums properly paid or distributed to Grantor's said husband,
the Trustee, as a matter of discretion, may distribute to Grantor's
said husband such amounts of principal of this Trust as the Trustee
deems advisable to provide adequately and properly for the support,
maintenance, health, and education of Grantor's said husband,
including, but not :'by way of limitation, expenses incurred by
reason of illness, disability, or invalidism. In determining the
amounts to be so disbursed, the Trustee may take into consideration
any other income or ~roperty which the Trustee knows to be readily
5
available without loss or hardship to Grantor's said husband and
the Trustee's discretion shall be conclusive and binding on all
persons interested in this Trust.
(4) Remainder. Upon the death of Grantor's
husband, this Trust shall terminate and the Trustee shall
distribute all of the then remaining principal of the Trust to such
person or persons, including the estate or creditors of Grantor's
said husband, or the creditors of the estate of Grantor's husband
in such shares and proportions and upon such terms, conditions, or
Trusts as Grantor's husband may appoint and direct in a valid Trust
or Last will and Testament executed after Grantor's death,
specifically referring to this Marital Trust and duly administered
according to its terms or governing law. In default of the
effective exercise of this power over all or part of the Trust
estate subject to this power, the Trustee shall distribute the
unappointed assets unto the Grantor's children, in equal shares.
However, if a child of Grantor is not then living, his or her share
shall be distributed as follows:
(i) If said predeceased child is survived
by a spouse and children, such child's share shall be distributed
in equal shares among such spouse and children.
(ii) If said predeceased child is
survived by children but not a spouse, such child's share shall be
distributed in equal shares among such child's children.
(iii) If said predeceased child is
surv i ved by a spouse but no issue, such child I s share shall be
distributed fifty percent (50%) unto such child'S surviving spouse
and fifty percent (50%) unto Grantor's then-living children, in
equal shares.
(iv) If said predeceased child is not
survived by spouse or issue, such child's share shall be
distributed unto Grantor's then living children, in equal shares.
(b)
Deduction Devise.
Construction and Application of Marital
( 1) Guide to Intention. It is Grantor's
intention that property devised to this Marital Trust shall qualify
for the marital deduction under IRC, Section 2056 and, in
furtherance of that intention, Grantor directs that (i) the
provisions of this Trust shall be interpreted in accordance with
such intent, and that (ii) all rights, powers, and authority
granted to the Trustee herein or by state law be ineffective to the
extent that such rights, powers and authority would, if effective,
cause a disqualification of the marital deduction. No property
shall be allocated to this Trust which does not qualify for the
marital deduction. No spendthrift restrictions in this
Trust shall apply to Grantor's husband's income interest, and no
person other than Grantor's husband shall be deemed to have any
power to appoint any part of the property of this Trust. No debts,
death taxes, claims, or expenses of administration of Grantor's
estate shall be charged against the property passing to this Trust.
(2) Definitions. For purposes of applying
this distribution, all values shall be those finally determined for
federal estate tax purposes. "Taxable estate" means taxable estate
as finally determined for federal estate tax purposes. The terms,
"marital deduction", "interest in property", "pass or has passed,"
shall have the same meaning as said words have under the provisions
of IRC, Chapter ~l. 1
,
(3) Trustee's Discretion. Subject to the
constraints imposed herein, the decisions of the Trustee regarding
(i) the use or non-use of the optional valuation provisions of
6
Chapter 11 of the Internal Revenue Code and (ii) the exercise or
failure to exercise federal tax elections shall be conclusive and
binding on all persons interested in this Trust.
(4) Protection of Income Riaht. Grantor I s
husband is intended to have substantially that degree of beneficial
enjoyment of the Trust property which the principles of the laws of
Trusts accord to a person who is unqualifiedly the owner of a life
interest in the Trust. All provisions of this Trust shall be
construed and applied consistently with this intention.
Furthermore, any provisions of this Trust dealing with retention of
non-productive property or adjustments between principal and income
shall not apply to this Marital Trust.
(5) Contribution to Estate Tax. If the corpus
of this Trust is included in the estate of Grantor's husband, the
Trustee shall pay to the Personal Representative of Grantor t s
husband, upon demand in writing, that portion of the estate tax
which the Personal Representative shows is equitably allocable to
this Trust. pending final determination of this liability, the
Trustee may reserve reasonable sums therefor and withhold the same
from distribution.
ARTICLE IV
DISABILITY AND RESTRAINTS
4.1 Benefits pavable to Persons under Twenty-one (21).
If any beneficiary shall be under the age of twenty-one (21) years
at the time that any portion of the corpus of this Trust is
required to be distributed to him or her and no other trust created
hereby shall apply, the Trustee, as a matter of discretion, may
retain the share of such beneficiary in trust, and apply such
amounts of the principal, net income and any accumulated income to
the maintenance, education, welfare and comfort of such beneficiary
as the Trustee may deem advisable, and may accumulate any income
not so disbursed. When each such beneficiary shall attain the age
of twenty-one (21) years, the Trust shall terminate as to such
beneficiary, and the Trustee shall distribute his or her fund to
such beneficiary outright and free of trust. Upon the death of any
such beneficiary prior to attaining the age of twenty-one (21)
years, the Trustee shall pay the then remaining principal of his or
her fund, together with any accumulated income, to the estate of
such beneficiary.
4.2 Alienability of Interests. No principal or income
payable or to become payable under the Trust created by this
Agreement shall be subject to anticipation or assignment by any
beneficiary thereunder, or to attachment by or to the interference
or control of any creditor of any such beneficiary, or be taken or
reached by any legal or equitable process prior to its actual
receipt by the beneficiary.
4.3 Disability of a Beneficiary.
(a) Trustee I s Power in Event of Disability. Should
the Grantor, or any beneficiary entitled to receive income or
principal under this Trust, at any time become physically or
mentally unable to manage his or her affairs properly, as
determined in the manner provided in subparagraph (B) of the
paragraph, the Trustee, in the Trustee I s sole discretion and
without request from the Grantor or beneficiary, may use, payor
apply all or any.par~ of the Trust assets and the income therefrom
for the medical expenses, care, support, comfort, maintenance, and
welfare of such Grantor or beneficiary. The Trustee need not (but
may) inquire into the reasonableness of any bill presented for
payment, or into the wisdom or desirability of the transaction
7
represented thereby, provided the Grantor or beneficiary has either
incurred the bill or had the benefit of the goods or services for
which it is rendered. When acting under this provision, the
Trustee may withhold any excess income and add the same to the
principal in the discretion of the Trustee.
(b) Determination of Disabili tv. The determination
of whether the Grantor or a beneficiary is physically or mentally
unable to manage his or her affairs properly shall be made by the
then attending physician of the Grantor or beneficiary, which
determination shall be stated in writing to the Trustee. The
Trustee shall be authorized to rely absolutely on any such written
determination received by the Trustee, signed by the then attending
physician, or reasonably believed by the Trustee to have been
signed by the then attending physician, until like determination to
the contrary is received by the Trustee.
4.4 Disability of a Trustee. The Grantor or, after the
Grantor's death or disability, any income beneficiary may require
the medical evaluation of a Trustee in the event Grantor or such
beneficiary believes, in good faith, that the Trustee has become
unable to manage the responsibilities of the Trustee properly by
reason of physical or mental disability. The determination of the
evaluating physician shall be stated in writing and shall be
conclusive. The procedure for removal of a Trustee, for disability
or for any other reason, is provided elsewhere herein.
ARTICLE V
TRUST POWERS
5.1 In General. The Trustee shall be governed by the
provisions of Section 737.402 and Chapter 738, Florida Statutes, {
that are not in conflict with this instrument and shall have all '
additional powers and protection granted by statute to trustees at
the time of application that are not in conflict with this
instrument. Furthermore, but not in limitation, the Trustee,
without application to any court, shall have the powers and duties
described below, to be exercised in the Trustee's absolute
discretion, viz:
(a) Power of Sale. The Trustee shall have a
general power of sale to sell any real or personal property for any
purpose the Trustee deems desirable in such manner and on such
terms as the Trustee deems appropriate.
(b) Tax Elections. The Trustee may exercise any
election that may be available under the Internal Revenue Code
without thereby incurring liability to any person who may be
adversely affected by such election.
(c) Non-Income producina Property. The Trustee may
hold any asset left in the Trust estate without regard to its
income productivity and without making any adjustment between
income and corpus that might be required by law but for this
provision. The cost of carrying such property may be paid from
income.
(d) Power to Make Gifts. In furtherance of the
estate planning objectives of the Grantor and the best interests of
the family of the Grantor, as a whole, the Trustee, in the
Trustee's discretion, may make gifts to members of the Grantor's
family within the limits of the gift tax annual exclusion under IRe
Section 2503 (b) ~ ~ gift may be made to a minor which would
require a judicial g6ardianship to be created for the management of
such gift on behalf of such minor. The Trustee shall act on the
basis of competent advice with due regard for tax savings and the
overall benefit of Grantor's estate.
8
5.2 Principal and Income Accountina. In general, the
terms of Chapter 738, Florida Statutes, shall apply in determining
questions of accounting for principal and income of the Trust
except that no adjustment between principal and income shall be
made on account of under-productivity or unproductive property.
5.3 Investment Powers. The Trustee shall have full
power to maintain one or more security accounts with any member
firm(s) of the New York Stock Exchange and to trade securities in
a margin account. The Trustee may invest and reinvest the Trust
fund or any part thereof in any property, real or personal,
inc 1 uding, but not by way of limitation, 'conunon and preferred
stocks, bonds, investment trusts, and mutual funds; may purchase
and sell put and call options and such other securities as the
Trustee shall deem wise. In respect to any securities, the Trustee
may vote on any proposition or election at any meeting and may
grant proxies to vote at any such meeting.
5.4 Distributions. The Trustee need not satisfy the
value of a gift of a share of assets, or of a withdrawal thereof
pursuant to a power by distribution of an undivided share in
assets. Instead, the value of a share to be distributed and the
value of any pecuniary gift may be partially or wholly satisfied in
cash or in kind or partly in each, and distributions in kind may be
made of entire properties or undivided shares.
5.5 Winding UD. All powers and discretions herein given
to the Trustee may be exercised throughout the period following
termination of the Trust during which the Trustee may be winding up
the affairs of the Trust. The Trustee shall not be required to
distribute Trust assets until reasonable steps necessary to clear
the Trust fund of any prior claims, taxes, or liabilities have been
concluded, and the Trustee may withhold from distribution any sums
reasonably needed by the Trustee to payor provide for any debts,
obligations, or taxes properly payable out of or chargeable against
the Trust.
5.6 Use of Propertv by Beneficiaries. The Trustee may
permit any beneficiary, the spouse of any beneficiary, or the guest
or invitee of any such beneficiary, to occupy any real property of
the Trust or any portion thereof without paying rent therefor and
upon such other terms and conditions as the Trustee may determine
to be just and equitable.
5.7 Relation of Trust to Grantor's Estate.
(a) Distribution and Withholding. Any trust
created by this instrument to continue after the death of the
Grantor is intended to be a separate trust and not a share of this
Trust. It shall be the duty of the Trustee to proceed with due
dispatch to make outright distributions and to establish and fund
such separate continuing trust and transfer and distribute to the
account thereof, to the greatest extent possible, money and
property passing to such trust. Nevertheless, the Trustee may
withhold such distribution in whole or in part during the period of
administration of the Grantor's estate if required by the needs of
administration of the estate or to assure the Trustee that debts,
obligations, administration expenses, or taxes properly chargeable
against the Trust have been satisfied so that liability to third
parties for premature distribution will not be incurred. During
any interval be~wee~ the Grantor's death and ultimate funding of
the continuing trust, this Trust shall continue in existence in
gross as a separate trust.
9
(b) Payments to Personal Representative of the
Grantor. The Trustee shall follow any directions and instructions
contained in the Grantor's will with reference to making the assets
which the Grantor has placed in trust available to the Grantor's
personal representative. Should the probate estate of the Grantor
be without sufficient assets to discharge all debts, taxes, and
administration expenses arising as a result of the Grantor's death,
or to pay pecuniary legacies provided for in the Grantor's will,
the Trustee shall, upon written request of the Grantor's personal
representative, pay to such representative from the assets of the
Trust such sums as may be needed to discharge such taxes, debts,
legacies and administration expenses.
(c) Payments to Personal Reoresentative of a
Beneficiary. Should the beneficial interest of a beneficiary
hereunder, other than the Grantor, be included in the taxable
estate of that beneficiary, the Trustee may pay to the personal
representative of such beneficiary the portion of the estate taxes
allocable to such interest. The Trustee shall be entitled to rely
upon the certification of the personal representative as to the
amount or amounts needed for such purposes.
(d) Bonds Redeemable at Par. Should this Trust at
the time of the Grantor I s death include any obligations of the
United States Treasury which are eligible to be received at par in
payment of federal estate taxes, such bonds shall be applied in
payment of federal estate taxes on the Grantor's estate
notwithstanding that the Grantor's personal representative does not
request or certify that such bonds are to be so used.
( e ) Exemotion. Any property of this Trust which is
exempt from claims of creditors or from inclusion in the Grantor's
gross estate for federal estate tax purposes shall likewise be
exempt from the operation of any provision making assets of the
Trust subject to, or available for the payment of, such claims,
debts, or taxes. Such property shall inure directly to the benefit
of the continuing trusts, but may be segregated and held by the
Trustee pending actual establishment of the Trust. It is expressly
intended that employee death benefits and insurance on the
Grantor's life not owned by the Grantor shall be entirely exempt
from estate claims or taxation.
5.8 Accounts. So long as the Grantor or Grantor's
husband, WILLIAM H. DORRELL, is living and able to act, the Trustee
shall not be required to make a report. Upon the death or
disability of the Grantor, the Trustee shall make an annual report
in writing to each living beneficiary over twenty-one years of age,
or to the guardian of Grantor or any incapacitated beneficiary
unless such report has been waived in writing by the person
entitled thereto. Such report shall cover a fiscal year
corresponding to the taxable year with respect to federal income
tax returns of the Trustee and shall be submitted with reasonable
promptness at the end of each such year. Each report shall include
a statement of all property on hand at the end of such year, of any
sales and purchases made during such year, and of such other acts
of the Trustee as may be necessary to furnish each beneficiary with
adequate information as to the condition of the Trust estate.
ARTICLE VI
TRUSTEE PROVISIONS
6.1 Reliarlce bv Trustee and Others. In acting or making
distributions under this instrument, the Trustee shall be entitled
to rely in good faith upon the last information furnished the
Trustee by the Grantor or the beneficiaries hereunder and shall
10
incur no liability for acting or making distributions in good faith
reliance on such information. Until the Trustee shall receive
written notice of any births, marriage, death or other event upon
which the right to distribution of the income or principal of any
trust may depend, the Trustee shall incur no liability for
distribution made in good faith to persons whose interest may have
been affected by that event. No grantee, purchaser, or other
person dealing with the Trustee while the Trustee is purporting to
act in such capacity under any power or authority granted in
Trustee herein need inquire into the initial existence of facts
upon which the purported power or authority depends or into the
continued existence of the power, the expediency of the
transaction, or the proper application of the proceeds or other
consideration.
6.2 Successor Trustee. If either Trustee named herein,
WILLIAM H. DORRELL and/or HARRIET K. DORRELL, fails or ceases to
act for any reason, the other shall continue as sole Trustee. If
both Trustees named herein fail or cease to act for any reason,
MARK EDWARD DORRELL and PATRICE ANN TRITT shall automatically
succeed as alternate or successor co-trustee.
6.3 Change of Trustee.
(a) Resignation: Removal: Death. A trustee may
resign at any time. The Grantor, without cause or reason and at
any time and from time to time, shall have the power to remove any
trustee and also to appoint a successor trustee in the event of the
resignation, removal, or death of a trustee. After the death of
the Grantor, the power to remove any trustee and to appoint a
disinterested person as successor trustee shall devolve to the
income beneficiary (or, if more than one, then to a majority in
interest or to a majority in number of persons to whom the trustee
may distribute income). A resignation, removal, or appointment
shall be signed by the acting person or persons and become
effective thirty (30) days after proper written notice thereof
signed by the acting person has been furnished to the appropriate
person or persons. All resignation notices shall be furnished to
the beneficiary or beneficiaries at the time to whom current income
of the Trust may be distributed. Removal notices shall be
furnished to each trustee being removed. Appointment notices shall
be in duplicate and shall contain acceptances of the successor
trustee. One of such duplicates shall be furnished to the outgoing
trustee and another to the successor trustee.
(b) Judicial Ap~ointment of Successor. If, after
exhaustion of named successors, the beneficiaries fail to appoint
a successor trustee properly after the resignation or removal of a
trustee, the resigned or removed trustee shall have the right to
petition the court of competent jurisdiction to appoint a
successor.
(c) Final Account: Powers of Successor. Promptly
after receiving notice of the appointment of a successor, the
trustee who has resigned or been removed shall render a final
accounting and shall transfer and deliver to the successor all
Trust assets then held by the outgoing trustee and thereupon said
trustee shall have no further duties hereunder. Every successor
trustee shall have all the title, powers and discretions herein
given the original trustee without any act of conveyance or
transfer. Nothing herein shall preclude a trustee at any time from
filing a judicial settlement and accounting with the court of
competent juri~dic7ion and the beneficiaries empowered to remove a
trustee or appoint a successor may direct a successor trustee to
accept the accounts of any former trustee, in which event, the
successor trustee shall have no responsibility therefor.
11
(d) Action for Beneficiary under Disability. The
guardian of a beneficiary under legal disability or the parent of
a minor beneficiary may act for such beneficiary in exercising the
power to remove a trustee or appoint a successor trustee.
(e) Change of Situs. If a successor trustee
appointed hereunder is a trust company doing business in another
state, then such trustee shall have the power to change the situs
of the Trust to the state in which it is doing business.
Thereafter the administration of such Trust shall be governed by
the laws of that state, but the construction of the Trust and the
rights of the beneficiaries shall continue to be governed by the
laws of the State of Florida.
6.4 Trustee's Comoensation. For services hereunder, a
family member acting as Trustee shall receive no compensation but
shall be entitled to reimbursement for expenses to be charged as
administrative expenses of the Trust. Any non-family member acting
as Trustee shall be entitled to reasonable compensation as agreed
between Grantor and Trustee during Grantor's lifetime. After
Grantor's death, the Trustee shall be entitled to reasonable
compensation. If a corporate trustee shall serve hereunder, such
trustee shall be compensated in accordance with the Trustee I s
Schedule of Fees in effect from time to time.
6.5 Coroorate Trustee I s Authority to Deal with Self. If
a corporate trustee shall serve hereunder, such trustee is
specifically authorized and empowered to retain as part of the
Trust assets any stock or other security issued by the Trustee in
its individual capacity which has been placed in trust or which may
subsequently be added thereto, including any stock dividends
thereon and any securities issued in lieu thereof as the result of
any recapitalization, consolidation or merger of the Trustee or the
acquisi tion of any stock by a holding company. The Trustee is
further authorized and empowered to exercise any rights issued to
it by reason of its ownership of any such security and to retain
and hold in the Trust estate any security so acquired. The Trustee
is also authorized to invest funds of the Trust in the savings
department of its banking institution up to but not to exceed the
insured limits.
6.6 Attornev's Authoritv as Trustee. If an attorney at
law shall serve as Trustee hereunder, such Trustee is specifically
authorized and empowered to retain such professional advisors and
representatives, including any firm of which the Trustee is a
member or with which the Trustee is otherwise associated, as may be
necessary or advisable in the administration of the Trust and to
pay reasonable fees and costs of such advisors and representatives.
6.7 Trustee Power to Amend Administrative Provisions of
Trust. The Trustee shall have the power to modify and amend the
terms of the Trust Agreement for the limited purposes of assuring
its continued compliance with state and federal tax policies and
making such administrative modifications as are necessary to
facilitate the Trustee's implementation of the authority granted
the Trustee hereby. In no event may the Trustee make any amendment
or modification which, directly or indirectly, interferes with the
eligibility of a.ben,ficiary for public support or private benefits
or which alters the dispositive provisions of the Trust.
12
ARTICLE VII
INSURANCE POLICY PROVISIONS
7.1 PaYment of Premiums. The Grantor shall pay all
~remiums, assessments, and other charges necessary to keep all
~nsurance policies placed in this Trust in force. The Trustee
shall be under no duty or obligation to pay any such premiums or
charges or to see that said policies are renewed or kept in force,
and until the death of the Grantor, the Trustee shall not have any
duty with respect to such policies except to hold same in
safekeeping.
7.2 Reserved Rights of Grantor. The Grantor reserves
the right and power to withdraw any policy or policies and to
exercise, without the consent of the Trustee or any beneficiary
hereunder, or under any of said policies, any and all options,
elections, rights, and privileges under the terms of said policies
or any of them, including the right to change the beneficiaries as
often as the Grantor may elect to do so, to receive the dividends
and make loans thereon, to convert the same into other forms of
insurance, to collect the cash values thereof or to permit the same
to lapse. If the Grantor shall exercise any such options,
elections, rights, or privileges, or shall alter, amend, or revoke
the agreement as herein provided, the Trustee shall execute such
releases and other papers as may be required therefor, without
liability to anyone for so doing.
7.3 Collection of Proceeds. After the death of the
Grantor, when the policies hereunder shall become payable, the
Trustee shall promptly furnish to the insurance companies "Proofs
of Loss" and shall collect and receive the proceeds of the
policies; to that end, it shall have power to execute and deliver
receipts and other instruments and to take such action as is
appropriate for the collection thereof; provided, however, that if
payment of any policy is contested, the Trustee shall be under no
obligation to institute legal action for the collection thereof
unless and until it has been indemnified to its satisfaction for
all costs including attorneys' fees. The Trustee may, out of the
Trust, repay any advanced made to it or reimburse itself for any
advances made by it for expenses incurred in collecting or
attempting to collect any sum from any insurance company by suit or
otherwise.
7.4 Effect of Loans or Charaes. Only the net proceeds
of policies payable to the Trustee shall be collected hereunder,
and unless Grantor, by will, shall provide specifically to the
contrary, all loans, advances, and other charges against any
policies shall be paid from the proceeds thereof, and only the
surplus proceeds shall be claimed and collected by the Trustee
hereunder.
7.5 Insurance Companv Duty. No insurance company under
any policy of insurance deposited with the Trustee hereunder shall
be responsible, for/the application or disposition of the proceeds
of such policy by' the Trustee. Payment to and receipt by the
Trustee of such proceeds shall be a full discharge of the liability
of such insurance company under such policy.
13
7.6 Settlement Options. The Trustee, in its discretion,
may accept any of the optional modes of payment provided in any of
such policies where such modes of payment are permitted to the
Trustee by the insurance companies.
ARTICLE VIII
GENERAL TRUST PROVISIONS
8. 1 Duration and Termination of the Trust.
Notwithstanding any other provision of this Trust, and unless
sooner terminated by the operation of other provisions herein, this
Trust shall terminate twenty-one (21) years after the death of the
last to die of the Grantor and all of the Trust beneficiaries named
or described herein who are living on the date of execution, and
upon such termination, the Trustee shall distribute each remaining
portion of the Trust property to the then living income
beneficiaries thereof, in the proportions in which they are
beneficiaries of such income.
8.2 Defini tions. In the interest of clarity, this
paragraph includes some definitions and statements pertaining to
usage and intention in this instrument. The masculine gender is
used when the reference of a pronoun may include male or female
persons, and the singular masculine pronoun is used when referring
to any fiduciary, regardless of sex or number. An adopted child
shall be regarded as the natural child of his adopting parents and
as the natural descendant of the ancestors of his adopting parents.
The term "descendants" refers to the children, grandchildren, and
more remote issue of the named ancestor. No other term used in
this instrument may be construed to "descendants." The term "per
stirpes" means "by representation" and is used in its technical
sense to describe how descendants of a named person share in a gift
made, in terms, to descendants. Property to be distributed to
descendants per stirpes shall be distributed to the same persons in
the same shares as property of the named ancestor would have been
distributable under Florida law if the ancestor had died intestate,
domiciled in Florida, unmarried, and survived by such descendants.
Whenever beneficiaries are to be determined by reference to the law
of descent and distribution, the law in effect on the date of
execution of this instrument shall govern.
8.3 Florida Law Apolies. This Trust has been accepted
by the Trustee in the State of Florida, and all questions
pertaining to its validity, construction and administration shall
be determined in accordance with the laws of the State of Florida.
8.4 paraqraoh Headings. The paragraph headings or
designations used throughout this agreement have been inserted
solely for convenience in reference and shall in no way be taken to
limit or extend the natural and proper construction or meaning of
the language employed within the paragraph.
8.5 Certi~ied Cooies. To the same effect as if it were
the original, anyoneimay rely upon a copy certified by the Trustee
to be a true copy of this instrument and of the writing, if any,
endorsed on or attached thereto and kept by the Trustee.
14
,.
SCHEDULE 1
THE HARRIET K. DORRELL
REVOCABLE TRUST Q,f 1992
As the initial subject matter of the Trust, the Grantor
hereby assigns, grants, and sets over to the Trustee the following:
A fifty percent (50% > interest in that certain real
property located in Brevard County, Florida, more fully
described as follows:
Lot 1, Block 59, BAREFOOT BAY, UNIT TWO, PART
TEN, according to the plat thereof, as
recorded in Plat Book 22, Page 105, of the
Public Records of Brevard County, Florida.
This trust owns a fifty percent (50%> interest in that
certain AARP Investment Program from Scudder, P. O. Box
2540, Boston, MA 02208-2540, Acct. No. 1-129602545-8.
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That certain checking account located at Barnett Bank,
13555 U.S. 1, Sebastian, Florida 32958, account no.
3388195426.
(I ()
This trust is the beneficiary of the benefits under The
Travelers Insurance Company, Policyholder The Okonite
Company, Group pol~cy No. GA-801500.
This trust is the peneficiary of that certain annuity
through Keyport Life Insurance Company, 125 High Street,
Boston, Massachusetts 02110-2712, Policy No. TM10051540-
01.
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no
This trust is the beneficiary of that certain First
Capital Life Insurance Company, P. O. Box 85733, San
Diego, CA 92186-5733, Policy No. 0495666-00M.
This trust owns a fifty percent (50%) interest in that
certain Carlyle Real Estate Limited Partnership-Xv, under
Certificate Number C15-048875.
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This trust owns a fifty percent (50%) interest in that
certain Carlyle Real Estate Limited Partnership-xv, under
Certificate Number C15-011304.
~
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This trust owns a fifty percent (50%> interest in that
certain Balcor Current Income Fund 85, under
Confirmation Number 0003642-42, Acct. No. 697-05759-0-
022-00314.
This trust owns a fifty percent (50%) interest in that
certain real property more fully described as follows:
Unit No. A2, in Building No. 06, in Club III
at Mattix Forge Condominium together with an
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undivided .00258 percent interest in the
common elements appurtenant thereto as amended
from time to time, in accordance with and
subject to the terms, limitations, conditions,
covenants, restrictions and other provisions
of Club III at Mattix Forge Condominium,
Master Deed dated May 12, 1986, and recorded
on June 2, 1986 in the Office of the Clerk of
Atlantic County in Deed Book 4253, Page 10,
It
--
..I
et. seq. as amended by the First Amendment to
Master Deed and Declaration of Restrictive
Protective Covenants of Club III at Mattix
Forge Condominium dated June 20, 1986 and
recorded on June 27, 1986 in the Office of the
Clerk of Atlantic County in Deed Book 4266,
Page 269.
Being also known as Lot No. 15.01C0602 in Block No.
988.01, on the tax map of the Township of Galloway.
This trust owns a fifty percent (50%) interest in that
certain real property more fully described as follows:
BEING known and designated as Lot 3 in Block
H-27 as shown on a map entitled "Final Plat of
The Dunes Section I, Subsection 5, Part of Tax I \ ~\
Lot 16, Block H-17, Township of Long Beach,
Ocean County, New Jersey", dated August 14,
1978 by Wilcox, Gravatt and Hacunda, Inc.,
C.E. and L.S., and duly filed in the Ocean
County Clerk's Office at Toms River, New
Jersey on January 19, 1979 as Map IB-862.
BEING a portion of the same premises conveyed
to F. Muth Land Co., a New Jersey corporation,
by deed from Speir and Brogdon, a partnership,
dated August 15, 1978 and recorded August 31,
1978 in Deed Book 3748 Page 571.
That certain account number 773-29031 located at Merrill
Lynch, Pierce, Fenner and Smith, Inc., 2200 S. Front Street,
Melbourne, Fl 32901.
'-1 eS
This trust is the beneficiary of that certain State of New
Jersey Pension, Retirement No. 1-10-40439.
This trust is the contingent beneficiary of that certain
American United Life Insurance Company annuity contract no. 48085.
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8.6 Desianation of Trust: Acceptance. This Trust shall
be known, designated and referred to as THE HARRIET K. DORRELL
REVOCABLE TRUST OF 1992 and the Trustee, by the Trustee's signature
hereto, accepts the Trust hereby created.
IN WITNESS WHEREOF, the parties hereto have executed this
instrument consisting of an habendum on one page and eight
consecutive numbered articles on sixteen pages including this and
the following page on the day and year first above written.
Witnesses:
LYNNE R. THOMPSON
ANN BAKER
As to Grantor
~I Ua.Yn'e..+ K. D~r~/I
HARRIET K. DORRELL, Grantor
LYNNE R. THOMPSON
ANN BAKER
~/ tV ,'II/a rn N. 7;)0 t"rt..1I
WILLIAM H. DORRELL, Trustee
As to Trustee
LYNNE R. THOMPSON
ANN BAKER
:i Harn'e+ K. DDrrel(
HARRIET K. DORRELL, Trustee
As to Trustee
STATE OF FLORIDA
ss:
COUNTY OF BREVARD
I HEREBY CERTIFY that on this day personally appeared
before me, an officer duly authorized to administer oaths and take
acknowledgments, HARRIET K. DORRELL and WILLIAM H. DORRELL, to me
personally known to be the Grantor and Trustees described in and
who executed the foregoing Revocable Trust Agreement, and they
acknowledged before me that they executed the same freely and
voluntarily for the purpose therein expressed, and who did take an
Oath.
WITNESS_mj( hand and official seal in the State and County
aforesaid this ~ day of April, 1992.
(if ~K tU~d.
Notary Public
State of Florida at Large
SARAH K. WOODFORD
NOlary Public, Stale at Florida
My Commission Expires 3-16-96
CC 187591
Bond.ed Ihru lupfer-Fmkes Ins.
)
15