Loading...
HomeMy WebLinkAbout910589('00288 TIlE LWING TRUST AGREEMENT OF RAYMA M. WOLFLEY This living trust agreement, dated,F4dm-r~r~-,B, I, O9'~ is by and among: RAY'MA M. WOLFLEY Settlor and RAYMA M. WOLFLEY Trustee RECEIVED 81412005 at 10:49 AM RECEIVING # 910589 BOOK: 593 PAGE: 288 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ] re.t)ared by: Dennis L. Sanderson Attorney at Law P.O. Box 159 Afion, WY 83110 (307)885-1776 (_. 00289 WHEREAS, the Settlor desires to create a living trust effective this date and the above named Trustee agrees ~o act as Trustee thereo£, NOW, TIIEREFORE, the parties mutually agree as follows: ARTICLE 1: TRUST ESTATE. 1.01 Initial Trust Estate. The Settlor does hereby and by these presents convey, transfer, assign, set over and deliver to the Trustees all of the properties described in Schedule A, which are attached hereto, and by this reference made a part hereof~ The Settlor, or any other person, from time to time may deposit with tile Trustee additional properties, assets, or life insurance policies, and may transfer, bequeath or devise by Will, other properties to the Trustee All of the properties so transferred and delivered to the Trustee, constitute the trust estate and shall be held, managed and distributed as provided herein. 1.02 Additions to Trust. Settlor may from time to time transfer or devise additional property to the trustee upon the terms of this instrument. 1.03 Name of Trust. For convenience, this trust shall be known as the RAYMA M. WOi~FLEY LIVING TRUST. For purposes of beneficiary designations, transfers directly to the trust, and Formal correspondence, this trust shall be referred to as: RAYMA M. WOLFLEY LIVING TRUST RAYMA M. WOLFLEY, Trustee, or her successors in trust, under the Rayma M. Wolfley Living Trust, dated February , 1999. ARTICLE 2: DISPOSITION OF TRUST INCOME AND P1LINCIPAL DURING TIlE LIFE OF THE SETTLOR 2.01 Powers Reserved _by Settlor. (a) Enumeration of Powers. (1) Revocation. During tile life of the Settlor and st~bject to the provisions of Article 3.01, the trust created by this instrument may be revoked, in whole or in part, with respect to a separate accotmt, by an instrument signed by the Settlor and delivered to the trustee. Upon revocation with respect to a separate account, the m~stee shall promptly deliver all or the designated portion of the property comprising such account to the Settlor. (2) Amendment. Subject to the provisions of Article 3.01, Settlor may at any time during her life amend any of'tile terms of this instrument by an instrument signed by the Settlor and delivered to Ibc trustee. 00290 (b) Scop_e_ of Powers. The powers reserved by Settlor under this Article 2.01 are exercisable in the absolute discretion of Settlor and, except as provided in Article 2.04, neither the trustee nor any beneficiary hereunder shall have any right or power to enforce or object to the exercise of such powers. 2.02 Distribution of Income and Principal. iDuring the life of the Settlor-the trustee shall hold, manage, invest and reinvest the trust estate, collect the income therefrom and pay to Settlor all, none or such part of the net income and principal of such account as the trustee may determine to be necessary for his/her medical care, maintenance, support and reasonable comfort in her accustomed manner of living. 2.03 Powers and Duties of Trustees with Respect to Certain Trust Assets. (a) Tangible Personal Propertx. Notwithstanding any other provision hereof or of any instrument of transfer now or herea['ter delivered to the trustee, tile trustee shall have no responsibility for any tangible personal property transferred to them upon the terms of this instrument for so long as Settlor shall retain the use and possession thereof. The trustee shall be responsible only for such property as may be physically delivered ~o them. (b) Residential Real Prope~. While any residential property held in the trust estate is occupied by Settlor, the trustee shall have no obligation or responsibility with respect thereto and shall not be liable for any loss, damage or other deterioration thereof nor for the payment of any taxes, insurance, repairs, maintenance or other- charges in respect to such property. Nevertheless, the trustee may in her discretion pay any or all such expenses out of the income or principal of the trust estate. (c) Insurance Policies. (1) l_~ment of Premiums. During the life of the Settlor, the trustee shall be under no obligation to pay any premiums, assessments or other charges necessary to keep in force any insurance policy in the trust estate, nor shall she be under any obligation to ascertain whether any such charges have been paid or to notil~, anyone of the nonpayment thereof. The trustee shall keep safely each insurance policy assigned to or deposited with her and shall at the request of the Settlor who owns such policy, execute such applications, releases and other instruments as shall be required to permit such Settlor to exercise any options, privileges or powers reserved to her hereunder. (2) Collection of Insurance Proceeds. Upon the death of the Settlor, tire trustee shall make reasonable efforts to collect the proceeds of any insurance on tile life of such Settlor and any other benefits payable by reason of such Settlor's death. The trustee shall have hill authority to take any action he deems advisable in regard to collection and to payment of the expenses, including the expense of any litigation, out of the principal of the trust estate. The trustee shall have full authority to make any compromise or settlement with respect to tile policies and benefits that he may deem advisable, and to give all necessary and proper releases of liabilities. The proceeds of the policies and the benefits shall be treated as principal of the trust estate. (d) United States Treasury bonds The trustee is authorized to pt, rchase United States Treasury bonds, bills, notes or other obligations of the United States Treasury that are redeemable at par in payment of federal estate tax. 2.04 Incapacity of Settlor. (a) Determination o£Incapacit~. During tile life of Settlor, if the trustee shall at any tinle receive a written statement signed by the personal physician of the Settlor stating that tie considers such Settlor to be so mentally or physically incapacitated as to be unable to effectively manage or apply bet estate to necessmy ends, then, whether or not such Settlor may have been adjudicated or certified an incapacitated or incompetent person and notwithstanding any contrary direction fi-om such Settlor, such Settlor shall be considered to be incapacitated and the provisions of Article 2.04(b) shall apply. (b) Effect of Detemfination of Incapacity. If the Settlor is determined to be incapacitated as provided in Article 2.04(a), then, during the period of such incapacity, (1) if such Settlor is then acting as a trustee hereunder, she shall be deerned to have resigned; (2) any attempt by such Settlor to exercise any of the pox~(ers reserved by her under this instrument shall be without force and effect; and (3) the trustee shall have power and authority on such Settlor's behalf to exercise or perform any act, power, duty, right or obligation whatsoever that such Settlor may }lave, relating to any person, matter, transaction or property, real or personal, tangible or intangible, whether in the trust estate or owned by such Settlor, including, without limitation, power to transfer to themselves upon the terms set forth in this instrument any property owned by such Settlor. The power granted to tile trustee under (3) above shall be construed and interpreted as a general durable power of attorney to act as such Settlor's attorneys in fact and agents and shall be in addition to all other powers bestowed upon the trustee by this instrument. (c) Restoration of Ca_~, If'at any time afl:er a Settlor is determined to be incapacitated trader Article 2.04(a) the trustee shall receive a written statement signed by such Settlor's personal physician that such Settlor is no longer so mentally or physically incapacitated arid tile provisions o£ Article 2.04(b) shall cease to apply. Restoration of capacity pursuant to this Article 2.04(c) shall not, without written direction fi-om such Settlor, automatically, reinstate such Settlor as a trustee under this instrument. ARTICLE 3' DISPOSITION OF TRUST iESTATE AFTER iDEATH OF SETTLOR 3.01 Distribution Tangible Personal Propert:~. Upon the death of the Settlor, the trustee shall distribute the Settlor's tangible personal property held by the trust as follows: (a) Use of Memorandum. The trustee shall distribute the Settlor's personal property, including but not limited to money, jeweh-y, clothing, household furniture, furnishings and fixtures, chinaware, silver, photographs, works of art, books, automobiles, sporting goods, all artifacts relating 'to the Settlor's hobbies, and all other tangible articles of household or personal use which are or become trust property in accordance with any written, signed and dated memorandum left by the Settlor directing the distribution of such property. 0029 2 Any memorandum written, dated and signed by the Settlor disposing of the Settlor's personal tangible property shall be incorporated by reference into this agreement. Should the Settlor leave multiple written memorandums which conflict as to the disposition of any item of tangible personal property, that memorandum which is last dated shall control as to those items which are in conflict. (b) Distribution ofPropert, v not Distributed by. Memorandum All of the Settlor's tangible personal property which is or becomes trust property and is not disposed of by memorandum shall be distributed to the children of the Settlor in equal shares, per stirpes. - The children shall divide the property among them as they shall agree. Tile children shall get back what they gave the Settlor-. The trustee may select tile share for any child who is under any fbrm of legal disability. The trustee shall at all times be mindful of the desires ora child when making a selection [br that child. To the extent that the children fhil to agree as to the division of any item of tangible personal property within a reasonable period of time after the death of the Settlor, the Trustee shall, in bis (her) sole and absolute discretion, either divide tile property equally among the children or sell the property and divide the proceeds equally among the children. Any decision made by the Trustee with respect to either the selection or sale ot'the Settlor's tangible personal property shall be final and shall be binding on all of the beneficiaries. 3.02 Distribution ofRea~l Propert_~. Upon the death of the Settlor-, Trustee shall distribute real property among the Settlor's children in equal shares, per stirpes. All other property shall be distributed to the Settlor's children in equal shares, per stripes. 3.03 Distribution to Minors. If under this Article any portion of tile trust estate becomes distributable to any issue of the Settlor who has not attained the age of nineteen (19) years, then such portion of the trust estate shall immediately vest in such issue, but notwithstanding the provisions of this paragraph, the trustee shall retain possession o£such portion of the trust estate during the period such issue is under the age of nineteen (19) years, and in the meantime shall use, apply and expend so much of the net income and principal o£ said vested portion of the trust estate as the trustee in his discretion shall deem necessary and desirable for tile health, support, care, maintenance and education of such issue, and any income not so expended in any calendar year shall be added to the principal at the end of the year. The trustee shall have with respect to each share so retained all the powers and discretion she has with respect to the trust estate generally. When such issue attains the age of nineteen (19) years or dies, the trustee shall promptly distribute the balance of such portion to the persons then entitled to receive such portion. 4 '00293 ARTICLE 4: ULTIMATE DISTRIBUTION PATTER'N If at any time there is no person, corporation or other entity entitled to receive all or any part of the trust property ora Settlor, then that Settlor's share of the trust property shall be distributed to those persons who would be that Settlor's heirs had the Settlor died intestate owning such property. The distribution of trust property, for purposes of this Article, shall be determined by the taws of descent and distribution for intestate estates in the State of Wyonfing as such laws are in effect at tile time of any distribution under this Article. ARTICLE 5: TRUSTEE'S POWERS. Subject to any limitations stated elsewhere in this trust, the Trustee shall have all tile powers conferred by law affecting the trust estate created herein, including but not limited to the following: 5.01 Hold Propertg To hold and to continue to hold as an investment the property received hereunder as long as the Trustee deems proper. 5.02 Investment. To invest and reinvest the trust estate in every kind of property, real, personal, or mixed, and every kind of investment, specifically including, but not by way of limitation, corporate obligations of every kind, stocks, preferred or common, shares of investment trusts, investment companies, and mutual fi. rods, and mmtgage participations, which men of prudence, discretion and intelligence, acquire roi' their own account, without being limited to trust or chancery investments provided by law, and any common trust fired administered by the Trustee. 5.03 Rent of Trust Prope~tT. To rent or lease any property of the trust for terms within or beyond tile term of the trust and for any purpose and upon such terms and fbr such price or prices as in the Trustee's discretion and judgment may seem just and proper and for the best interest of the trust, irrespective of the provisions of any statute. 5.04. Sale of Trust PrQpertT. To sell and convey any of the property of the trust or any interest therein, or exchange the same for other property, for such price or prices and upon such terms as in the Trustee's discretion and judgment may be deemed for the best interests of the trust; and execute and deliver any deed or deeds (with or without warranty), receipts, releases, contracts, or other instruments necessary in connection therewith. 5.05 l),epairs. To ~nake all repairs and itnprovements at anytime deemed necessary and proper to and upon the real or personal properties constituting a part of the trust, and to determine the extent to which the costs of such repairs and improvements shall be apportioned as between principal and income. 5.06 ~ment of Trust Expenses. To deduct, retain, expend and pay out of any money belonging to the trust any and all necessary and proper expenses in connection with the operation of the trust, and to pay 0029 4 all taxes, insurance premiums and other legal assessments, debts, claims or charges which at anytime nmy be due and owing by, or which may exist against, the trust. 5.07 Securities. With respect to securities held in the trust, to have all rights, powers and privileges of an owner, including, but not by way of limitation, the power to vote, give proxies, and pay assessments; to participate in voting trusts, pooling agreements, ibreclosures, reorganizations, consolidations, mergers, liquidations, sales and leases, and incident to such participation to deposit securities with and transfer title to any protective or other committee on such terms as the Trustee may deem advisable; and to exercise or sell stock subscription or conversion rights. 5.08 Litigation. To commence or defend such litigation with respect to the trust or any property of the trust estate as the Trustee may deem advisable, at the expense of the trust; to compromise, settle, arbitrate or otherwise adjust any claim or demand in favor of or against the trust; to enforce any bonds, mortgages or other obligations or liens held hereunder; and enter upon such contracts and agreements and to make such compromises or settlements of debts, claims or controversies as the Trustees may deem necessary or advisable. 5.09 Professional Fees. To incur and pay the ordinary and necessary expenses of administration, including bttt not by way of limitation, reasonable attorney's fees, accountant's fees, investment counsel l'ees, and the like. 5.10 Insurance. To carry, at tile expense of the trust, insurance of such kinds and in such kinds and in such amounts as tile Trustee, in carrying out any of the powers and duties herein' authorized. 5.11 A_~gencbL To act hereunder through an agent or attorney in fact, by and under power of attorney dt~ly executed by the Trustee, in carrying out any of the powers and duties herein authorized. 5.12 Borrowiag. To borrow money ibr any purposes of the trust, or incidental to the administration thereof,' upon tile Trustee's bond or promissory note as Trustee, and to secure the repayment thereof by mortgaging or pledging or otherwise encumbering any part or all of the properties of the trust. 5.13 Loaning Of Mon%y. To lend money to any person or persons upon such items and in such ways and with such security as the Trustee may deem advisable for the best interests of the trust. 5.1,1 Use of Nominees. To keep any properly in tile name ora nominee with or without disclosure of any fiduciary relationship. 5.15 Additional Proper_!ty. To receive additional property fi'om any source and add to or commingle it with the trust principal. 5.16 Other Trusts. To enter into any transaction authorized by this or other paragraphs of this trust with trustees or legal representatives of any other trust or estate in which any beneficiary hereunder bas any beneficial interest, even though such trustee or legal representative is also a trustee hereunder. 6 .-00295 5.17 Tax Elections. To make all elections and to take all other appropriate actions with respect to taxation.of every kind applying to the Settlor or the estates of the Settlor, including, but not limited to, tile power to make any elections or consents required to maintain the election to be under Subchapter S of/he Internal Revenue Code, of any corporation in which the Settlor may own stock. Such power may be exercised regardless of the effect of such exercise upon the comparative values of the several gills made by this document. The Trustee shall not be required to make any adjustment in the amount of any gift or in any gift or in tile income or principal of the trust estate in order to compensate for the effect of such exercise. 5.18 l_~ments to Person under Disabilit:~. To pay or apply any money or other property payable to any beneficiary in such of the following ways as tile Trustees shall in their sole discretion determine: (1) through payment directly to such person, even though he may be under a legal disability; (2) to any parent, guardian, committee, conservator or other personal representative of such person, or any suitable adult person with whom such person resides; (3) through direct expenditure for the beneficiary's benefit; (4) to any custodian of the property of such person, including custodians acting pursuant to the Wyoming Unit'orm Gifts to Minors Act or similar acts; or (5) to the trustee of any trust for the benefit of a minor. The receipt of any such payee shall be a full discharge for all property so paid or applied. 5.19 Distribution in Kind To make distributions in cash or in specific property, real or personal, or in undivided interests therein, or partly in cash and partly in such property or interest therein, even if shares be composed differently. The Trustee shall not be required to make any adjustment in the amount of any gift in order to compensate for the income tax liability inherent in appreciated property distributed in kind in satisthction of such gift. 5.20 General 7Powers. The powers herein granted to the Trustee may be exercised in 'whole or in part, fi-om tinle to time, and shall deem to be supple~nental to and not exclusive to the general powers of tile trustees pursuant to law and the Wyolning Uniform Trustees Powers Act. 5.21 Direction Regarding Investments. It is Settler's desire that the trustee invest funds hereunder to obtain the highest yield consistent with reasonable safety. ARTICLE 6: PRINCIPAL AND INCOME. Except as otherwise specifically provided in the trust, the determination of all matters with respect to what is principal and income of the trust estate and the apportionment and allocation of receipts and expenses between these accounts shall be governed by the provisions of the Wyoming Uniform Principal and Income Act fi'om time to time existing. Any such matter not provided for either in this trust or in the Unifbma Principal and Income Act shall be determined by the Trustee in the tmstee's discretion. ARTICLE 7: PERPETUITIES AND SAV~GS CLAUSE. Unless sooner terminated in accordance with otlier provisions of this document, each trust created under this document shall terminate twenty-one (21) years after the death of the Settlor and those of the Settler's issue who are living at the time of the Settlor' s death. All principal and undistributed income of any '00296 trust so terminated shall be distributed to the then income beneficiaries of that. trust in the propomons in which they are, at the time of termination, entitled to receive the income; provided, however, that if the rights of income are not then fixed by the te~s of the trust, distribution under this clause shall be made, per stirpes, to such issue of the Settlor as are then entitled or authorized in the Trustee's discretion to receive income payments, or, if there are no such issue of the Settlor, in equal shares to those beneficiaries who are then entitled or authorized to receive income payments. ARTICLE 8' WAIVER OF DUTIES OF PERSONS DEALING WITH THE TRUSTEE. No person dealing with the Trustee shall be obligated to see to the application of any monies, securities, or other properties paid or delivered to the Trustee, or to inquire into the expediency or propriety of any transaction, or the authority of the Trustee to enter into and consummate the same upon such terms as the Trustee may deem advisable. ARTICLE 9: CONSOLIDATION OF TRUST SHAILES. For convenience of administration and investments, the Trustee for tile trust is authorized to hold tile several shares of the trust estate in a common fund, dividing the income proportionately among them, to assign an undivided interest in the several shares, and to make joint investments of the fi~nds belonging to them. ARTICLE 10: TRUSTEES. If the Trustee herein named, tLAYMA M. WOLFLEY, shall for any reason cease to act, be unable lo act by reason of mental or physical disability, or die, then in such event the following persons shall act as successor trustee: Kim IL. Wolfley ARTICLE 11: ACCOUNTING Each year during the existence of the trust estate the Trustee shall render to tile beneficiaries of the trust a statement setting tbrth the Trustee's receipts and disbursements as Trustee heretmder. ARTIC[,E 12: TAX[iS. If any inheritance, estate, transfer, or succession tax is levied against the estate of any beneficiary of this trust on account of this trust, the Trustee shall pay such taxes out of the principal of the trust or make provision For such payment, without charging such payment against the interest of the several beneficiaries of the trust. Except as otherwise provided herein, if any such tax is assessed in part by reason of this trust and in pan by reason of other properties, tile Trustee shall pay the portion of the total tax which the assets of this trust bear to the total properties so taxed, taking into consideration tile deductions, exemptions, and other factors which the Trustee deem pertinent. For purposes of this Article XII the judgment of the Trustee as to what portion of such tax the Trustee should pay, and the computation of such portion shall be conclusive upon 8 ,0029? all persons interested in this trust. This Article shall not apply to the levy of income taxes against any beneficiary ot~the trust. ARTICLE 13: COMPENSATION OF TRUSTEE. Except when othmwise agreed between the Settlor and tile Trustee, the Trustee other than Settlor shall receive compensation for the services tile Trustee renders hereunder. Such compensation may be collected annually by the Trustee out of the income or principal of the trust, or both, and shall be shown on tile Trustee's annual accounting to tile beneficiaries of the trust Notwithstanding anything to the contrary, such compensation shall not exceed the amount of compensation allowed by law for trusts of this type and shall not exceed the usual rate of compensation then being paid by similar trusts in the State o£ Wyoming during tile term of the administration of this trust by the Trustee. ARTICLE 14: GOVERNING LAW. This document shall be governed, construed, and interpreted according to the laws of tile State of Wyoming. ARTICLE 15: DISCLAIMERS. Any beneficiary under this trust may renounce and disclaim, in whole or in part, any gift, devise, legacy, interest, right or power hereunder. The interest renounced and any fimn-e interest which is to take effect in possession or enjoyment after the termination of the interest renounced shall be disposed of in the manner provided in this trust as if the person renouncing had predeceased tile Settlor. ARTICLE 16: DISTRIBUTION OR CONTINUATION IN TRUST. Any assets or shares of any trust which, by reason of the beneficiary's attained age or death or otherwise, already would have become distributable by tile Trustee if previously held in trust hereunder, shall be distributed upon their receipt by the Trustee. ARTICLE 17: WAIVER. The fidlure to enforce any term of this document shall not constitute a waiver of any simultaneous or subsequent violation o£ the same or any other term of this document. ARTICLE 18: DEFINITIONS. For all purposes of this document, tile £ollowing terms shall have the following meanings: 9 ,0O298 18.1 Children. Settlor presently has six (6) children now living whose names are: Craig L. Wolfley Kim L. Wolfley Larra Ann Hoffman Dan E. Wolfley Rick E. Wolfley Cindy Armstrong All references to "children" of tile Settlor shall refer to the above named children and to any' other child legitimately born or legally adopted by a child ofRayma M. Wolfley, For purposes of this trust an adopted person shall be considered as descended from the person referred only if he or she has been adopted While under the age of twelve (12). 18.2 Issue. "Issue" sMll refer to lineal descendants of any degree. An adoPted child and such adopted child's descendants shall be considered as lawful blood of the adopting parents'as well as of anyone who is by blood or adoption an ancestor of either of the adopting parents. Adopted children shall not be considered descendants of their natural parents except that where a child is adopted by a spouse of one of his natural parents, such child shall be considered a descendant of such natural parent as well as a descendant of the adopting parent. 183 Granunar. The masculine, feminine, and neuter gender each shall be deemed to include one or both of the other genders whenever the context so indicates. Tile singular and plural number each shall be deemed to include the other whenever the context so indicates. ARTICLE 19: COUNTERPARTS. This document may be executed in several counterparts, each of which shall be deemed to be an original. ARTICLE 20: ACCEPTANCE OF TRUST. The Trustee hereby accepts the trust created by this document and agrees to effectuate the provisions hereof to tile best of the Trustee's ability but the Trustee shall not be responsible for any mistake in the Tmstee's judgment or tbr any decrease in value of the trust estate resulting fi'om any cause whatsoever. The Trustee shall not be required to give any bond or other security for the faithful performance of tile Tmstee's duties hereunder. IN WITNESS WHEREOF, the parties have executed this instrument on the date and yem' first above written. 10 STATE OF WYOMING ) )ss. COUNTY OF LINCOLN ) '[.002.99 RAYMJk M. WOLFLEY,Trltstee ~ On this _~ day of August, 2005, before me, the undersigned, a Notary Public, in and for the State of'Wyoming, personally appeared Rayma M Wolfley, signer of the above iustrument, who duly acknowledged to ~ne that he executed the same as Settlor. In witness whereOf} i have hereunto set my hand and afl~xed my official seal, the day and year in this certificate first above written. NOTARY PUBLIC My Commission Expires: STATE OF WYOMING ) ) SS. COUNTY' OF LINCOLN ) CLAUDIA ANDPRS'ON: NOTARY PUBt. IC 1 COUNTYOF ~ SI'$TEOF t t UNCOLN ~' wYoMING I MY COMMISSION EXPIRES MAY 25 2006 Ou the__day of August, 2005, before me, the undersigned, a Notary Public, in and tbr the State of Wyoming, personally appeared Rayma M.. Wolfley, '~own or identified to ~ne to be the Trustee of the Raynm M. Wolfley Living Trust, whose name is subscribed to the within Trust as trustee and acknowledged to me that he executed the same as Trustee. IN WITNESS WItEREOF, I lmve hereunto set my hand and atExed my official seal, the day and year in this certilicate first above written. NOTARY PUBLIC My Commission expires: 11 CLAUDIA ANDERSON- NOTARY PUBLIC ,' COLt'.iI'YO~- ~ STATEOF ~* ' '