Second Trust Sample Clauses
The 'Second Trust' clause establishes the creation or recognition of a secondary trust, typically in addition to a primary trust arrangement. This clause outlines the terms under which assets may be transferred to or managed by the second trust, specifying the beneficiaries, trustees, and the conditions for its operation. In practice, it may be used to separate certain assets for specific beneficiaries, provide for contingent interests, or address tax planning strategies. The core function of this clause is to offer flexibility in estate planning by allowing the settlor to direct assets into a distinct trust structure, thereby addressing specific needs or objectives that may not be met by the primary trust alone.
Second Trust. Upon written notice from the Employer of the appointment of a second trustee to acquire and manage a portion of the Trust Fund and upon the acceptance of such appointment by such second trustee, the Trustee shall transfer to the second trustee that portion of the Trust Fund the Employer designates for management and control by the second trustee. That portion of the Trust Fund held by a second trustee shall for purposes of this Plan and Trust be deemed to be assets of this Plan. The provisions of this Plan shall govern such second trustee as though such second trustee had been initially appointed as the original Trustee in this Plan and Trust. After the appointment of the second trustee, the Employer may direct transfers of assets between both trustees. Neither the original Trustee established under this Trust nor such second trustee shall be responsible for or liable for any loss resulting from the management and control of the assets of the Plan held by the other trustee.