TRUST
AGREEMENT OF PETER PAN AND WENDY DARLING
(PROVIDED COURTESY OF DEBORAH PERRY-LAW 13/20 STUDENT)
Trust agreement made May 26, 1998, between Peter Pan and Wendy
Darling Pan, of 13645 Mindora Avenue, Sylmar, County of Los Angeles,
State of California, as "settlors" or "trustees".
In consideration of the mutual covenants and promises set forth
herein, settlors and trustees agree:
SECTION I
TRUST NAME
This trust shall be know as The Peter Pan and Wendy Darling Pan
Living Trust.
SECTION II
TRUST ESTATE
Settlors hereby assigns, transfers and conveys to trustee the
property described in Schedule A, annexed and incorporated by
this reference. Receipt of such property is hereby acknowledged
by trustees. The property shall be held by trustees in trust on
the terms and conditions herein set forth.
SECTION III
ADDITIONS TO TRUST ESTATE
Settlors reserves the right for themself or any other person to
increase this trust by delivering property to trustees, by having
the proceeds of insurance policies made payable to trustees, or
by bequest or devise by will. Settlors will notify trustees in
writing of any policies made payable to trustees as custodian
thereof. Trustees' duties and liabilities hereunder shall under
no circumstances be substantially increased by any such additions,
except with trustees' written consent.
SECTION IV
RESERVED POWERS OF SETTLORS
(A) Amendment or Revocation
Settlors reserves the right at any time, by an instrument in writing
delivered to trustees to revoke or amend this trust in whole or
in part. The duties and liabilities of trustee shall under no
circumstances be substantially increased by any amendment hereunder
except with trustees' written consent.
(B) Rights to Trust Property
Until the death of the settlors', all rights to all income, profits
and control of the trust property shall be retained by the settlors.
(C) Homestead Rights
If the settlors' principal residence is transferred to the trust,
settlors' has 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 settlors
a beneficial interest in the property and to ensure the settlors
does not lose eligibility for a state homestead tax exemption
for which settlors otherwise qualifies.
(D) Incapacity of Settlors
If at any time, as certified in writing by a licensed physician,
both settlors have become physically or mentally incapacitated,
the successor trustee shall manage this trust. The successor trustee
shall pay trust income at least annually to, or for the benefit
of, the settlors and may also spend any amount of trust principal
necessary in the trustees' discretion for the proper health care,
support, maintenance, comfort or welfare of the settlors, in accordance
with their accustomed manner of living, until the settlors, as
certified by a licensed physician, are again able to manage their
own affairs, or until the settlors' death.
(E) Settlors' Death
After the death of the settlors, this trust becomes irrevocable.
It may not be altered or amended in any respect, and may not be
terminated except distributions permitted by this Trust Agreement.
SECTION V
TRUSTEES
(A) Original Trustee
The trustees of The Peter Pan and Wendy Darling Pan Living Trust
shall be Peter Pan and Wendy Darling Pan.
(B) Successor Trustee
Upon the death of the trustees or their incapacity as certified
in writing by a licensed physician, the successor trustee shall
be Michael Pan. If he is unable to serve or continue serving as
successor trustee, the successor trustee shall be Tinkerbell Pan.
SECTION VI
DISPOSITION OF INCOME AND PRINCIPAL
After paying the necessary expenses incurred in the management
and investment of the trust estate, trustees shall pay the net
income of the trust and distribute the principal of the trust
in the following manner:
Upon the death of the settlors, the trustee shall distribute the
trust property outright to the beneficiaries named in the "pour-over"
will.
SECTION VII
INVASION OF PRINCIPAL FOR BENEFIT OF SETTLORS' DESCENDANTS
After settlors death, trustee may apply so much of the principal
of the trust for the use of settlors descendants, or any of them,
at such time or times as, in trustee's discretion, trustee may
deem advisable for their proper education, health or support.
The provisions of this Section are intended primarily as a means
of affording financial assistance to settlors children in the
event of their serious illness, misfortune or other emergency
or unusual condition. The provisions of this Section are also
intended to assist settlors descendants during the period of their
education or setting up in business or at the time of their marriages.
This enumeration is to serve only as a guide and shall not be
construed to restrict the discretionary powers so conferred on
trustee. Any amount so applied to the use of settlors descendants
shall be charged against, or deducted from, the principal of any
share then, or thereafter, set apart for such descendants.
SECTION VIII
DISTRIBUTIONS TO MINORS
Trustee, in trustee's discretion, may make payments of income
or principal applicable to the use of any minor hereunder by paying
the same to the parent or guardian of such minor, or to any other
person having the care and control of such minor, or by expending
any payment of income or principal in such other manner as trustee,
in trustee's discretion, believes will benefit such minor. Trustee
may also pay as an allowance directly to the minor such sums as
trustee may deem advisable. Trustee may accumulate for the benefit
of any minor so much of any income applicable to such minor's
use as trustee in trustee's discretion may deem advisable, and
any income so accumulated shall be paid to the minor upon such
minor's attaining majority. Trustee, in trustee's discretion,
may make payments of principal vesting in and payable to a minor,
to such minor's parent or guardian, or may defer payment of any
part or all thereof until the minor attains majority, meanwhile
applying to such minor's use so much of such principal and of
the income thereof, and at such time or times, as in trustee's
discretion it may deem advisable for such minor's proper education,
health or support. Any payment under this Section shall operate
as a full discharge to trustee with respect thereto.
SECTION IX
POWERS OF TRUSTEE
(A) Powers Under State Law
To carry out the provision of The Peter Pan and Wendy Darling
Living Trust the trustee shall have all authority and powers allowed
or conferred on a trustees under California law, subject to the
trustees' fiduciary duty to the settlors and the beneficiaries.
(B) Specified Powers
The trustees' powers include, but are not limited to:
1. The power to sell trust property, and to borrow money and to
encumber property, specifically 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.
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 cash or on credit.
4. The power to invest trust property in property of any kind,
including but not limited to bonds, debentures, notes, mortgages
and stocks.
5. The power to receive additional property from any source and
add to any trust created by this Trust Agreement.
6. The power to employ and pay reasonable fees to accountants,
lawyers or investments 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 uninsured
by FDIC coverage.
9. The power to enter into electronic fund transfer or safe deposit
arrangements with financial institutions.
10. The power to continue any business of either settlors.
11. The power to institute of defend legal actions concerning
the trust or the settlors' affairs.
12. The power to execute any documents necessary to administer
any trust created in this Trust Agreement.
13. The power to diversify investments, including authority to
decide that some or all of the trust property need not produce
income.
SECTION X
TRANSACTIONS WITH THIRD PERSONS
No person or corporation dealing with trustees shall be required
to investigate trustees' authority to enter into any transaction
or to administer the application of the proceeds of any transaction.
SECTION XI
COMPENSATION OF TRUSTEE
No trustee shall receive any compensation for serving as trustee.
SECTION XII
REMOVAL AND RESIGNATION OF TRUSTEE
Trustee may be removed at any time by settlors or, after settlors'
death, by Michael Pan by written notice to trustee. Trustee may
resign by written notice to settlors during settlors' lifetime
or, after settlors' death, by written notice to Michael Pan. Until
the accounts of trustee are settled and trustee is discharged,
trustee shall continue to have all the powers and discretion's
granted to trustee hereunder or conferred by law. In the event
of removal or resignation of trustee, settlors or Michael Pan
may, by written instrument, appoint a successor trustee. Such
successor trustee, on executing a written acceptance of the trusteeship
and on the settlement of the accounts and discharge of the prior
trustee, shall be vested, without further act on the part of anyone,
with all of the title, powers, duties, immunities and discretion's
granted to the original trustee.
SECTION XIII
EMPLOYMENT OF AGENTS; EXPENSES OF TRUST
Trustee may employ agents, including counsel, and pay them reasonable
compensation. Trustee shall be entitled to reimbursement therefor
and for all other reasonable expenses and charges of the trust
out of principal or income, as trustee shall determine.
SECTION XIV
GOVERNING LAW
This trust shall be governed and construed in all respects according
to the laws of the State of California.
SECTION XV
BINDING EFFECT
This agreement shall be binding on settlors, settlors' executor,
administrator, successors and assigns, and trustees and trustees'
successors and assigns. In witness whereof, settlors and trustees
have executed this agreement at Sylmar the day and year first
above written.
Dated:_______________________
____________________________
Peter Pan
____________________________
Wendy Darling Pan
SCHEDULE A
PETER PAN "POUR OVER" WILL
Will of Peter Pan
I, Peter Pan, of 13645 Mindora Avenue, Sylmar, County of Los Angeles,
State of California, declare this to be my last will.
Clause One
I revoke all previous wills and codicils.
Clause Two
I declare that I am married and that my wife's name is Wendy Darling
Pan. All references in this will to my wife are to her. I have
two children whose names and birthdates are as follows:
Michael Pan born July 5, 1958
Tinkerbell Pan born December 25, 1959
References in this will to "my children" include the
children listed above and any children that may hereafter be born
to or adopted by me.
Clause Three
I confirm to my spouse my spouse's one-half community property
interest in all community assets passing under or outside of this
will. I intend that this will dispose of all property subject
to my testamentary power.
Clause Four
I give to my wife, if she survives me for 160 days, any interest
I may have in the residence in which we may be living at the time
of my death, subject to any mortgage or other encumbrance and
all unpaid real estate taxes and special assessments which are
a lien at the date of my death. If my wife does not survive me,
this gift shall lapse and my residence shall become a part of
the residue of my estate.
Clause Five
I give to my wife, if she survives me for 160 days, any interest
I may have in such items as: household furniture, all furnishings
and fixtures, jewelry, china, silverware, books, pictures, clothing,
and all other items of domestic, household, personal use, or adornment,
and all automobiles, boats, and other motor vehicles. If my wife
does not so survive me, then I give the property described in
this Clause to my children in equal shares.
Clause Six
All the residue of my estate, I give to my wife, Wendy Darling
Pan, as trustee under that certain trust agreement, dated May
28, 1998, wherein I am the settlor and trustee. If my wife does
not survive me for 160 days, then I give to my son Michael Pan,
as successor trustee under that certain trust agreement, dated
May 28, 1998, wherein I am the settlor and trustee. I direct that
such residue shall be added to and commingled with the trust property
of such living trust and shall be held, managed, administered,
and distributed under the terms and provisions of such trust agreement
and any amendments thereto made prior to or after my death, it
being my intention not to create a separate or testamentary trust
nor to subject such living trust to the jurisdiction of any probate
court.
Clause Seven
I appoint as executor hereof my wife, Wendy Darling Pan, to serve
without bond. If my wife does not survive me for 160 days, then
I appoint as executor hereof my son Michael Pan, to serve without
bond. I authorize my executor to sell, lease, or mortgage the
whole or any part of my estate at either public or private sale,
with or without notice, but subject to such confirmation as may
be provided by law.
I sign my name to this will this twenty-eight day of May 1998,
at Sylmar, County of Los Angeles, State of California, in the
presence of Mary Poppins, Daisy Duck, and Donald Duck, attesting
witnesses, who subscribe their names hereto at my request and
in my presence.
Date:______________________
___________________________
Peter Pan
ATTESTATION
On the date last above written, Peter Pan, known to us to be the
person whose signature appears at the end of this will, declared
to us, the undersigned, that the foregoing instrument, consisting
of four pages, including the page on which we have signed as witnesses,
was his will. He then signed the will in our presence, and at
his request, in his presence, and in the presence of each other,
we now subscribe our names as witnesses.
We declare under penalty of perjury that the foregoing is true
and correct.
_________________, residing at __________ __________
_________________, residing at __________ __________
_________________, residing at __________ __________
WENDY DARLING PAN "POUR OVER" WILL
Will of Wendy Darling Pan
I, Wendy Darling Pan, of 13645 Mindora Ave, Sylmar, County of
Los Angeles, State of California, declare this to be my last will.
Clause One
I revoke all previous wills and codicils.
Clause Two
I declare that I am married and that my husband's name is Peter
Pan. All references in this will to my husband are to him. I have
two children whose names and birthdates are as follows:
Michael Pan Born July 5, 1958
Tinkerbell Pan born December 25, 1959
References in this will to "my children" include the
children listed above and any children that may hereafter be born
to or adopted by me.
Clause Three
I confirm to my spouse my spouse's one-half community property
interest in all community assets passing under or outside of this
will. I intend that this will dispose of all property subject
to my testamentary power.
Clause Four
I give to my husband, if he survives me for 160 days, any interest
I may have in the residence in which we may be living at the time
of my death, subject to any mortgage or other encumbrance and
all unpaid real estate taxes and special assessments which are
a lien at the date of my death. If my husband does not so survive
me, this gift shall lapse and my residence shall become a part
of the residue of my estate.
Clause Five
I give to my husband, if he survives me for 160 days, any interest
I may have in such items as: household furniture, all furnishings
and fixtures, jewelry, china, silverware, books, pictures, clothing,
and all other items of domestic, household, personal use, or adornment,
and all automobiles, boats, and other motor vehicles. If my husband
does not so survive me, then I give the property described in
this Clause to my children in equal shares.
Clause Six
All the residue of my estate, I give to my wife, Wendy Darling
Pan, as trustee under that certain trust agreement, dated May
28, 1998, wherein I am the settlor and trustee. If my husband
does not survive me for 160 days, then I give to my son Michael
Pan, as successor trustee under that certain trust agreement,
dated May 28, 1998, wherein I am the settlor and trustee. I direct
that such residue shall be added to and commingled with the trust
property of such living trust and shall be held, managed, administered,
and distributed under the terms and provisions of such trust agreement
and any amendments thereto made prior to or after my death, it
being my intention not to create a separate or testamentary trust
nor to subject such living trust to the jurisdiction of any probate
court.
Clause Seven
I appoint as executor hereof my husband, Peter Pan, to serve without
bond. If my husband does not survive me for 160 days, then I appoint
as executor hereof my son Michael Pan, to serve without bond.
I authorize my executor to sell, lease, or mortgage the whole
or any part of my estate at either public or private sale, with
or without notice, but subject to such confirmation as may be
provided by law.
I sign my name to this will this twenty-eight day of May 1998,
at Sylmar, County of Los Angeles, State of California, in the
presence of Mary Poppins, Daisy Duck, and Donald Duck, attesting
witnesses, who subscribe their names hereto at my request and
in my presence.
Date:___________________________
________________________________
Wendy Darling Pan
ATTESTATION
On the date last above written, Wendy Darling Pan, known to us
to be the person whose signature appears at the end of this will,
declared to us, the undersigned, that the foregoing instrument,
consisting of four pages, including the page on which we have
signed as witnesses, was her will. She then signed the will in
our presence, and at her request, in her presence, and in the
presence of each other, we now subscribe our names as witnesses.
We declare under penalty of perjury that the foregoing is true
and correct.
__________________, residing at __________ __________
__________________, residing at __________ __________
__________________, residing at __________ __________