SPRINKLING TRUST Sample Clauses
A Sprinkling Trust is a type of trust arrangement that grants the trustee discretionary authority to distribute income or principal among a group of beneficiaries. In practice, the trustee can decide how much each beneficiary receives and when, based on their needs or circumstances, rather than following a fixed distribution schedule. This flexibility allows the trustee to respond to changing situations, such as varying financial needs or emergencies among beneficiaries, and helps ensure that the trust assets are used in the most effective way to benefit the group as a whole.
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SPRINKLING TRUST. The Trustee shall hold, administer, and distribute the assets of the Sprinkling Trust as follows:
SPRINKLING TRUST. The Trustee shall hold, administer, and distribute the assets of the Sprinkling Trust as follows:
i) For any named beneficiaries who are minors on the date of my death the trustee shall hold his or her trust estate in a separate trust to be used in the discretion of the trustee for the health, education, maintenance, and general welfare of such beneficiary.
ii) Upon the beneficiary reaching 21 years of age, the trustee shall distribute outright all remaining income and principal to such beneficiary and the trust for such beneficiary shall terminate.
iii) If any beneficiary of this Sprinkling Trust shall die before age 21, and leave no living issue, his or her share of the trust will be distributed equally to the other beneficiaries named herein. If the named beneficiary leaves living issue, then they shall be substituted for the deceased beneficiary, and this trust shall be administered for their benefit, pursuant to the provisions for their deceased parent. Upon such beneficiary reaching 21 years of age all remaining principal and income shall be distributed to the sole beneficiary.