Probate & Trust Law Section Conference Manual ... - Minnesota CLE

(b)
(c)
(d)
the designated agent, the Trustee may treat such notice as if given directly
to the Power Holder.
Evidence of Notice. I recommend, but do not require, that the Trustees (or
an agent for the Trustees) notify each Power Holder (or designated agent) of
(a) a Contribution to the Trust Estate and (b) such Power Holder's right of
withdrawal related to such contribution within a reasonable time after a
Contribution is made. Any such notice for a Power Holder under a legal
disability should be given to the Powers Holder's designated representative
as provided in paragraph 1.1(13) below. Notice may be given in any
form—orally, in writing or by any form of electronic notice, including but
not limited to email, voice mail or message machine, instant message, text
message or in any other manner.
Failure To Provide Or Delay In Providing Notice. A Power Holder's right
of withdrawal is not contingent upon receipt of notice. Only the term of the
power to withdraw and lapse of such power are dependent upon the Power
Holder’s receipt of notice and the date upon which the Power Holder
receives such notice. If notice is delayed or is not received by the Power
Holder or designated agent, the power of withdrawal shall commence upon
Contribution and continue until either exercised or lapsed as provided in
paragraph 1.1(7).
Written Request For Information. The existence or amount of property
subject to a power of withdrawal will vary from time to time and the
Trustees shall provide information requested by a Power Holder with
respect to any rights of withdrawal by such Power Holder.
(9) Withdrawal Right to be Exercised by Written Request. Each Power Holder shall
exercise a withdrawal right by a written request delivered to a Trustee (or the
Trustee’s designee) indicating the amount the Power Holder elects to withdraw.
(10) Satisfaction Of Exercise Of Power To Withdraw; Excess Distributions. Satisfaction
of any exercise of a power to withdraw shall be made by the Trustees within thirty
(30) days after receipt of the writing exercising such power. The Trustees may
satisfy any withdrawal rights under this Article by distributing cash, other trust
property, fractional interests in trust property, or a split-dollar interest in a life
insurance policy, as the Trustees deem appropriate. The Trustees are specifically
authorized to borrow money from any source, including but not limited to the cash
surrender values of any life insurance policies transferred to or held by the trust, to
sell trust property, to surrender or otherwise dispose of any life insurance polices or
other property transferred to or held by the trust, and to take any other action that
may be necessary and appropriate to assure that withdrawal rights will be satisfied
in a timely and expedient manner. Without limiting the Trustee's broad
discretionary power to select trust property to satisfy a withdrawal right, I prefer
that cash or tangible property be distributed before life insurance policies and other
intangible property (especially as concerns Power Holders who are skip persons),
unless the Trustees decide that another selection is warranted. If any Power Holder
receives a distribution with respect to exercised powers in excess of the amount
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