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HomeMy WebLinkAbout919836 ('fP ('00169- DECLARATION OF TRUST of the ROBERT K. ODLE AND PEGGY L ODLE REVOCABLE LIVING TRUST Created this 10th day of June 2006 By ROBERT K. ODLE AND PEGGY L. ODLE, GRANTORS Grantors have established a revocable, inter-vivos, grantor-type trust and have transferred to theROBERT K. ODLE AND PEGGY L. ODLE, trustees, IN TRUST, property de.scribed on attached Schedules. SCHEDULE "A" Shared property placed in Trust SCHEDULE "B" Wife's separate property placed in Trust SCHEDULE "C" Husband's separate property placed in Trust GRANTORS; ROBERT K. ODLE AND PEGGY L. ODLE ORIGINAL TRUSTEES; ROBERT K. ODLE AND PEGGY L. ODLE SUCESSOR TRUSTEES; DAVID K. ODLE AND MELANIE BOSCHETTO ALTERNATE SUCESSOR TRUSTEES: SANDRA M. GUTIERREZ AND KAMALA GLAD RECEIVED 6/30/2006 at 2:14 PM RECEIVING # 919836 BOOK: 625 PAGE: 169 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY - - ...--.- .---- -~ _..,,- ---- ._- ."- -- .._- ~ --- ..-- --- Initial ~ 1 Declaration of Trust - Page 0:9198~]6 , 00170 Part 1. Trust Name This revocable living trust shall be known as the Robert K. Odlß and Peggy L. Odle. Revocable Living Trust. All previous trusts executed by either Robert K. Odle or Peggy L. Odle are hereby revoked. Part 2. Declaration of Trust A. Robert K. Odle and Peggy L. Odle, called the grantors, declare that both bring the assets from previous marriages listed in schedules A, Band C into the trust. The combined total value of assets placed in schedule A is $743,912.00. Robert K. Odle has contributed 61.27% percent of the total assets and Peggy L. Odle has contributed 38.73% percent of the total. During their life times, it is their intent that their assets be combined as reflected by schedule A and held jointly in proportion of the percentage of contribution of assets. Upon revocation of trust, remarriage of a surviving spouse or death of both spouses, the value of all assets will be determined at the time of the event and assets distributed based upon the above percentages and the terms of this trust. B. Róbert K. Odle and Peggy L. Odle, called the grantors, declare that they have transferred and delivered to the trustees all their interest in the property described in Schedules A, Band C attached to this Declaration of Trust. All of that property is called the "trust property." The trustees hereby acknowledge receipt of the trust property and agree to hold the trust property in trust, according to this Declaration of Trust. Either grantor may add property to the trust. lnitial~ ~ 2 Declaration of Trust - Page ~--- 09138aG C00171 Part 3. Terminology The term "this Declaration of Trust" includes any provisions ad,ded by valid amendment. Part 4. Character of Trust Property While both grantors are alive, property held in this trust shall retain its original character. If the trust is revoked, the trustee shall distribute the trust property to the grantors based on the same ownership rights they had before the property was transferred to the trust. Part 5. Amendment and Revocation A. Revocation by Grantor Either grantor may revoke this trust at any time, without notifying any beneficiary. Revocation maybe made in writing or any manner allowed by law. If trust is revoked, assets will be divided according to the percentages outlined in part 2A above. B. Amendment by Grantors While both grantors are alive, this Declaration of Trust may be amended only by both of them acting together. All amendments must be in writing and signed by both grantors. C. Amendment or Revocation by Other Person The power to revoke or amend tills trust is personal to the grantors. A conservator, guardian or other person shall not exercise it on behalf of either grantor, unless a grantor specifically grants a power to revoke or amend this trust in a Durable Power of Attorney Initial j&@/' ~ 3 Declaration of Trust - Page O~l:t98af) 000172 Part 6. Payment from Trust During Grantors' Lifetimes The trustees shall pay to or use for the benefit of the grantors as much of the net income and principal of the trust property as the grantors request. Income shall be paid to the grantors at least annually. Income accruing in orpaid to trust accounts shall be deemed to have been paid to the grantors. Part 7. Trustees A. Original Trustees Robert K. Odle and Peggy L. Odle are the trustees of this trust. While both are living, both acting together may act for or represent the trust in any transaction. B. Trustee at Death of Original Trustee Upon the death of Robert K. Odle or Peggy L. Odle., the surviving trustee shall serve as sole trustee. C. Trustee's Responsibilities The trustee in office shall serve as trustee of all trusts created under this Declaration of Trust. D. Terminology In this Declaration of Trust, the term "trustee" includes successor trustees or alternate successor trustees serving as trustee of this trust. The singular "trustee" also includes the plural. E. Successor Trustee Upon the death or incapacity of the surviving spouse, or the incapacity of both spouses, Da\lid K. Odle and Melanie Boschetto shall serve as trustees. Both of the successor trustees must consent, in writing, to any transaction involving the trust or trust property. If David K. Odle or Melanie Boschetto is unable or unwilling to serve as successor trustee, Sandra M. Gutierrez will replace David K. Odle and Kamala Glad will replace Melanie Boschetto to serve as trustee. Both of them must consent, in writing, to any transaction involving the trust or trust property. Initial~&.' 4 Declaration of Trust - Page ..; ~. ",' ., ,"','<.'" C00173 6.Y~rl~3·¿f,.3fi~signation of Trustee Any trustee in office may resign at any time by signing a notice of resignation. The resignation shall be delivered to the person or institution that is either named in this Declaration of Trust, or appointed by the trustee under Section G of this Part, to next serve as the trustee. G. Power to Appoint Successor Trustee If no one named in this Declaration of Trust as a successor trustee or alternate successor trustee is willing or able to serve as trustee, the last acting trustee may appoint a successor trustee and may require the posting of a reasonable bond, to be paid for from the trust property. The appointment must be made in writing, signed by the trustee and notarized. H.Bond No bond shall be required for any trustee named in this Declaration of Trust. I. Compensation No trustee shall receive any compensation for serving as trustee, unless the trustee serves as a trustee of a child's subtrust created by this Declaration of Trust. J. Liability of Trustee With respect to the exercise or non-exercise of discretionary powers granted by this Declaration of Trust, the trustee shall not be liable for actions taken in good faith. Such actions shall be binding on all persons interested in the trust property. Part 8. Trustee's Management Powers and Duties A. Powers Under State Law The trustee snail have all authority and powers allowed or conferred on a trustee under Wyoming law, subject to the trustee's fiduciary duty to the grantors and the beneficiaries. B. Specified Powers The trustee's powers include, but are not limited to: 1. The power to sell trust property, and to borrow money and to encumber trust property; including trust real estate, by mortgage, deed of trust or other method. 2. The power to manage trust real estate as if the trustee were the absolute owner of it, including the power to lease (even if the lease term may extend beyond the period of any trust) or grant options to lease the property, to make repairs or alterations and to insure against loss. Initial ¡;(;f8/ A 5 Declaration of Trust - Page Jl jO u, O:919S:36 C00174 3. The power to sell or grant options for the sale or exchange of any trust property, including stocks, bonds, debentures and any other form of security or security account, at public or private sale for c"àsh or on credit. 4. The power to in'vest trust property in every kind of property and every kind of investment, including but not limited to bonds, debentures, notes, mortgages, stock options, futures and stocks, and including buying on margin. 5. The power to receive additional property from any source and add it to any trust created by this Declaration of Trust. 6. The power to employ and pay reasonable fees to accountants, lawyers or investment experts for information or advice relating to the trust. 7. The power to deposit and hold trust funds in both interest-bearing and non-interest bearing accounts. 8, The power to deposit funds in bank or other accounts, whether or not they are insured by the FDIC. 9. The power to enter into electronic fund transfers or safe deposit arrangements with financial institutions. 10. The power to continue any business of either grantor. 11. The power to institute or defend legal actions concerning this trust or the grantors' affairs. 12. The power to execute any documents necessary to administer any trust created by this Declaration of Trust. 13, The power to diversify investments, including authority to decide that some or all of the trust property need not produce income. Part 9. Incapacity of Grantors If either Robert K. Odle or Peggy L. Odle becomes physically or mentally incapacitated, whether or not a court has declared the grantor incompetent or in need of a conservator or guardian, the other spouse shall be sole trustee until the incapacitated grantor is again able to manage his or her affairs. The determination of a grantor's capacity to manage this trust shall be made by those of the people listed here who are reasonably available when the other grantor or successor trustee requests their opinion. These people are: Sheldon Kendall, Bruce J. Odle and Randy West. If a majority of them state, in writing, that in their opinion á grantor is no longer reasonably capable of serving as trustee, that grantor shall be considered incapacitated for the purposes of this Part. :::TDirj~l,~~ 6 Declarati( "\':?~:ust - Page --~ ...._~'---~_.- ~. ç)nl'~ 75 09198~b ' ~ If both grantors become incapacitated, the successor trustee named in Part 7 of this Declaration of Trust shall serve as trustee until at least one grantor is again able to manage his or her affairs. The determination of a grantor's capacity to again manage this trust shall be made in the manner specified above. The trustee shall manage the trust property and use any amount of trust income or trust principal necessary for the proper health care, support, maintenance, comfort and welfare of both grantors, in accordance with their accustomed manner of living. Income shall be paid to the grantors at least annually. Income accruing in or paid to trust accounts shall be deemed to have been paid to the grantors. Part 10. Death of a Grantor The first grantor to die shall be called the "deceased spouse." The other grantor shall be called the "surviving spouse." Upon the deceased spouse's death, the trustee shall divide the property of the Robert K. Odle and Peggy L. Odle Revocable Living Trust listed on Schedules A, Band C into two separate trusts, Trust #1 and Trust #2. The trustee shall serve as trustee of Trust #1 and Trust #2. Trust #1 shall contain all the property of the Robert K. Odle and Peggy L. Odle. Revocable Living Trust owned by the deceased spouse before it was held in trust, plus accumulated income, except trust property left by the terms of this trust to the surviving spouse. Trust #1 shall become irrevocable at the death of the deceased spouse. The trustee shall distribute the property in Trust #1 to the beneficiaries named in Part 11 of this Declaration of Trust when trustee remarries or car.:¡ no longer maintain the trust physièally or mentally. Trust #2 shall contain all the property of the Robert K. Odle and Peggy L. Odle. Revocable Living Trust owned by the surviving spouse before it was held in trust, plus accumulated income, and any trust property left by the deceased spouse to the surviving spouse. It shall become irrevocable at the death of deceased spouse. The trustee may payout of trust property such amounts as necessary for payment of debts, estate taxes and expenses of the last illness and funeral of the deceased or surviving spouse. Part 11. Beneficiaries A. Husband's Beneficiaries At the death of Robert K. Odle, the trustee shall distribute the trust property listed on Schedule C, plus accumulated interest; the share of the property on Schedule A owned by Robert K. Odle before it was transferred to the trustee, plus accumulated interest; and if Robert K. Odle is the second spouse to die, any property listed on Schedule B left to him by the deceased spouse, plus accumulated interest as follows: 1. Peggy 1. Odle shall be given all Robert K. Odle interest in the trust property. Initial ~ .--=::þQ 7 ' Declaration of Trust - Page O:,'Jl9S:Jt) 2. If Peggy L. Odle does not survive Robert K. Odle, that property shall be divided and distributed as follows: nnn'1~6 !_:ul.ll David K. Odle, 20.4233% percent of total assets. If David K. Odle does not survive Robert K. Odle by 120 hours, his interest in this property shall be given to Britton Odle, Colton Odle and Jackson Odle in equal shares. Sandra M. Gutierrez, 20.4233% percent of total assets. If Sandra M. Gutierrez does not survive Robert K. Odle by 120 hours, her share shall be given to Clint J. Stocks, Nicholas D. Stocks and Devanee D. Stocks in equal shares. Austin Drecksel, 20.4233% percent of total assets. If Austin Drecksel does not survive Robert K. Odle by 120 hours, his interest in this property shall be given to his heirs in equal shares. If Austin Drecksel has no heirs, his interest in the property shall be given to David K. Odle and Sandra M. Gutierrez in equal shares. Melanie Boschetto, 12.91 % percent of total assets, If Melanie Boschetto does not survive Robert K. Odle by 120 hours, her interest in this property shall be given to Justin Boschetto, Cole Boschetto and Kar1ee Boschetto in equal shares. Kamala Glad, 12.91 % percent of total assets. If Kamala Glad does not survive Robert K. Odle by 120 hours, her interest in this property shall be given to her heirs in equal shares. If Kamala Glad has no heirs, her interest in the property shall be given to Melanie Boschetto and Nathan Whitesides in equal shares Nathan Whitesides, 12.91 % percent of total assets. If Nathan Whitesides does not survive Robert K. Odle by 120 hours, his interest in this property shall be given to Mikaela Whitesides, Matthew Whitesides and any unborn heirs in equal shares. B. Wife's Beneficiaries At the death of Peggy L. Odle, the trustee shall distribute the trust property listed on Schedule B, plus accumulated interest; the share of the property òn Schedule A owned by Peggy L. Odle before it was transferred to the trustee, plus accumulated interest; and if Peggy L. Odle deceased spouse, plus accumulated interest as follows: 1. Robert K. Odle shall be given all Peggy L. Odle interest in the trust property. 2. If Robert K. Odle does not survive Peggy L. Odle, that property shall be divided and distributed as follows: David K. Odle, 20.4233& percent oftotal assets. If David K. Odle does not survive Peggy L. Odle by 120 hours, his share shall be given to Britton Odle, Colton Odle and Jackson Odle in equal shares. Initial ~ 8 Declaration of Trust - Page ~.. ~Y9198:jf) r· ,.... (") , ..... :" III '. '"'7 ._ './ L I, . ...,- Sandra M. Gutierrez, 20.4233 % percent of total assets, If Sandra M. Gutierrez does not survive Peggy L. Odle by 120 hours, her share shall be given to Clint 1. Stocks, Nicholas D. Stocks and Devanee D. Stocks in equal sháres. Austin Drecksel, 20.4233% percent of total assets. If Austin Drecksel does not survive Peggy L. Odle by 120 hours, his share shall be given to his heirs in equal shares. If Austin Drecksel has no heirs, his interest in the property shall be given to David K. Odle and Sandra M. Gutierrez in equal shares. Me~anie Boschetto, 12.91 % percent of total assets, If Melanie Boschetto does not survive Peggy L. Odle by 120 hours, her interest in this property shall be given to Justin Boschetto, Cole Boschetto and Karlee Boschetto in equal shares. Kamala Glad, 12.81 % percent of total assets. If Kamala Glad does not survive Peggy L. Odle by 120 hours, her interest in this property shall be given to her heirs in equal shares. If Kamala Glad has no heirs, her interest in the property shall be given to Melanie Boschetto and Nathan Whitesides in equal shares. Nathan Whitesides, 12.91% percent of total assets. If Nathan Whitesides does not survive Peggy L. Odle by 120 hours, his interest shall be given to Mikaela Whitesides, Matthew Whitesides and any unborn heirs in equal shares. C. Property Left to the Surviving Spouse Any trust property left by the deceased spouse to the surviving spouse shall remain in the surviving spouse's irrevocable trust, Trust#2 until the death ofthe surviving spouse. D. Terms of Property Distribution All distributions are subject to any provision in this Declaration of Trust that creates a child's subtrusf or a custodianship under the Uniform Transfers to Minors Act. A beneficiary must survive the grantor for 120 hours to receive property under this Declaration of Trust. As used in this Declaration of Trust, to survive means to be alive or in existence as an organization. All personal and real property left through this trust shall pass subject to any encumbrances or liens placed on the property as security for the repayment of a loan or debt. If property is left to two or more beneficiaries to share, they shall share it equally unless this Declaration of Trust provides otherwise. If any of them does not survive the grantor, the others shall take that beneficiary's share, to share equally, unless this Declaration of Trust provides otherwise. Initia~~ 9 Declaration of Trust - Page C)t()'" QOb) .j- C itJ..,J]..JC~-'\ ,~ 000178 Part 12. Homestead Rights If the grantors' principal residence is held in this trust, the grantors have the right to possess and occupy it for life, rent-free and without charge, except for taxes, insurance, maintenance and related costs and expenses. This right is intended to give the grantors a beneficial interest in the property and to ensure that the grantors, or either of them, do not lose eligibility for a state homestead tax exemption for which either grantor otherwise qualifies. Part 13 No Contest Provision If any beneficiary under this trust contests this trust or any of its provisions, any share or interest in this trust given to the contesting beneficiary under this trust will be revoked and shall be disposed of as if that beneficiary had not survived either of the grantors original trustees Part 14 Severability of Clauses If any.provision of this Declaration of Trust is ruled unenforceable, the remaining provisions shall stay in effect Initia~ -.-aL 10 Declaration of Trust - Page ,- ~, 11"" 'fJ' ,'" IQ.{.)'} 6-' v:~ ..-t~-:~C:1'.J,J Certification of Grantors We certify that we have read this Declaration of Trust and tþat it correctly states the terms and conditions under which the trust property is to be held, managed and disposed of by the trustees, and we approve the Declaration of Trust. r !Ì n .1 7 9' t..' ", ) .t; ~ j ./ \.," .. ~~~ Dated: W/~ Robert~andTrustee y-,¡-' Dated: ¿; -It - 0;; CERTIFICATE OF ACKNOWLEDGMENT OF NOTARY PUBLIC State of Wyoming County of i¡, Y1 co! h ) ) ss. ) On r4 e 1('0 at JV?.,{'- 2- 00 C before me .., , "Je-R>- y ,4 I S-h-9 Q,. , a notary public for said state, personally appeared Robert K. Odle and'-/Peggy 1. Odle., personally lmov.'fi to me (or proved on the basis of satisfactory evidence) to be the persons whose names are subscribed to the within instrument, and acknowledged to me that they executed the same in their authorized capacities and that by their signatures on the instrument the persons, or the entity upon behalf of which the persons acted, executed the instrument. JEFFERY A~STRGAR - NOTARY PUBLIC COUNTY OF .' STATE OF LINCOLN ~ WYOMING MY COMMISSION EXPIRES 3/2-1/2-17(71 WIJ~/my hand and official seal. ~li~;or~~WyOmillg [NOTARIAL SEAL] My commission expires: A¿¡rc/' 21 200 cr / Initial~~ 11 Declaration of Trust - Page cr)Ü4i Of.;.) ~ "'-< ·'-'.ð,.~..it:Jdf) ,) n·~ 8 0 !I\ 1 \", ....,. SCHEDULE A SHARED PROPERTY PLACED IN TRUST 1. Barnes Banking Co. As of3/16/06 $71,409.40 2. Sentinel Advantage Variable Annuity as of 3/31/06 $50,393.29 3. Phonix Spectrum Edge as of3/31/06 $40,512.72 4. America First Credit Union as of 5/1/06 $101,896.89 5. 2002 LexusES-V6 Sedan 4D ES360 $23;900 6. The house at 1398 Sea Pines, Mesquite NY 89027 Appraised. value $339,000 minus 6% selling costs $20,340 minus loan $97,000. Equity in home $221,660.00 7. The house at 519 Kodiak Circle, Thayne WY 83127 Appraised value $295,000 minus 6% selling costs $17,700 minus loan $67,000. Equity in home $210,300.00 8. Total Coñtrol Account No. 404-8999460 as of 4/1/06 $27,570.16 9. America First Credit Union 10. Wells Fargo Bank 11. 2003 GMC Yukon XL 1/2 - 3/4 ton-V8 Utility K1500 SLT (4we) $27,900 minus loan $17,000.00 Equity equal $10,900.00 Schedule A - Page 1 O 9 'ti 'l.i ß:) ....t ,,~, , ~~...,;vc'..,H:'l¡ (1r)(")"81 ." \ 11. -- \ \.... SCHEDULE B WIVES SEPARATE PROPERTY PLACED IN TRUST NONE . O~:l:t98a6 :"V¡'Jf!i·\.-:'· , (") 1""\ f) .. 8 2 l.; , f " I ,} '-' ...A.. - SCHEDULE C HUSBANDS SEPARATE PROPERTY PLACED IN TRUST I. Office Desk - Sandra 2. Grandfather Clock (2 weights) - David 3. Grandfather Clock (3 weights) - Sandra 4. Grandmother Clock - Austin 5. Dawn's Coo Coo Clock - Austin 6. Grandpa Beauregard covered wagon - David 7. Grandpa Beauregard violin - David 8. Red nutcracker stool - Sandra 9. Black nutcracker stool - David 10. Margaret Bear collection - Sandra 11. Dragon Mugs - David 12. Margaret Bell collection - Sandra 13. Hammond Organ - Sandra 14. Pewter Tray and Goblets - Sandra 15. Dutch Serving Cark - Sandra 16. Delf Ware - David 17. Margaret Tole Painted bedroom set and cedar chest - Sandra 18. Broom Doll - Sandra 19. Grandma Odle winter red barn painting - Dave 20. Wood bowels (black & gold) - David 21. Blue German Mugs - David 22. Karen Pictures (three) - Sandra 23. Long Shepherd Lamps (long - 2 each) - Austin 24. Monk & wine drinker painting - Sandra 25. Wind mill painting - Sandra 26. Castel on river painting - Sandra 27. Neuschwanstein castle painting - Sandy 28. Dutch fire place painting - David 29. German well & water trough - David 30. Wash Basin Stand - David 31. Wash basin & Pitcher - David 32. Shepherd lamps set (tall Bigger) - Sandra 33. Shepherd lamps set (square)- David 34. Gold floor lamp - David 35. Grandma Freeland Dinning room set - Sandy 36. Table lamp (bronze & colored glass shade) - Sandra 37. Table lamp (Lighted base - white) - David 38. East German hutch - David 39. Llardo (3) - Sandra Schedule C - PaQe 1 QÜ'i OQ<.'~_~: ,_-1 .£,. ...,v \-ci' À ~,;; 40. Hummel - David 41. Crystal Ware - Sandra 42. Red Goblets -David 43. Matuska Doll (red) - David 44. Matuska Doll (pink) - Sandra 45. Matuska Doll (gold) - Sandra 46. Depression ware - Sandra 47. China set (white) - Sandra 48. China set (gold, flowered and Rings) - Sandra 49. Grandma Beauregard Tea Set - Sandra 50. Large round wall clock - Sandra 51. Silver ware (gold plated) - David 52. All guns - David 53. All tools - David 54. Margaret Jewelry - Sandra 55. Margaret quilts - Sandra 56. Rodishimer cup set - David Schedule C - PaQe 2 '!.- . n n n ., 8 3 1_, U l J. .