HomeMy WebLinkAbout949035Recording requested by and when recorded send to
Joseph W. Angelovic
HC 62, Box 7034, Star Valley Ranch, WY 83127
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THE JOSEPH W. ANGELOVIC REVOCABLE TRUST
THIS REVOCABLE TRUST AGREEMENT, dated this day of aIACLA6f
2009, is by and between Joseph W. Angelovic, of Lincoln County, Wyoming, he nafter called
the "Donor" (and referred to in the first person) and Joseph W. Angelovic, as Trustee, hereinafter
called the "Trustee".
SECTION 1 - ESTABLISHMENT OF TRUST
1.1 - Establishment. I have established this trust for the management of property for the
care and support of myself and my children Karen R. Coghill, Michael W. Angelovic and
stepchild Kimber L. Klokkenga (as well as any child born to or adopted by me after the date of
this Agreement) and for the eventual distribution to the beneficiaries hereof following my death.
Trust.
1.2 - Name of Trust. The name of this trust shall be The Joseph W. Angelovic Revocable
1.3 - Receipt of Pronerty. The Trustee agrees to hold all property delivered to him in
trust on the terms and conditions hereinafter set forth.
SECTION 2 - RIGHTS RESERVED BY DONOR
reserve the following rights exercisable without the consent or approval of any other
person including the Trustee or any beneficiary:
(a) To amend the trust agreement, revoke the trust, or withdraw any of the property held
in the trust.
(b) To add money or other property to the Trust either by my Last Will and Testament
or, subject to the approval of the Trustee, by inter vivos transfer.
(c) To change the Trustee by delivering notice to that effect in writing to the Trustee
during my lifetime and designating therein a successor Trustee.
(d) To make gifts during my lifetime in such amounts as I may direct or authorize to be
made directly from the Trust to my donees.
Any action referred to in this Section 2 shall be evidenced by written instrument signed by me or
my attorney-in-fact and delivered to the Trustee.
RECEIVED 8/20/2009 at 4:29 PM
RECEIVING # 949035
BOOK: 730 PAGE: 290
Imtt~*
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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SECTION 3 - SUCCESSION OF TRUSTEE
In the event that the person(s) named above shall become unwilling or unable to act as
Trustee then Michael W. Angelovic, shall serve as successor Trustee with the same powers and
duties of the original Trustee, as outlined in Section 8 below. In the event that the person named
above as successor Trustee is not willing or able to so serve, then Karen R. Coghill shall serve as
successor Trustee with the same powers and duties of the original Trustee as outlined in Section
8 below. No bond shall be required of any Trustee serving hereunder. In the event of the above
named Successor Trustees' unwillingness or inability to so serve, then a corporation authorized
to administer trusts in the State of Wyoming and having capital and surplus of not less than Ten
Million Dollars ($10,000,000.00) shall be appointed as Trustee by an instrument delivered to it
and signed by the Donor (if living) and my children, with the same powers and duties of the
original Trustee as outlined in Section 8 below. No bond shall be required of any Trustee
serving hereunder.
SECTION 4 - DISTRIBUTIONS DURING LIFETIME OF DONOR
4.1 - Payment of Income and Principal. During my lifetime, the Trustee shall pay to me
or apply for my benefit so much of the principal and income of the Trust as I or my attorney-in-
fact may from time to time direct the Trustee in writing. In the absence of such written direction,
the Trustee may pay discretionary income and/or principal to me or apply the same for my
benefit or may accumulate all income and shall add the same to principal at the end of each
accounting period.
4.2 - Incapacity. If I shall become incapacitated through mental or physical illness or
condition, age or other cause, then my Trustee may, in his/her/its discretion, and while such
incapacity continues, apply so much of the income and principal as may be reasonably necessary
for my support, maintenance, care and general welfare. In addition, my Trustee shall be
authorized to expend to or for the benefit of my children, such amount or amounts of income
and/or principal, as my Trustee determines to be reasonably necessary or desirable for their care,
support, maintenance in health and education, but taking all other financial resources known to
my Trustee which are reasonably available for their care, support, maintenance in health and
education.
SECTION 5 - DISTRIBUTIONS FOLLOWING DEATH OF DONOR
5.1 - General. The Trustee shall add to the Trust all accumulated income, together with
all other property which may be received by the Trustee under the terms of my Last Will and
Testament, from payment of life insurance proceeds, or otherwise from any source whatsoever.
5.2 - Payment of Taxes and Expenses. The Trustee is authorized and expected to make
available to the Executrix of my estate such cash funds, if any, as he/she determines to be
necessary for the payment of debts, funeral expenses, costs of administration and all inheritance,
estate, transfer and succession taxes, including interest and penalties thereon, as may accrue or
be assessed by reason of my death.
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5.3 - Distribution After Donor's Death. Following my death, the Trustee shall pay and
distribute the balance of my trust estate to my children, Michael W. Angelovic, Karen R. Coghill
and stepchild Kimber L Klokkenga, in equal shares, and the Trust shall terminate. If any of my
children shall predecease me, then the share that such deceased child would have received if
living, shall be paid over and distributed to the lineal descendants of such deceased child, per
stirpes, subject to the provision that should any such lineal descendant not have attained the age
of 18 years, then such lineal descendant's share shall continue in trust until he or she attains said
age (see Section 5.4, below). If any of my deceased children leaves no lineal descendants, then
such deceased child's share shall be paid over and distributed to my surviving children, or their
living descendants, per stirpes, subject to the terms of this Trust, and if I have no other surviving
children, then to my heirs at law as determined by the statute of distribution then in effect in the
State of Wyoming.
5.4 Provisions for Minor Children. Any trust estate established herein for the benefit
of the any of my children who have not attained the age of eighteen (18) upon my death shall be
retained by my Trustee until such minor child shall have attained the age of eighteen (18) years;
and in the meantime, my Trustee shall have the power and authority to pay to or for the benefit
of such minor child, without the appointment of any legal guardian, such amounts from the
income and/or principal of his or her trust estate as my Trustee may deem necessary or proper for
his or her suitable care, support or maintenance in health, and education. Any undistributed
income shall be accumulated and added to the principal of such estate. When each such
beneficiary attains the age of eighteen (18) years, my Trustee shall distribute to such child his or
her trust estate. However, in case any such beneficiary shall die before attaining said age, then,
upon such person's death, his or her trust estate shall be distributed equally to his or her lineal
heirs, per stirpes.
SECTION 6 - PROVISION AGAINST CREDITORS
No income or principal payable to any beneficiary of mine under the terms of this Trust
Agreement shall be disposed of or in any manner encumbered while in the possession of the
Trustee otherwise than by the authorized act of the Trustee; nor shall they have the right or
power to anticipate by assignment or otherwise any income or corpus given to such beneficiary
by this Trust, nor in advance of actually receiving the same have the right or power to sell,
transfer, encumber or in any way charge the same; nor shall such income or principal or any
portion of same, be subject to any execution, garnishment, attachment, insolvency, bankruptcy or
legal proceeding of any character or legal sequestration, levy or sale, or in any event or manner
be applicable or subject, voluntarily or involuntarily, to the payment of such beneficiary's debts.
SECTION 7 - MAXIMUM DURATION OF TRUST
7.1 - Perpetual Trust. This Trust shall not be governed by the Rule Against Perpetuities
pursuant to Wyoming law.
7.2 - Maximum Duration. Notwithstanding any other provision of this Agreement,
should SECTION 7.1 be found ineffective for any reason whatsoever, all interests in the trust
shall vest not later than twenty-one (21) years less one (1) day after the death of all myself and
any lineal descendants living at my death.
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SECTION 8 - POWERS AND DUTIES OF THE TRUSTEE Q 9
8.1 - General. The Trustee in respect of every trust created hereunder, in addition to
those conferred or imposed by law, shall have powers and duties as follows.
8.2 - General Powers. To pay all taxes and all reasonable expenses in connection with
the trust; to determine whether money or property coming into its possession shall be treated as
principal or income and to charge or apportion gains, losses or expenses, to principal or income,
all according as may be deemed just and equitable; to sell, lease, convey, mortgage, pledge,
lease, control, manage, transfer or exchange, and to make contracts concerning any of the
properties, real or personal, comprised in the trust estate, either publicly or privately and for such
prices and consideration and upon such terms and conditions as may be deemed reasonable by
the Trustee, to give options therefore, and to execute and deliver deeds, transfers, mortgages,
leases, promissory notes, assignments, other instruments or conveyances of any kind, proxies,
powers of attorney or agreements that the Trustee may deem advisable in administering the trust;
to invest and reinvest money coming into its possession in such loans, notes, bonds, stocks,
securities or real estate as the Trustee may deem suitable investments, without regard to the
limitations imposed by law as to the types of investments made by Trustees or to the proportion
of investments in corporate stocks; it being the intent that, subject to the provisions of this Trust
Agreement, the Trustee shall have the necessary power to manage all property held hereunder.
8.3 - Employment of Agents and Attorneys. To employ agents, accountants and
attorneys and to pay their reasonable compensation and expense; to designate a nominee to hold
the title to any part of the trust estate or to hold title thereto in the Trustee's own name without
indication of trusteeship, but the Trustee shall be liable for any wrongful act of such nominee.
8.4 - Borrowing Money. To make advances or borrow money upon such terms and
conditions, and for such purposes as the Trustee may deem desirable for the improvement,
protection or preservation of the trust.
8.5 - Adjustment of Claims. To settle and adjust claims in favor of or against the trust.
8.6 - Exchange of Securities. To exchange any stocks or securities for other stocks or
securities of any reorganized or consolidated corporation or for stocks or securities of any other
corporation.
8.7 - Division or Distribution in Kind. To make any distribution or set aside any separate
trust hereunder in cash or other property, but if other property is used, it shall be taken at its then
fair market value, or if there is no readily determinable market value, then at such value as shall
be determined by the Trustee.
8.8 - Accountina. The Trustee shall keep accurate books of account showing the
condition of the trust estate and shall keep same open at all reasonable times to the inspection of
any beneficiary entitled to receive income hereunder or such beneficiary's duly appointed
representative. The Trustee shall furnish to each beneficiary entitled to receive income
hereunder annual statements, which shall show the manner and form in which the trust estate is
then invested, and in detail the income and disbursements therefrom during the period covered
by each such statement,
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8.9 - Merger of Trust. The trustee may, at its discretion, combine the assets of separate
trusts under this Trust for the purpose of more convenient administration or investment for any
period of time, preserving the assets of any trust hereunder with those of any other trust, by
whomever created, maintained for the same beneficiaries upon substantially the same terms.
8.10 - Loans to Children. My Trustee is authorized, upon the advice and consent of my
Trust Advisors, to lend funds to my children with or without security, such sums of money as my
Trustee, upon consultation with and approval by the Trust Advisors, deems necessary and
advisable for use in establishing or maintaining a business, purchasing a home or to educate their
children. Such loans may be made at such times that, in the opinion of my Trustee, neither the
liquidity of the trust nor the total assets available for the support of my children will be
,jeopardized.
SECTION 9 - ADVISORS TO MY TRUSTEE
Following my death or incapacity, if at any time any of my children over the age of
eighteen (18) years are not serving as Trustee, then such children over the age of eighteen (18)
years not serving as Trustee shall serve as Advisors to my Trustee, provided, however, that if any
of them should not be available or be unwilling to serve, my Trustee shall exercise his/her/its
discretion in all matters. My Advisors shall designate in writing to my Trustee an Advisor to
succeed any of them in the event of their death, resignation, failure or inability to act, with
power, however, as long as acting as such Advisor, by written instrument delivered to my
Trustee to revoke the appointment of such successor and similarly name another instead thereof;
it is my desire that there shall be no less than one (1) Advisor to my Trustee at all times
following my death. Any such successor Advisor shall have similar power in all respects to
designate her or his successor in the manner provided above. In the event none of my children
are serving as Trustee and a corporate Trustee has been selected, then all of my children or their
named successors shall serve as Advisors to the corporate Trustee.
My Trustee shall not be required to obtain approval of the Advisor as to the specific
selection of securities for sale or purchase, but shall consult with the Advisor with respect to
general investment policy and objectives. My Trustee shall not be liable for any loss resulting
from complying with the direction of such Advisor nor from the retention of any assets, the sale
of which the Trustee proposed but which sale the Advisor disapproved.
SECTION 10- COMPENSATION OF TRUSTEE
10.1 - Trustee Compensation. The Trustee shall receive reasonable compensation for
ordinary services performed. The Trustee shall receive additional compensation for any
extraordinary services reasonably required.
10.2 - Advisor Compensation. The Trust Advisor shall also be entitled to reasonable
compensation.
SECTION 11 VALIDITY AND CONSTRUCTION
This Trust Agreement shall be construed under, and its validity and administration
governed by, the laws of the State of Wyoming.
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SECTION 12 DEFINITIONS
Feminine, masculine and neuter pronouns shall each be deemed to include the feminine,
masculine and neuter gender. The singular and plural shall each be deemed to include the
singular and plural.
IN WITNESS WHEREOF, on this /,F,day of , 20 the following have executed
this Declaration of Trust.
WITNESSES:
Signature
printed
(signature)
[ACKNOWLEDGEMENT ON FOLLOWING PAGE)
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ACKNOWLEDGEMENT
STATE OF w Flo r", A~ )
COUNTY OF Li ng
('nsf ~ m
EL.[Ei:Ei: WN Notary Public
State of
Wyoming
SS: . F).,f nc AU(just 25, 2012
BE IT REMEMBERED, That on this day of a y 5- " , 200 before
me, a notary public in and for said County and State, personally came O o 5e. p h ~6J
r) ~i a,(o o-' c, , Grantor to the Revocable Trust and acknowledg de~that the
signing thereof to be his/her voluntary act and deed for the purpose herein mentioned.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and affixed my
notary seal on the day and year aforesaid.
STATE OF ~Vv~ i r) o\__)
COUNTY OF Li nMc\ )
C js & Dc"4i
Notary Public
My Commission Expires: 4( t.~o(
BILLEE JEAN Notary Public
County of y State of
SS: Lincoln Wyoming
rAy Commission Expires August 25, 2012
BE IT REMEMBERED, That on this l9 day of ~ , 20o7 before
me, a notary public in and for said County and State, personally came
Ay jAg. out , Trustee to the t} o ~ ~ ~ e U C >
Revocable Trust and acknowledged that the signing thereof to be his/her voluntary act and deed
for the purpose herein mentioned.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and affixed my
notary seal on the day and year aforesaid.
Notary Public
My Commission Expires A i st ,5?b 20 V,~-
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