HomeMy WebLinkAboutWincey, Charles & Laura Lease Trust Agreement Affidavit of Trustee
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Prepared by and return to:
Anthony A. Garganese, Esquire
~ Brown, Salzman, Weiss & Garganese, P.A.
Post Office Box 2873
Orlando, Florida 32802-2873
MARYANNE MORSE, CLERK OF CIRCUIT COURT
SEMINOLE COlMTV
BK 05044 PG 1850
CLERK'S # 2003177295
RECORDED 11/02/2083 11.31,89 11M
RECORDING FEES 195..
RECORDED BY L McKinlty
AFFIDAVIT OF TRUSTEE
STATE OF FLORIDA
COUNTY OF SEMINOLE
BEFORE ME, the undersigned authority authorized to take oaths and administer
acknowledgments, personally appeared LAURA EVELYN WINCEY, TRUSTEE OF THE
CHARLES W. WINCEY TRUST AGREEMENT, dated August 9, 1994, and THE LAURA
EVELYN WINCEY TRUST AGREEMENT, dated August 9,1994 ("Affiant"), who after being
duly sworn under penalties of perjury, deposes and states as follows:
1. Affiant, LAURA EVELYN WINCEY is over the age of eighteen (18) years and is the sole
surviving Trustee of THE CHARLES W. WINCEY TRUST AGREEMENT, dated
August 9, 1994, and THE LAURA EVELYN WINCEY TRUST AGREEMENT, dated
August 9, 1994 (hereinafter the "Trusts"), and as Trustee has personal knowledge of the
matters noted herein.
2. Attached hereto as Exhibit "A" is a certified copy ofthe Certificate of Death for Charles W.
Wincey, indicating the date of death as April 25, 2003.
3. Affiant is the Trustee for the aforementioned Trusts and has the full power and authority to
convey to the City of Winter Springs, Florida, the real property legally described in the Old
Republic National Title Insurance Company Commitment, bearing ORT File Number
03083455, a copy of which is attached hereto as Exhibit "B" ("Title Commitment").
4. The aforementioned Trusts have not been revoked, revised or amended other than as
submitted to Old Republic National Title Insurance Company and Brown, Salzman, Weiss
& Garganese, P.A. and are in full force and effect.
5. . THECHARLESW. WINCEYTRUST AGREEMENT, dated August 9, 1994, as to an
undivided 1'2 interest and THE LAURA EVELYN WINCEY TRUST AGREEMENT,
dated August 9, 1994, as to an undivided Yz interest are currently the fee simple owner of
the parcel described in the Title Commitment.
6. Affiant represents that the THE CHARLES W. WINCEY TRUST AGREEMENT, dated
August 9, 1994, attached hereto as Exhibit "C," represents a true and correct copy ofthe
original trust and can be fully relied upon as the original and that said copy shall form an
integral part of the Warranty Deed conveying the aforementioned real property to the City
of Winter Springs, Florida.
Page 1 of 2
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FILE NUM 2003177295
OR BOOK 05044 PAGE 1851
7. Affiant represents that the THE LAURA EVELYN WINCEY TRUST AGREEMENT,
dated August 9,1994, attached hereto as Exhibit "D," represents a true and correct copy
ofthe original trust and can be fully relied upon as the original and that said copy shall form
an integral part of the Warranty Deed conveying the aforementioned real property to the City
of Winter Springs, Florida.
8. Affiant is familiar with the nature of an oath and with the penalties as provided by the laws
of the United States and the State of Florida for falsely swearing to statements made in an
instrument ofthis nature. Affiant has read, or heard read, the full facts ofthis Affidavit and
understands its context.
Affiant has caused this Affidavit to be executed this 30th day of September, 2003.
AFFIANT:
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LAURA EVELYN NCEY, TRU E
STATE OF FLORIDA
COUNTY OF SEMINOLE
I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid
to take acknowledgments, personally appeared LAURA EVELYN WINCEY, TRUSTEE OF THE CHARLES W.
WINCEY TRUST AGREEMENT, dated August 9,1994, and THE LAURA EVELYN WINCEY TRUST
AGREEMENT, dated August 9, 1994 f.)4:who is personally kn to me, or [ ] who has produced
as identification, and who xecuted the foregoing instrument and who
acknowledged before me that she executed the same for the purposes t fo herein, and she did not swear an oath.
WITNESS my hand and official seal in the State and Coun last fi s
. 3 th day of September, 2003.
(Notary Seal)
NOTARY PUBLIC
My Commission Expires:
F: lDoc.ICity of Winter Springsl WinceylCIo.ing DocumcntslTRUSTEE AFFIDA VIr. wpd
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, FILE NO. 03083455
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REVISED SEPTEMBER 26, 2003
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
1971 LEE ROAD
WINTER PARK, FL 32789
Phone: (407)647-1915
Fax: 407-647-1735
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Agent File Number: 315-027
ORT File Number: 03083455
REVISED SEPTEMBER 26, 2003
SCHEDULE A
1) Effective Date: August 11, 2003 at 5:00 PM
2) Policy or Policies to be issued:
Amount:
a) AL TA Owners Policy Standard Form B 1992
(amended 10/17/92 with Florida Modifications)
$1,000,000.00
Proposed Insured:
CITY OF WINTER SPRINGS, FLORIDA, a political subdivision
b) AL T A Standard Loan Policy 1992
(amended 10/17/92 with Florida Modifications)
Proposed Insured:
N/A
$N/A
3) The estate or interest in the land described or referred to in this Commitment and covered herein is a
FEE SIMPLE.
4) Title to the Fee Simple estate or interest in said land is at the effective date hereof vested in:
LAURA EVELYN WINCEY, TRUSTEE OF THE CHARLES W. WINCEY TRUST AGREEMENT
dated August 9,1994, as to an undivided 1/2 Interest, and LAURA EVELYN WINCEY, TRUSTEE
OF THE LAURA EVELYN WINCEY TRUST AGREEMENT dated August 9, 1994, as to an
undivided 1/2 interest
5) The land referred to in this Commitment is described as follows:
The East half (E Va) of Lot 3, Block C, and the East half (E Va) of Lot 3, Block 0, of D.R.
MITCHELL'S SURVEY OF THE LEVY GRANT ON LAKE JESSUP, according to the plat thereof
as recorded In Plat Book 1, Page 5, Public Records of Seminole County, Florida.
This Commitment valid only if Schedule B is attached.
EXHIBIT "B"
ORDOCS COMMITMENT ORLANDO SUBDIVISION MF01149
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REVISED SEPTEMBER 26, 2003
SCHEDULE B . SECTION I
FILE NUM 2003177295
OR BOOK 05044 PAGE 1854
The following are the requirements to be complied with:
1. Payment of the full consideration to, or for the account of, the grantors or mortgagors,
2. Instrument(s} necessary to create the estate or interest to be insured must be properly executed,
delivered and duly filed for record:
a} Warranty Deed from LAURA EVELYN WINCEY, TRUSTEE OF THE CHARLES W. WINCEY
TRUST AGREEMENT dated August 9,1994, and LAURA EVELYN WINCEY, TRUSTEE OF
THE LAURA EVELYN WINCEY TRUST AGREEMENT dated August 9, 1994 to THE CITY OF
WINTER SPRINGS, FLORIDA, a political subdivision, conveying the property described in
Schedule "A" herein.
3. Other instruments which must be properly executed, delivered and duly filed for record, and/or other
matters which must be furnished to the company:
4. Record affidavit from the trustee of the CHARLES W. WINCEY TRUST AGREEMENT dated August
9, 1994 stating that LAURA EVELYN WINCEY is the sole surviving trustee and that said trust has not
been revoked, revised or amended and is in full force and effect.
5. Record affidavit from the settlor and/or trustee of the LAURA EVELYN WINCEY TRUST
AGREEMENT dated August 9, 1994 stating that LAURA EVELYN WINCEY is presently the sole
surviving trustee, that she has full power to sell and convey subject premises, that the trust
agreement has not revoked, revised or amended other than as submitted to Old Republic National
Title Insurance Company and is in full force and effect. That the attached pages represent true and
correct copies of the original trust and can be relied upon as if an original. Said affidavit is to attach to
and form a part of said deed and is to be an intergral part thereof.
6. A copy of the CHARLES W. WINCEY TRUST AGREEMENT dated August 9, 1994 and all
amendments thereto to be submitted for review.
7. A copy of the LAURA EVELYN WINCEY TRUST AGREEMENT dated August 9, 1994 and all
amendments thereto to be submitted for review.
NOTE: This commitment is subject to further requirements as may be deemed necessary upon
review of aforesaid trust documents.
8. A certified copy of the Death Certificate of CHARLES W. WINCEY, to be filed in the Public Records of
Seminole County, Florida.
SCHEDULE B SECTION illS CONTINUED ON AN ADDED PAGE
ORDOCS COMMITMENT ORLANDO SUBDIVISION MF01149
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FILE NO. 03083455
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REVISED SEPTEMBER 26, 2003
FILE NUM 2003177295
OR BOOK 05044 PAGE la55
SCHEDULE B . SECTION"
Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless
the same are disposed of to the satisfaction of the Company:
1. Defects, liens, encumbrances, adverse claims or other matters, if any created, first appearing in the
public records or attaching subsequent to the effective date hereof but prior to the date the proposed
Insured acquires for value of record the estate or interest or mortgage thereon covered by this
Commitment.
2. Facts which would be disclosed by an accurate and comprehensive survey of the premises herein
described.
3. Rights or claims of parties in possession.
4. Construction, Mechanic's, Contractors' or Materialmen's lien claims, if any, where no notice thereof
appears of record.
5. Easements or claims of easements not shown by the public records.
6. Any adverse ownership claim by the State of Florida by right of sovereignty to any portion of the lands
insured hereunder, including submerged, filled, and artificially exposed lands and lands accreted to
such lands.
7. State road right reservations(s), if any.
8. Oil, gas and mineral right reservations, if any.
9. General or special taxes and assessments required to be paid in the year 2003 and subsequent
years.
No( s).: 26-20-30-5AR-OCOO-0030 and 26-20-30-5AR-ODOO-0030
10. Any lien provided by Chapter 159 F .S., in favor of any city, town, village or port authority for unpaid
service charge for service by any water, sewer or gas system supplying the insured land.
11. Subject to matters of plat of D.R. MITCHELL'S SURVEY OF THE LEVY GRANT ON LAKE JESSUP,
according to the plat thereof as recorded in Plat Book 1, Page 5, Public Records of Seminole County,
Florida.
12. Riparian rights are neither guaranteed nor insured.
13. Rights of owners of land abutting upon the waters of Lake Jessup.
14. Title to beds or bottoms of lakes, or other bodies of water, located in, on, or within the land described
herein.
15. The land described herein shall not be deemed to include any house trailer or mobile home, whether
or not permanently affixed to the land.
TAX INFORMATION:
PARCEL NO. 26-20-30-5AR-OCOO-0030
2002 Taxes were PAID in the gross amount of $372.69 and WAS NOT homestead.
Taxes DO NOT include more land than subject premises.
TAX INFORMATION:
PARCEL NO. 26-20-30-5AR-ODOO-0030
2002 Taxes were PAID in the gross amount of $17.43 and WAS NOT homestead.
Taxes DO NOT include more land than subject premises.
ORDOCS COMMITMENT ORLANDO SUBDIVISION MF01149
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TRUST AGREEMENT
FILEiNU~ 2003177295
OR adeK..t 05044 PAGE 1856
TRUST AGREEMENT executed this 9
day of Au~ust
, 1994,
by CHARLES W. WINCEY, hereinafter referred to as "Settlor", and
CHARLES W. WINCEY and LAURA EVELYN WINCEY, as "Co-Trustees". Co-
Trustees are authorized to act independently and the actions of one
Co-Trustee shall be binding upon the Trust.
I.
ESTABLISHMENT OF TRUST
Settlor establishes this trust, which shall be known as the
CHARLES W. WINCEY TRUST to act as a receptacle for property which
may be transferred to the Trustees during the term of the trust.
Property to be presently included in the trust is set forth in
Schedule "A" attached hereto.
Addi tions of property may be made by Settlor or others by
assignment, gift, devise, bequest, testamentary. or inter vivos
appointment, or by making the trust the beneficiary of an insurance
policy bn the life of either Settlor or another.
Trustees agree to hold the same in trust for the purposes and
on the conditions hereinafter set forth.
II.
RESERVATIONS
Settlor reserves the right to alter, amend, revoke or
terminate this agreement in whole or in part. The above shall be
on written notice to the Trustees (Settlor's will shall not
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constitute such notice); provided, however, that if altered or
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OR BOoK 05044 PAGE 1857
amended, the duties, powers and responsibilities of Trustees shall
not be changed substantially without Trustees consent. Trustees
agree to reassign or reconvey to Settlor any property affected by
the exercise of such right.
III.
DISTRIBUTION
1. DURING THE LIFE OF THE SETTLOR: During the life of the
Settror, Trustees shall hold and manage the trust estate and pay
all net income of the trust to Settlor for the care and support of
the Settlor and his spouse, LAURA EVELYN WINCEY. In addition, the
Trustees shall pay to Settlor such amounts of the corpus as the
Trustees, in their sole discretion, deem necessary.
2. DISPOSITION AFTER DEATH OF SETTLOR: Upon the death of
the Settlor~ the Trustees may either advance to Settlor's personal
representative funds to meet any deficiency encountered by reason
of debt, fees, expenses, taxes, and other charges against Settlor's
estate being in excess of property in such estate which can reason-
ably be liquidated or may pay any or all such charges directly.
In determining liabilities and charges under the preceding
paragraph, the Trustees may act on such evidence as it shall deem
reliable, it being Settlor's intent that the Trustees may be
protected without resort to any court if no probate proceedings are
required to settle his estate.
3. DIVISION OF TRUST: Trustees shall, on the death of the
Settlor, divide the remaining trust property and any property added
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thereto under Settlor's Will, after payment of the debts and
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FILE\NUM 2003177295
OR BOOR 05044 PAGE 1858
expenses authorized in the preceding paragraphs, into a Marital
Portion and a Residuary Credit Shelter Portion.
a) MARITAL PORTION: The Marital Portion shall consist
of the smallest pecuniary amount that, if allowed as a federal
estate tax marital deduction, would result in the least possible
federal tax being payable by reason of Settlor's death. If the
trust estate is less than the then existing unified credit amount,
then' the marital portion shall be zero.
In determining this
pecuniary amount, the Trustees shall consider credit for state
death taxes only to the extent those taxes are thereby incurred or
increased, and shall assume that all payments and devises under the
Last Will and Testament have been paid in full.
When setting aside the Marital Portion, Trustees shall select
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from the property, including cash, constituting the trust fund,
that qualifies for the marital deduction under the federal estate
tax law and shall allocate such cash or other selective property
to the Marital Portion at the federal estate tax value finally
assigned thereto, whether or not such property may have fluctuated
in market value at the time of the allocation. Trustees shall, at
the time of such allocation, take into account any appreciation or
depreciation in the value of any property then available for such
allocation, in relation to the federal estate tax value finally
assigned thereto,
so the assets so selected. are fairly
representati ve of any such appreciation or depreciation in the
value of the property then available for allocation to the Marital
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Portion.
In making such selection, Trustees may (but need not)
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FILE\NUM 2003177295
OR BOOR 05044 PAGE 1859
take into consideration to the extent Trustees, in his sole
discretion, shall deem appropriate, the federal income tax basis
of the property so selected.
It is Settlor's wish (but not
direction) that Trustees select assets for allocation to the
Marital Portion so as to effect a pro rata apportionment of the
assets then available for such allocation, both as to such
appreciation or depreciation of such assets and as to the federal
income tax basis of such assets. Trustees shall not adjust the
interest of any beneficiary as 11 result of any action taken or
forborne under the previous provisions of this paragraph, and
Trustees shall not be liable to any beneficiary on account of such
selection.
Anything hereinbefore contained to the contrary
notwithstanaing, Trustees shall not allocate to the Marital Portion
any united States Treasury Bonds redeemable at par value in payment
of any federal estate tax assessed against the Settlor's estate,
or any asset which would not be subject to any federal estate tax
at the Settlor's death if not allocated to the Marital Portion,
. and, in addition, Trustees shall not allocate to the Marital
Portion, to the extent there is sufficient other property, any
asset which would constitute income in respect of a decedent for
federal i~~~me tax purposes, or any asset which would produce for
the Settlor's estate a credit for foreign death taxes.
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b) RESIDUARY CREDIT SHELTER PORTION: The- remainder of
the trust fund not set aside as the Marital Portion shall be held
as a separate trust, hereinafter called the Residuary Credit
Shelter Portion.
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OR BOOK 05044 PAGE 1860
4. ADMINISTRATION OF TRUSTS:
A. Marital Portion. As to the Marital Portion, Trustees
shall distribute the Marital Portion to the Trustee of the LAURA
EVELYN WINCEY TRUST under Agreement dated August 9
,
1994.
B. Residuary Credit Shelter Portion. As to the Residuary
Credit Shelter Portion, Trustees shall hold, manage, and reinvest
the same, collect the income arising therefrom, payout of such
income all taxes, charges and expenses properly payable thereout,
and pay over the net income thereof-to the Settlor's spouse during
the remainder of spouse's lifetime for the benefit of the Settlor's
spouse.
~n the event the Trustees, in Trustee's absolute
discretion, shall deem such income insufficient, Trustees shall
also pay to or apply for the benefit of the Settlor's spouse such
sums out of the principal of the Residuary Credit Shelter Portion
herein created, as necessary,- for the Settlor's spouse's health,
education, support and maintenance, taking into consideration other
sources of income and support available to Settlor's spouse.
Upon the death of the Settlor's spouse, LAURA EVELYN WINCEY,
the Trustees shall distribute the remaining trust assets and
accrued income to Settlor's children, PATRICK ARTHUR WINCEY and
MICHAEL ALLEN WINCEY, in equal shares, per stirpes.
In the event either of Settlor's children predecease Settlor
without leaving lineal descendants, his or her share shall go to
augment the share of the surviving child.
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Notwithstanding anything contained herein to the contrary, if
any beneficiary taking under this paragraph III, (4.B) who would
receive an interest in the trust estate is less than twenty-five
(25) years of age at the time of distribution, his share shall vest
but shall continue in trust until he attains the age of 25. In the
meantime, the Trustees are authorized to disburse so much of the
income and principal as in the Trustee's sole discretion he deems
necessary for the proper support, education (including college) and
general welfare of said beneficiary~
In the event the interest of any beneficiary of any trust
created hereunder shall violate the Florida Uniform statutory Rule
Against Perpetuities as determined under section 689.225 of the
Florida statutes, as amended, the terms of such trust shall be
reconstrued to require such interest to vest within the time period
specified for a valid interest under such statutory provision. In
the event it is impossible to reconstrue the terms of such trust
to require such interest to vest within the time period specified
for a valid interest under such statutory provision, then such
trust shall terminate within the time period specified for a valid
interest- under such statutory provision.
Upon termination, the
property held in such trust shall be distributed, free of trust,
to the then income beneficiaries thereof, in accordance with their
respective income interests in such trust.
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OR BOOK 05044 PAGE 1862
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IV.
GENERAL DISPOSITION PROVISIONS
A. PERIODIC PAYMENTS: Income payments shall be made at least
quarter-annually.
B. APPLICATION OF INCOM~: Whenever income is directed to be
paid to a beneficiary, it may, in the discretion of the Trustee,
be applied for the benefit of the beneficiary.
C.
UNDISTRIBUTED INCOME:
Whenever an income beneficiary
dies, any accrued but undistributed income shall be paid, when
distributable, to the holder or holders of the next estate.
D.
PAYMENTS TO DISABLED PERSONS:
Whenever income or
principal is payable to a disabled' person as defined in the
paragraph of Article IV entitled "DISABILITY", the Trustee may pay
to the guardian of the distributee's estate, may apply such payment
for his benefit, may pay directly to him as an allowance, may
deposit such payment in a bank account (commercial or savings) or
in an account in a Federally insured savings and loan association
in his name, or the payment may be held by the Trustee in a
separate account for the distributee's benefit as if the Trustee
was custodian for the distributee; provided, that the Trustee may,
in Trustee's discretion, accumulate income for the benefit of said
distributee, distributing any accumulated income to 'him upon the
removal of such disability, provided, further, that if said person
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OR BOOK 05044 PAGE 1863
dies before complete distribution, any accumulated income shall be
held and distributed as part of the corpus of the trust.
E. RECEIPT OF MINOR: Whenever payments are made to a minor,
his receipt shall exonerate the Trustee.
F. ULTIMATE TAKERS: If ,at any time, there is no one to take
under this agreement ,the Trustee shall forthwith pay over the fund
to those persons who would have taken the personal estate of
Settlor, as if they had then died intestate, domiciled in Florida,
under the laws of Florida which then obtain, the shares and
proportions of taking to be determined by said laws.
G. SPENDTHRIFT PROVISION: No corpus or income payable or to
become payable shall be subject to anticipation or assignment by
any beneficiary thereof 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 in satisfaction of any
debt or liability of such beneficiary prior to its actual receipt
by the beneficiary.
H. DISABILITY: If a court of competent jurisdiction or by
a panel of two licensed physicians determine that a beneficiary is
suffering from physical or mental disability to the extent he is
incapable of exercising judgment about or attending to financial
and property transactions, such determination reduced to writing
and delivered to any beneficiary or contingent beneficiary under
this Trust Agreement, shall be conclusive for the purposes of this
agreement.
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OR BOOK 05044 PAGE 1864
Likewise, if a court of competent jurisdiction or a panel of
two physicians determine that a Trustee is suffering from physical
or mental disability to the extent he is incapable of judgment
about or attending to financial and property transactions, such
determination reduced to writing shall be sufficient to relieve the
Trustee of his duties under this agreement and said duties shall
pass to the Successor Trustee.
I.
CONSTRUCTION:
In construing this instrument, con-
sideration shall be given to the fact that the singular and plural
and the masculine,
feminine and neuter have been used
interchangeably. The headings of the articles and paragraphs of
this agreement are inserted for convenience of reference only, and
shall not be used in construction or interpretation.
V.
TRUSTEE
A. Ap~ointment of Successor Trustees.
1. If either Co-Trustee is unable or unwilling to serve
as Trustee, then the remaining named Co-Trustee shall serve as sole
Trustee. However, LAURA EVELYN WINCEY shall not serve as Trustee
of the Credit Shelter Trust. At such time as the Credit Shelter
Trust is_.~_~!ablished, the Trustee named in Article V, paragraph
(A)(2) shall assume the duties of the Trustee.
2. In the event that both Co-Trustees are unable or
unwilling to serve, then Settlor appoints his sons, PATRICK ARTHUR
WINCEY and MICHAEL ALLEN WINCEY, to serve as Successor Co-Trustees.
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Co-Trustees are authorized to act independently and the actions of
one Co-Trustee shall be binding upon the Trust.
B.
Wai ver of Bond.
No indi vidual Trustee or successor
Trustee hereunder shall be required to furnish any bond or other
security in any jurisdiction for the faithful performance of his
or her duties as such, the same being expressly waived hereby.
C. compensation of Trustee. The Trustee shall be entitled
to reasonable compensation for services rendered hereunder. Any
addi tional . duties and responsibilities due to acquisition of
additional trust property or the transfer into trust of additional
property shall be considered in determining the amount, but it
shall not exceed the amount allowable by law at the time
compensation becomes payable.
D.
Accounting by Trustee.
The Trustee shall prepare an
account for each taxable year of such trust, and, whenever such
Trustee ceases to serve, an account shall be prepared from the time
of the last prior account through the end of the period of service.
The Trustee shall keep each account available for inspection by and
may deliver copies to the beneficiaries eligible within the period
covered thereby to receive benefits from the trust which is the
subject bf said account. The written approval of an account by
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such a beneficiary, or by his or her parent or guardian if such
beneficiary is a minor or otherwise incompetent, shall be final and
binding 'as to all matters stated therein or shown thereby upon that
beneficiary and upon all persons then or thereafter claiming any
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inte?~st through or under him or her in the income or principal of
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FILE'NUM 2003177295
OR BOOK 05044 PAGE 1866
such trust. Failure of such beneficiary, or of his or her parent
or guardian if such beneficiary is a minor or otherwise
incompetent, to deliver to the Trustee written objection to an
account within thirty (30) days after receipt thereof shall
constitute the final and binding approval thereof by that
beneficiary.
E. Resignation. The Trustee may resign by delivering written
resignation upon thirty (30) days' notice to any competent adult
beneficiary or the parent or guardian of a minor or otherwise
incompetent beneficiary then entitled to distributions hereunder.
If no successor Trustee who is willing and able to serve has been
designated by Settlor herein, a majority of the beneficiaries then
entitled to distributions hereunder (a minor or otherwise
incompetent beneficiary to be represented by his/her parent or
guardian) shall have the right within such thirty (30) day period
to appoint a successor Trustee and shall notify the resigning
Trustee' of such appointment. In the event the said beneficiaries
shall fail to designate a successor Trustee wi thin the time
specified, the then acting Trustee may apply to a court of
competent jurisdiction for leave to resign and for the appointment
of a successor Trustee and the judicial settlement of such
resigning Trustee's account.
~,.
F. Succession of Trustees.
1. Any successor Trustee shall accept the office by
written instrument and shall assume the duties thereof immediately
.::'.~~~... ---
uporr:-deli very of the acceptance to any adult beneficiary then
11
);;;-M
.... -
..of
.
~'
FILE NUM 2003177295
OR BOOK 05044 PAGE 1867
entitled to distributions hereunder, or, if none, to the parent or
guardian of any' minor or otherwise incompetent beneficiary then
entitled to distributions hereunder, without the necessity of any
other act, conveyance or transfer.
2. The title to the Trust Estate shall vest forthwith
in any successor Trustee acting pursuant to the provisions hereof,
but any resigning or removed Trustee shall execute all instrument
and do all acts necessary to vest such title in any successor
Trustee without court accounting. A successor Trustee shall have
no duty to examine the accounts, records and acts of the previous
Trustee or Trustees and shall in no way or manner be responsible
for any act or omission to act on the part of any previous Trustee.
Any claim or action against any previous Trustee must in any event
be asserted or filed by any beneficiary within one year after such
Trustee ceases to serve.
3. Each successor Trustee shall have, exercise and enjoy
all of the rights, privileges an powers, both discretionary and
ministerial, as are herein given to the original Trustee and shall
incur all of the duties and obligations imposed upon the said
original Trustee.
VII.
ADMINISTRATIVE POWERS
In the administration and distribution of 'any Trust or
fund created hereunder, the Trustee shall have the power and
authori ty conferred by Florida Statutes Section 737.402 as amended.
~.,ifd~ ._.~.
12
~~.
. ,
FILE'MUM 2003177295
OR BOOK 05044 PAGE 1868
Additionally, the Trustee shall have the following additional power
and authority;
a) To acquire, encumber and dispose of real and personal
property without the prior or subsequent approval of any court, and
no purchaser or lender shall be held liable to see the propriety
of the transaction nor to the application of proceeds.
It is
Settlor's intention to grant the Trustee a general power of sale,
and any action taken pursuant, thereto shall be valid without,
showing of necessity and without authorization or confirmation of
Court.
b) To make distributions (including the satisfaction of any
pecuniary distribution) in cash or in specific property, real or
personal, or an undivided interest therein or partly in cash and
partly in such property, and to do so without regard to the income
tax basis or specific property allocated to any distributee
(including the Trust); and such power shall not be exercised in
such a way that it will affect the deductibility of any devise for
charitable or marital deduction purposes.
c) To distribute a distribution to a distributee who is a
minor at the time of distribution to the minor's custodian under
the Florida Gifts to Minor's Act. If there is not such custodian,
such custodian may be appointed by the Trustee, and any party
serving as Trustee may be appointed as custodian.
d) To permit any person having any interest in the income of
any Trust to occupy any real property forming a part of any Trust
. :,:~:r:ii1!= --
upon-such terms as the Trustee shall deem proper, whether rent-
13
.
_to "
FILE~UM 2003177295
OR BOOK 05044 PAG~ 1869
free, or in consideration of the payment of taxes, insurance,
maintenance and ordinary repairs, or otherwise.
e) The Trustee,' if the Trustee is either Grantor or Grantor's
spouse, is authorized to buy, sell and trade in securities of any
nature, including short sales, on margin, and for such purposes may
maintain and operate margin accounts with brokers, and may pledge
any securities held or purchased by them with such brokers as
security for loans and advances made to the Trustee. All other
Successor Trustees are authorized to exercise these powers
mentioned immediately hereinabove in this paragraph (e) excluding
short sales, on margin or pledge any securities held or purchased
by them with such brokers as security for loans and advances made
to the Trustee.
f) The Trustee is authorized to sign checks, orders to
withdraw or to make deposits on accounts at any financial
institution. Also, to place stop payment orders on checks or on
any assets owned by this Trust.
And included is the right to
obtain certificates of deposit, money market, other accounts or
investments and the right to withdraw early certificates of deposit
regardless of any penalty involved or to borrow against
certificates of deposit or other accounts.
g) The Trustee may hold non productive assets originally
owned by the Trust as of the date of Settlor's death or added to
the Trust because of Settlor's death or the death of Settlor's
spouse without being responsible to the unproductive asset statutes
:~'d":j~f=- - '.
provided by State law.
14
~
"
FILE ',NUM 2003177295
OR BOOK 05044 PAGE 1870
"
VIII.
EXCULPATORY
TRUSTEE:
The Trustee shall not be liable for the acts,
omissions or defaults of any agent appointed with due care, and he
shall be held to no obligation whatever under the terms of this
agreement ~xcept for the exercise of good faith and ordinary
diligence in the discharge of those duties which, by the terms of
this instrument, he has expressly undertaken.
A successor Trustee shall be under no obligation to inquire
into the acts or examine the accoun~s of anyone who was a Trustee
prior to the qualification of such successor and, in no event,
shall he be liable for acts, omissions or failures to account
properly prior to qualification. The Trustee shall like-wise be
under no obligation to inquire into or examine the acts or accounts
of a personal representative who is transferring property to
Trustee.
INSURANCE COMPANIES:
If this trust is named as the
beneficiary of any life insurance, the insurance company shall not
be bound to look to the terms, construction, legal effect or
performance of this instrument or the trust hereby created, but its
obligation shall be fully discharged by the receipt of Trustee.
PURCHASER SEEING TO APPLICATION BY TRUSTEE: No purchaser from
or othe':':;""'person dealing with Trustee shall be responsible for the
application of any purchase money or other thing of value paid or
deli~ered to him, but the receipt of Trustee shall be a full
dis'~:narge; and no purchaser or other person dealing with the
I ~:~
15
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, . ..
FILE"-NUM 2003177295
OR BOOK 05044 PAGE 1871
Trustee and ~o issuer, or transfer agent or other agent of any
issuer of any securities to which any dealing with Trustee should
relate, shall be under obligation to ascertain or inquire into the
power of Trustee to purchase, sell, exchange, transfer, mortgage,
pledge, le~se, distribute or otherwise in any manner dispose of or
deal with any security or any other property held by Trustee or
comprised in this estate.
The certificate of Trustee that Trustee is acting according
to the terms of this instrument shall fully protect all persons
dealing with the Trustee.
VX.
CONFLICT OF LAW
This trust is established and accepted by the Trustees under
the laws of the state of Florida and all questions concerning its
validi ty, construction and administration, except as otherwise
specifically provided, shall be determined under such laws.
IN WITNESS WHEREOF, the parties have executed this Agreement
as Settlor and Trustee.
WITNESSES:
~#
"
FILE-NUM 2003177295
OR BOOK 05044 PAGE 1872
"
.. ..
STATE OF FLORIDA
COUNTY OF ORANGE
On this
9
day of
August
, 1994, before me, a
Notary Public in and for said County and State, personally appeared
CHARLES W..WINCEY and LAURA EVELYN WINCEY, to me known to 'be the
persons
described
herein,
or
who
has
produced
their
Florida Driver's License
as identification, and who
executed the within instrument as Settlor and/or Co-Trustee, and
who acknowledged the same to be their free act and deed.
Y PUBLIC
Co ission No:
My Commission Ex
. MONDAY
Notary Public, StDte of Florida
My Comm. Exp. Feb. 6. 1998
Comm. No. CC 348739
17
, .
". 4l
FILE'-NUM 2003177295
OR BOOK 05044 PAGE 1873
SCHEDULE "A"
OF THE
CHARLES W. WINCEY TRUST AGREEMENT
1. The East half (E 1/2) of Lot 3, BIQck "C", and the East
half (E 1/2) of Lot 3, Block "0" of Mitchell's Survey of
Levy Grant on Lake Jessup according to plat thereof as
recorded in Plat Book 1, page 5, of the public records
of Seminole County, Florida.
.:'~':';:::~.:.:...i_.'-~
",,:;;':..;..00::;'-.
18
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, t
.
"",. >,
\
~"
~(Q)[F)W
FIL~ NUM 2003177295
OR moOK 05044 PAGE 1874
TRUST AGREEJ(JnfT
TRUST AGREEMENT executed this 9
day of August
, 1994,
by LAURA EVELYN WINCEY, hereinafter referred to as "Settlor", and
LAURA EVELYN WINCEY and CHARLES W. WINCEY, as "Co-Trustees". Co-
Trustees are authorized to act independently and the actions of one
Co-Trustee shall be binding upon the Trust.
I.
ESTABLISHMENT OF TRUST
Settlor establishes this trust, which shall be known as the
LAURA EVELYN WINCEY TRUST to act as a receptacle for property which
may be transferred to the Trustees during the term of the trust.
Property to be presently included in the trust is set forth in
Schedule "A" attached hereto.
Additions of property may be made by Settlor or others by
assignment, gift, devise, bequest, testamentary or inter vivos
appointment, or by making the trust the beneficiary of an insurance
policy on the life of either Settlor or another.
Trustees agree to hold the same in trust for the purposes and
on the conditions hereinafter set forth.
II.
. RESERVATIONS
Settlor reserves the right to alter, amend, revoke or
terminate this agreement in whole or in part. The above shall be
on.::written notice to the Trustees (Settlor's will shall not
~:x~C.-
constitute such notice); provided, however, that if altered or
';. ~
1
;(~A:
EXHIBIT "D"
.' "
, , ,.
\ ',"-'
FIL~UM 2003177295
OR BOOK 05044 PAGE 1875
amended, the duties, powers and responsibilities of Trustees shall
not be changed substantially without Trustees consent. Trustees
agree to reassign or reconvey to Settlor any property affected by
the exercise of such right.
III.
DISTRIBUTION
1. DURING THE LIFE OF THE SETTLOR: During the life of the
Settlor, Trustees shall hold and manage the trust estate and pay
all net income of the trust to Settlor for the care and support of
the Settlor and her spouse, CHARLES W. WINCEY. In addition, the
Trustees shall pay to Settlor such amounts of the corpus as the
Trustees, in their sole discretion, deem necessary.
2. DISPOSITION AFTER DEATH OF SETTLOR: Upon the death of
the Settlor, the Trustees may either advance to Settlor's personal
representative funds to meet any deficiency encountered by reason
of debt, fees, expenses, taxes, and other charges against Settlor's
estate being in excess of property in such estate which can reason-
ably be liquidated or may pay any or all such charges directly.
In determining liabilities and charges under the preceding
paragraph, the Trustees may act on such evidence as it shall deem
reliable, it being Settlor's intent that the Trustees may be
protected without resort to any court if no probate, proceedings are
I,
required to settle his estate.
3. DIVISION OF TRUST: Trustees shall, on the death of the
Settlor, divide the remaining trust property and any property added
;:,:<:-~~.- -~.
.."-"';';':':~-
thereto under Settlor's Will, after payment of the debts and
2
X~2f
. .
, .
FILE~UM 2003177295
OR SOaK 05044 PAGE 1876
.,
expenses authorized in the preceding paragraphs, into a'Marital
portion and a Residuary Credit Shelter Portion.
a) MARITAL PORTION: The Marital Portion shall consist
of the smallest pecuniary amount that, if allowed as a federal
estate tax marital deduction, would result in the least possible
federal ta~ being payable by reason of Settlor's death.
If the
trust estate is less than the then existing unified credit amount,
then the marital portion shall be zero.
In determining this
pecuniary amount, the Trustees shall consider credit for state
death taxes only to the extent those taxes are thereby incurred or
increased, and shall assume that all paYments and devises under the
Last will and Testament have been paid in full.
When setting aside the Marital Portion, Trustees shall select
from the property, including cash, constituting the trust fund,
that qualifies for the marital deduction under the federal estate
tax law and shall allocate such cash or other selective property
to the Marital Portion at the federal estate tax value finally
assigned thereto, whether or not such property may have fluctuated
in market value at the time of the allocation. Trustees shall, at
the time of such allocation, take into account any appreciation or
dep:ecia~~~~ in the value of any property then available for such
allocation, in relation to the federal estate tax value finally
assigned thereto,
so the assets so selected' are fairly
representati ve of any such appreciation or depreciation in the
value of the property then available for allocation to the Marital
2~__-fj~---
Por.rton .
In making such selection, Trustees may (but need not)
3
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. '.
. 1 "
"'--
FILE_NUM 2003177295
OR BOOK 05044 PAGE 1877
. .
take into consideration to the extent Trustees, in his sole
discretion, shall deem appropriate, the federal income tax basis
of the property so selected.
It is Settlor's wish (but not
direction) that Trustees select assets for allocation to the
Marital Portion so as to effect a pro rata apportionment of the
assets then available for such allocation, both as to such
appreciation or depreciation of such assets and as to the federal
income tax basis of such assets. Trustees shall not adjust the
interest of any beneficiary as a result of any action taken or
forborne under the previous provisions of this paragraph, and
Trustees shall not be liable to any beneficiary on account of such
selection.
Anything hereinbefore contained to the contrary
notwithstanding, Trustees shall not allocate to the Marital Portion
any United states Treasury Bonds redeemable at par value in payment
of any federal estate tax assessed against the Settlor's estate,
or any asset which would not be subject to any federal estate tax
at the Settlor's death if not allocated to the Marital Portion,
and, in addition, Trustees shall not allocate to the Marital
Portion, to the extent there is sufficient other property, any
asset which would constitute income in respect of a decedent for
federal i!1_~.~_me tax purposes, or any asset which would produce for
the Settlor's estate a credit for foreign death taxes.
b) RESIDUARY CREDIT SHELTER PORTION: The-remainder of
the trust fund not set aside as the Marital Portion shall be held
; :'
as - a separate trust, hereinafter called the Residuary Credit
:::::::;.:e:;:
Shelt-er Portion.
4
A,tA:
. .
, .
FlUE .NUM 2003177295
OR BOOK 05044 PAGE 1878
4. ADMINISTRATION OF TRUSTS:
A. Marital Portion. As to the Marital Portion, Trustees
shall distribute the Marital Portion to the Trustee of the CHARLES
W. WINCEY TRUST under Agreement dated August 9
, 1994.
B. Residuary Credit Shelter Portion. As to the Residuary
Credit Shelter Portion, Trustees shall hold, manag~, and reinves~
the same, collect the income arising therefrom, payout of such
income all taxes, charges and expenses properly payable thereout,
and pay over the net income thereof ,to the Settlor's spouse during
the remainder of spouse's lifetime for the benefit of the Settlor's
spouse.
In the event the Trustees, in Trustee's absolute
discretion, shall deem such income insufficient, Trustees shall
also pay to or apply for the benefit of the Settlor's spouse such
sums out of the principal of the Residuary Credit Shelter Portion
herein created, as necessary, for the Settlor's spouse's health,
education, support and maintenance, taking into consideration other
sources of income and support available to Settlor's spouse.
Upon the death of the Settlor's spouse, CHARLES W. WINCEY, the
Trustees shall distribute the remaining trust assets and accrued
income tC>.._._~~ttlor' s children, PATRICK ARTHUR WINCEY and MICHAEL
ALLEN WINCEY, in equal shares, per stirpes.
[,
In the event either of Settlor's children predecease Settlor
without'leaving lineal descendants, his or her share shall go to
augment the shares of the surviving child.
-=....~~--_.
5
O(~;4
,
, .
FIL!::~...NUM 2003177295
OR BOOK 05044 PAGE 1879
. l
Notwithstanding anything contained herein to the contrary, if
any beneficiary taking under this paragraph III, (4.B) who would
receive an.interest in the trust estate is less than twenty-five
(25) years of age at the time of distribution, his share shall vest
but shall continue in trust until he attains the age of 25. In the
meantime, the Trustees are authorized to disburse so much of the
income and principal as in the Trustee's sole discretion he deems
necessary for the proper support, education (including college) and
general welfare of said beneficiary.
In the event the interest of any beneficiary of any trust
created hereunder shall violate the Florida Uniform statutory Rule
Against Perpetuities as determined under section 689.225 of the
Florida statutes, as amended, the terms of such trust shall be
reconstrued to require such interest to vest within the time period
specified for a valid interest under such statutory provision. In
the event it is impossible to reconstrue the terms of such trust
to require such interest to vest within the time period specified
for a valid interest under such statutory provision, then such
trust shall terminate within the time period specified for a valid
interest_~!.l:~er such statutory provision.
Upon termination, the
property held in such trust shall be distribut~d, free of trust,
to the then income beneficiaries thereof, in accordance with their
respective income interests in such trust.
.,;:~~- --
6
cX:~~
.
"
'-.-
F I LE.,j~IUM 2003177295
OR BOOK 05044 PAGE 1880
. .
. ,
,( .
IV.
GENERAL DISPOSITION PROVISIONS
-
A. PERIODIC PAYMENTS: Income payments shall be made at least
quarter-annually.
B. APPLICATION OF INCOME: Whenever income is directed to be
paid to a beneficiary, it may, in the discretion of the Trustee,
be applied for the benefit of the beneficiary.
C.
UNDISTRIBUTED INCOME:
Whenever an income beneficiary
dies, any accrued but undistributed income shall be paid, when
distributable, to the holder or holders of the next estate.
D.
PAYMENTS TO DISABLED PERSONS:
Whenever income or
principal is payable to a disabled person as defined in the
paragraph of Article IV entitled "DISABILITY", the Trustee may pay
to the guardian of the distributee's estate, may apply such payment
for his benefit, may pay directly to him as an allowance, may
deposit such payment in a bank account (commercial or savings) or
in an account in a Federally insured savings and loan association
in his name, or the payment may be held by the Trustee in a
separate account for the distributee's benefit as if the Trustee
was, cust6~~.~n for the distributee; provided, that the Trustee may,
in Trustee's discretion, accumulate income for the benefit of said
distributee, distributing any accumulated income to"him upon the
removal of such disability, provided, further, that if said person
;"if1,€= "--
7
eX'!.:;#-
. .
. .
F I LE.....NUM 20031 77295
OR BOOK 05044 PAGE 1881
,
,
to the then income beneficiaries thereof, in accordance with their
respective income interests in such trust.
IV.
GENERAL DISPOSITION PROVISIONS
A. PERIODIC PAYMENTS: Income payments shall be made at least
quarter-annually.
B. APPLICATION OF INCOME: Whenever income is directed to be
paid to a beneficiary, it may, in the discretion of the Trustee,
be applied for the benefit of the beneficiary.
C.
UNDISTRIBUTED INCOME:
Whenever an income beneficiary
dies, any accrued but undistributed income shall be paid, when
distributable, to the holder or holders of the next estate.
D.
PAYMENTS TO DISABLED PERSONS:
Whenever income or
principal is payable to a disabled person as defined in the
paragraph of Article IV entitled "DISABILITY", the Trustee may pay
to the guardian of the distributee's estate, may apply such payment
for his benefit, may pay directly to him as an allowance, may
deposit such payment in a bank account (commercial or savings) or
in an account in a Federally insured savings and loan association
in his name, or the payment may be held by the Trustee in a
sep~rate~~~ount for the distributee's benefit as if the Trustee
was custodian for the distributee; provided, that the Trustee may,
'.:.'
in Trustee's discretion, accumulate income for the benefit of said
distributee, distributing any accumulated income to him upon the
removal of such disability, provided, further, that if said person
2'~~"'--
7
O(~~
,.
.... ",," 1.
FIL~.~NUM 2003177295
OR BOOK 05044 PAGE 1882
dies before complete distribution, any accumulated income shall be
held and dtstributed as part of the corpus of the trust.
E. RECEIPT OF MINOR: Whenever paYments are made to a minor,
his r~ceipt shall exonerate the Trustee.
F. ULTIMATE TAKERS: If, at any time, there is no one to take
under this agreement, the Trustee shall forthwith pay over the fund
to those persons who would have taken the personal estate of
Settlor, as if they had then died intestate, domiciled in Florida,
under the laws of Florida which then obtain, the shares and
proportions of taking to be determined by said laws.
G. SPENDTHRIFT PROVISION: No corpus or income payable or to
become payable shall be subject to anticipation or assignment by
any beneficiary thereof 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 in satisfaction of any
debt or liability of such beneficiary prior to its actual receipt
by the beneficiary.
H. DISABILITY: If a court of competent jurisdiction or by
a panel of two licensed physicians determine that a beneficiary is
sUffering from physical or mental disability to the extent he is
incapable of exercising judgment about or attending to financial
and property transactions, such determination reduced to writing
and delivered to any beneficiary or contingent beneficiary under
this Trust Agreement, shall be conclusive for the purposes of this
i ~: \
agreement.
_~~:E-~ _.-
8~~A
'.
FILE.,J~UM 2003177295
OR BOOK 05044 PAGE 1883
. '" ,\
Likewise, if a court of competent jurisdiction or a panel of
two physicians determine that a Trustee is suffering from physical
or mental disability to the extent he is incapable of judgment
about or attending to financial and property transactions, such
determination reduced to writing shall be sufficient to relieve the
Trustee of his duties under this agreement and said duties shall
pass to the Successor Trustee.
I.
CONSTRUCTION:
In construing this instrument, con-
sideration shall be given to the fact that the singular and plural
and the masculine,
feminine and neuter have been used
interchangeably. The headings of the articles and paragraphs of
this agreement are inserted for convenience of reference only, and
shall not be used in construction or interpretation.
v.
TRUSTEE
A. Appointment of Successor Trustees.
1. If either Co-Trustee is unable or unwilling to serve
as Trustee, then the remaining named Co-Trustee shall serve as sole
Trustee. However, CHARLES W. WINCEY shall not serve as Trustee of
the Credit Shelter Trust. At such time as the Credit Shelter Trust
is established, the Trustee named in Article V, paragraph (A)(2)
shall assume the duties of the Trustee.
!,':,
2. In the event that both Co-Trustees are unable or
unwilling to. serve as Co-Trustee, then Settlor appoints her sons,
PATRICK ARTHUR WINCEY and MICHAEL ALLEN WINCEY, to serve as
,,:..:;-:::~.--
Successor Co-Trustees.
Co-Trustees are authorized to act
9
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. ..
\
FILE-NUM 2003177295
OR BOOK 05044 PAGE 1884
independently. and the actions of one Co-Trustee shall be binding
upon the Trust.
B.
wai ver of Bond.
No indi vidual Trustee or successor
Trustee hereunder shall be required to furnish any bond or other
security in any jurisdiction for the faithful performance of his
or her duties as such, the same being expressly waived hereby.
C. Compensation of Trustee. The Trustee shall be entitled
to reasonable compensation for services rendered hereunder. Any
additional duties and responsibilities due to acquisition of
additional trust property or the transfer into trust of additional
property shall be considered in determining the amount, but it
shall not exceed the amount allowable by law at the time
compensation becomes payable.
D.
Accounting by Trustee.
The Trustee shall prepare an
account for each taxable year of such trust, and, whenever such
Trustee ceases to serve, an account shall be prepared from the time
of the last prior account through the end of the period of service.
The Trustee shall keep each account available for inspection by and
may deliver copies to the beneficiaries eligible within the period
covered thereby to receive benefits from the trust which is the
subject of said account. The written approval of an account by
such a beneficiary, or by his or her parent or guardian if such
;-;
beneficiary is a minor or otherwise incompetent, shail be final and
binding 'as to all matters stated therein or shown thereby upon that
beneficiary and upon all persons then or thereafter claiming any
.2.Q~.'--
interest through or under him or her in the income or principal of
10
~L7f
. '.. :"...
... ."
FILENUM 2003177295
OR aDaK 05044 PAGE 1885
such trust. Failure of such beneficiary, or of his or her parent
or guardian if such beneficiary is a minor or otherwise
incompetent, to deliver to the Trustee written objection to an
account within thirty (30) days after receipt thereof shall
constitute the final and binding approval thereof by that
beneficiary.
E. Resignation. The Trustee may resign by delivering written
resignation upon thirty (30) days' notice to any competent adult
beneficiary or the parent or guardian of a minor or otherwise
incompetent beneficiary then entitled to distributions hereunder.
If no successor Trustee who is willing and able to serve has been
designated by Settlor herein, a majority of the beneficiaries then
entitled to distributions hereunder (a minor or otherwise
incompetent beneficiary to be represented by his/her parent or
guardian) shall have the right within such thirty (30) day period
to appoint a successor Trustee and shall notify the resigning
Trustee of such appointment. In the event the said beneficiaries
shall fail to designate a successor Trustee within the time
specified, the then acting Trustee may apply to a court of
competent jurisdiction for leave to resign and for the appointment
of a successor Trustee and the judicial settlement of such
resigning Trustee's account.
H
F. Succession of Trustees.
1. Any successor Trustee shall accept the office by
written instrument and shall assume the duties thereof immediately
2:.:f:.;~ ,--
upo~deli very of the acceptance to any adult beneficiary then
11
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. l ,..
, l
FILE INUM 2003177295
OR BOOK 05044 PAGE 1886
entitled to distributions hereunder, or, if none, to the parent or
guardian of any minor or otherwise incompetent beneficiary then
entitled to distributions hereunder, without the necessity of any
other act, conveyance or transfer.
2. The title to the Trust Estate shall vest forthwith
in any successor Trustee acting pursuant to the provisions hereof,
but any resigning,or removed Trustee shall execute all instrument
and do all acts necessary to vest such title in any successor
Trustee without court accounting. A successor Trustee shall have
no duty to examine the accounts, records and acts of the previous
Trustee or Trustees and shall in no way or manner be responsible
for any act or omission to act on the part of any previous Trustee.
Any claim or action against any previous Trustee must in any event
be asserted or filed by any beneficiary within one year after such
Trustee ceases to serve.
3. Each successor Trustee shall have, exercise and enjoy
all of the rights, privileges an powers, both discretionary and
ministerial, as are herein given to the original Trustee and shall
incur all of the duties and obligations imposed upon the said
original Trustee.
VII.
ADMINISTRATIVE POWERS
In the administration and distribution of , any Trust or
fund created hereunder, the Trustee shall have the power and
authority conferred by Florida Statutes Section 737.402 as amended.
12 ofL.YI
.. .. to
. I ,.,
"-
FIL~ NUM 2003177295
OR BGOK 05044 PAGE 1887
Addi tionally, ,the Trustee shall have the following additional power
and authority;
a) To acquire, encumber and dispose of real and personal
property without the prior or subsequent approval of any court, and
no purchaser or lender shall be held liable to see the propriety
of the transaction nor to the application of proceeds.
It is
Settlor's intention to grant the Trustee a general power of sale,
and any action taken pursuant thereto shall be valid without
showing of necessity and without authorization or confirmation of
Court.
b) To make distributions (including the satisfaction of any
pecuniary distribution) in cash or in specific property, real or
personal, or an undivided interest therein or partly in cash and
partly in such property, and to do so without regard to the income
tax basis or specific property allocated to any distributee
(including the Trust); and such power shall not be exercised in
such a way that it will affect the deductibility of any devise for
charitable or marital deduction purposes.
c) To distribute a distribution to a distributee who is a
minor at the time of distribution to the minor's custodian under
the Florida Gifts to Minor's Act. If there is not such custodian,
such custodian may be appointed by the Trustee, and any party
serving as Trustee may be appointed as custodian.
d) , To permit any person having any interest in the income of
any Trust to occupy any real property forming a part of any Trust
upon~such terms as the Trustee shall deem proper, whether rent-
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FILE NUM 2003177295
OR B06K 05044 PAGE 1888
free, or in consideration of the payment of taxes, insurance,
maintenance and ordinary repairs, or otherwise.
e) The Trustee, if the Trustee is either Grantor or Grantor's
spouse, is authorized to buy, sell and trade in securities of any
nature, including short sales, on margin, and for such purposes may
maintain and operate margin accounts with brokers, and may pledge
any securities held or purchased by them with such brokers as
security for loans and advances made to the Trustee. All other
Successor Trustees are authorized to exercise these powers
mentioned immediately hereinabove in this paragraph (e) excluding
short sales, on margin or pledge any securities held or purchased
by them with such brokers as security for loans and advances made
to the Trustee.
f) The Trustee is authorized to sign checks, orders to
withdraw or to make deposits on accounts at any financial
institution. Also, to place stop payment orders on checks or on
any assets owned by this Trust.
And included is the right to
obtain certificates of deposit, money market, other accounts or
investments and the right to withdraw early certificates of deposit
regardless of any penalty involved or to borrow against
certificates of deposit or other accounts.
g) The Trustee, may hold non productive assets originally
owned by the Trust as of the date of Settlor's death or added to
the Trust because of Settlor's death or the death of Settlor's
spouse without being responsible to the unproductive asset statutes
.7~'.:2.:.:~. ~-"-
provided by State law.
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FILEINUM 2003177295
OR BO~ 05044 PAGE 1889
VIII.
EXCULPATORY
TRUSTEE:
The Trustee shall not be liable for the acts,
omissions or defaults of any agent appointed with due care, and he
shall be held to no obligation whatever under the terms.of this
agreement except for the exercise of good faith and ordinary
diligence in the discharge of those duties which, by the terms of
this instrument, he has expressly undertaken.
A successor Trustee shall be under no obligation to inquire
into the acts or examine the accounts of anyone who was a Trustee
prior to the qualification of such successor and, in no event,
shall he be liable for acts, omissions or failures to account
properly prior to qualification. The Trustee shall like-wise be
under no obligation to inquire into or examine the acts or accounts
of a personal representati ve who is transferring property to
Trustee.
INSURANCE COMPANIES:
If this trust is named as the
beneficiary of any life insurance, the insurance company shall not
be bound to look to the terms, construction, legal effect or
performance of this instrument or the trust hereby created, but its
obl~gatio~s~hall be fully discharged by the receipt of Trustee.
PURCHASER SEEING TO APPLICATION BY TRUSTEE: No purchaser from
or other person dealing with Trustee shall be responsible for the
application of any purchase money or other thing of value paid or
delivered to him, but the receipt of Trustee shall be a full
7.;;::;::.... ---
disch-arge; and no purchaser or other person dealing with the
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FIL~ NUM 2003177295
OR BDaK 05044 PAGE 1890
Trustee and no issuer, or transfer agent or other agent of any
issuer of any securities to which any dealing with Trustee should
relate, shall be under obligation to ascertain or inquire into the
power of Trustee to purchase, sell, exchange, transfer, mortgage,
pledge, lease, distribute or otherwise in any manner dispose of or
deal with any security or any other property held by Trustee or
comprised in this estate.
The certificate of Trustee that Trustee is acting according
to the terms of this instrument shall fully protect all persons
dealing with the Trustee.
vx.
CONFLICT OF LAW
This trust is established and accepted by the Trustees under
the laws of the state of Florida and all questions concerning its
validi ty, construction and administration, except as otherwise
specifically provided, shall be determined under such laws.
IN WITNESS WHEREOF, the parties have executed this Agreement
as Settlor and Trustee.
WITNESSES:
~~~/~ .
LAU EVELYN WINCEY .
~~~~
ARLES W. WINCEY ,
as Co-Trustee
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FILE NUM 2003177295
OR BooK 05044 PAGE 1891
STATE OF FLORIDA
COUNTY OF ORANGE
On this
9 day of August
, 1994, before me, a
Notary Public in and for said County and State, personally appeared
LAURA EVELYN WINCEY and CHARLES W. WINCEY, to me known to be the
persons
described
herein,
or
who
has
produced
their
Florida Driver's License
as identification, and who
executed the within instrument as Settlor and/or Co-Trustee, and
who acknowledged the same to be their free act and deed.
NOTARY PUBLIC ~;J;'
J. 'it..~?
COmm.lSS10n No :.".::'
My Commission
AY
. Florida
: My Comm. Exp. Feb. 6, 1998
Comm. No. CC 348739
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FILENUM 2003177295
OR BOBK 05044 PAGE 1892
SCHEDULE "A"
OF THE
LAURA EVELYN WINCEY TRUST AGREEMENT
1. That certain mortgage bearing date the 12th day of JUly,
1993 made by REINALDO M. SUAREZ and DONNA LYNNE SUAREZ,
his wife, in favor of CHARLES W. WINCEY AND LAURA E.
WINCEY, his wife, and recorded in Official Records Book
4596, page 2003, public records of Orange County,
Florida, upon the following described piece or parcel of
land, situate and being in said County and State, to~
wit:
Lot 7, 8, 9, 10, 11 and 12, Block G, Conway Park,
according to the plat thereof.as recorded in Plat Book
N, page 41, Public Records of Orange County, Florida.
2. That certain Promissory Note executed by REINALDO M.
SUAREZ and DONNA LYNNE SUAREZ, bearing the date of July
12, 1993, in the principal amount of $350,000.00.
3. Dean witter account
18
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