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Summary of an Irrevocable Trust Article 2: Beneficiaries
The Grantors are the beneficiaries of the Trust during their lifetimes. After the death of the last Grantor to die, the Trustees are directed to divide the Trust property into four equal shares - one each for the Grantors' four children, Robert, Francis, Mary and Jane, per stirpes - and administer the shares as provided in Article 3. The Grantors reserve a "limited power of appointment," to be exercised in the Will of either Grantor, to change the designation of the ultimate beneficiaries and the distribution of the Trust assets. The changes shall be binding if the Will has been deposited with the Surrogate's Court before the testator's death or is filed for probate in the domicile county of the testator within 90 days of the death of the last Grantor to die. Article 3: Use of Income and Principal
Article 4: Designation of Trustees Article 5: Power of Authority of Trustees
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