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HomeMy WebLinkAboutL_Amended Restated Living Trust_20180326_v1AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY THIS AGREEMENT is between ALEXANDER M. HENRY, Trustor, and ALEXANDER M. HENRY, Trustee. This document constitutes a complete amendment and restatement of the Revocable Living Trust of ALEXANDER M. HENRY dated September 19, 1991. I. Transfer of Property: Trustor has transferred and delivered, or will shortly transfer and deliver, to Trustee the property of Trustor's itemized on Schedule A attached hereto. The property, together with other property which may be added this trust, shall be held, managed and distributed by Trustee as herein provided. II. Personal Status Trustor is single and has Two children, namely MICHAEL LEE HENRY and PATRICIA FAITH HENRY, all of legal age and no deceased children with issue surviving. Rights Reserved by Trustor A. Trustor reserves the right to: (1) Direct the distribution of all income from, and principle of, the property held in this trust. Directions given hereunder may be given orally or in writing, ,. but if given orally shall be confirmed in writing by Trustor, if Trustee so requests. Page l I AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY All payments made from trust assets shall be deemed to have been made from the i I Trustee to the Trustor, and then from the Trustor to the payee, rather than requiring an actual distribution from the trust to the Trustor and then a payment by the Trustor to the payee, since a major purpose of this trust is to facilitate the handling of Trustor's financial affairs and estate planning, in view ofTrustor's advanced age. (2) Amend or revoke this Agreement, in whole or in part, by instrument in writing delivered to Trustee, provided: (a) Such rights shall be personal to Trustor, and shall not be exercised by any other person, including a guardian except as may be provided in a Durable Power of Attorney executed by the Trustor. (b) The powers and duties of Trustee shall not be changed without Trustee's written consent. B. Trustor or any other person may transfer, by Will or otherwise, additional property to this trust which is acceptable to Trustee, to be held under this Agreement. Page 12 AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY i IV. Distributions from the Trust Estate A. While Trustor lives: (1) Trustee shall pay to Trustor or his order so much of the net income or principle, or both, as Trustor shall direct in writing. (2) -trustee is further authorized to distribute to Trustor, or pay for his benefit, so much of the net income or principle, or both as Trustee deems appropriate, for Trustor's optimum health, support or comfort, even if the trust principle is essentially depleted as a result. During any period in which Trustor is incapable, in the sole and uncontrolled judgment of Trustee, or the successor Trustee, of making rational decisions concerning his financial affairs, Trustee may discontinue payments directed by Trustor, and may disregard the attempted exercise of any right reserved by Trustor under paragraph III and IVA(I), above. B. Upon Trustor's death: Trustee shall pay from the trust estate the expenses of Trustor's last illness, funeral and burial, debts and any applicable death taxes. The residue of the trust shall be distributed in the following manner: (1) If at the time of my death, the property located 1.3727 156th Ave SE, Renton WA 98059 has not been subdivided and is still intact as a whole, the property shall be divided in the follow manner before distribution to the intended precipitants: Page 13 AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY r� a (a) The property located at 13727 156th Ave SE, Renton WA 98059 shall be divided into two individual lots. (1) The first lot shall include the house and residence and shall be divided so that it's acreage is approximately one Acre. PATRICIA FAITH HENRY, or the survivors thereof, shall receive this lot of approximately one acre and with the existing house. (2) The second lot shall consist of the remainder of the property acreage which is approximately 1.26 acres. MICHAEL LEE HENRY, or the survivors thereof, shall receive this lot of approximately 1.26 acres. (3) The remaining residue of the trust shall be distributed in equal shares to Truster's children, MICHAEL LEE HENRY and PATRICIA FAITH HENRY, or to the survivors thereof and to the issue of any deceased child, per stirpes, provided, that if any grandchild of Trustors is under the age of twenty-one (21) years when the Trustee is directed to distribute to him or her any portion of the trust under this Agreement, that portion shall continue to be held in trust until that grandchild attains said age, when it shall be distributed to such grandchild or his or her benefit, so much of the income and principle of such portion as the Trustee, in Trustee's sole discretion, considers necessary or advisable for his or her health, education, support and maintenance, marriage, purchase of a home or start in business. If such grandchild dies before attaining the age of twenty-one (21) years, his or her trust property shall terminate and the Trustee shall distribute the remaining trust property to his or her issue then living, by right of representation, or if there be no such issue, in equal shares to any other grandchild beneficiary of this trust then living to Trustors' descendants then living, by right of representation, subject in any event to the provisions of this Section; provided, however, that if another trust is then being hold for any such issue or descendant under this paragraph, his or her Page 14 AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY share shall be added to such trust and shall be administrated and distributed as if an original part thereof. (2) If at the time of my death, the property located 13727 156th Ave SE, Renton WA 98059 has already been subdivided and none of subdivisions have been sold, the property shall be distributed in the following manner: (A) PATRICIA FAITH HENRY, or the survivors.thereof, shall receive the lot with the original and current residence located on the subdivision of the property currently listed as 13727 156th Ave SE, Renton WA 98059. (B) MICHAEL LEE HENRY, or the survivors thereof, shall receive the unimproved lot without the residence on the subdivision of the property currently listed as at 13727 156th Ave SE, Renton WA 98059. (C) The remaining residue of the trust shall be distributed in equal shares to Trustor's children, MICHAEL LEE HENRY and PATRICIA FAITH HENRY, or to the survivors thereof and to the issue of any deceased child, per stirpes, provided, that if any grandchild of Trustors is under the age of twenty-one (21) years when the Trustee is directed to distribute to him or her any portion of the trust under this Agreement, that portion shall continue to be held in trust until that grandchild attains said age, when it shall be distributed to such grandchild or his or her benefit, so much of the income and principle of such portion as the Trustee, in Trustee's sole discretion, considers necessary or advisable for his or her health, education, support and maintenance, marriage, purchase of a home or start in business. If such grandchild dies before attaining the age of twenty-one (2 1) years, his or her trust property shall terminate and the Trustee shall distribute the remaining trust property to his or her issue then living, by right of Page 15 AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY representation, or if there be no such issue, in equal shares to any other grandchild beneficiary of this trust then living to Trustors' descendants then living, by right of representation, subject in any event to the provisions of this Section; provided, however, that if another trust is then being hold for any such issue or descendant under this paragraph, his or her share shall be added to such trust and shall be administrated and distributed as if an original part thereof. (3) if at the time of my death, the property located 13727 156th Ave SE, Renton WA 98059 has already been subdivided and the Trustee has already sold the subdivision of the unimproved land located at 13727 156th Ave SE, Renton WA 98059, then property shall be distributed in the following manner: (A) PATRICIA FAITH HENRY, or the survivors thereof, shall receive only the lot with the original and current residence currently located on the subdivision of the property currently listed as 13727 156th Ave SE, Renton WA 98059. (B) MICHAEL LEE HENRY, or the survivors thereof, shall receive the entire reside of the Estate that also includes the sale proceeds of the sale of the unimproved land and any additional money left in the Trust at the time of the death. (3) If all of the beneficiaries hereunder should die prior to the date of distribution of all property of the trust, then the remaining trust property shall be distributed one-half (1/2) to the heirs of each Trustor, such to be determined in accordance with the statutes of descent and distribution of the State of Washington as though both Trustors had died intestate on the date of the death of the last survivor among the beneficiaries. Page J 6 AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY WJ I 0 Powers and Duties of Trustee In addition to the duties, powers and rights imposed and granted by law, specifically including those set forth in the Washington Trust Act, currently RCW 11.98 as it may be amended, any designed and acting Trustee shall have the power, and the exercise of discretion in the application therefo, to: A. Invest and reinvest the trust property and acquire and sell any form of real and personal property. Trustee is specifically authorized to buy and sell such property through brokers of trustee's choice (subject to using due care in the selection of such brokers) and to pay the usual and customary charges. B. Apply for an demand, and receive, hold, administer and distribute as provided herein, any debt, claim, refund or rebate, premium, dividend, or other thing of value belonging or accruing to Trustor or his estate. C. Pay all of Trustor's just obligations which come to Trustee's attention. Vl. Successor Trustee. If Alexander M. Henry fails or ceases to serve as Trustee hereof, or in the written opinion of two physicians he is incapable of managing his affairs and that of this trust, PATRICIA FAITH HENRY shall serve as successor Trustee until in the written opinion of two physicians Page 17 AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY Alexander M. Henry is again competent to manage his own affairs and the affairs of t11is trust. In the event PATRICIA FAITH HENRY should be unable to so act, MICHAEL LEE HENRY shall act as Trustee. Miscellaneous. A. Unless some other meaning and intent is apparent from the context, the plural shall include the singular and vice versa, and masculine, feminine and neuter words shall be used interchangeably. B. Trustee shall be entitled to reasonable compensation for services rendered, and reimbursement for coasts advanced in connection with carrying out Trustee's responsibilities. C. This Trust shall be interpreted according to the laws of the State of Washington, where Trustee resides. DATED this M— day of November, 2014. f Page8 AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY �r 4- --) is E STATE OF WASHINGTON ) )ss. COUNTY OF KING ) I certify that I know or have satisfactory evidence that ALEXANDER M. HENRY is the person who appeared before me, and said person acknowledged that h e signed this AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY and acknowledged it to be his free and voluntary act for the uses and purposes mentioned in this instrument. SUBSCRIBED AND SWORN to before me on this ) day of November, 2014. faaWy Public 5101 of Washington My Appainlment Exp#res ()CI 4. 2018 NOTARY PUBLIC in and for the State of Washington, residing at Seattle, King County, Washington. My commission expires:_ Page 19 AMENDED AND RESTATED REVOCABLE LIVING TRUST OF ALEXANDER M. HENRY