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

investments of the Trust shall consist of common or preferred stocks of large cap
companies. No less than fifty percent (50%) and no more than sixty-five percent
(65%) of the investments of the trust shall consist of corporate or tax exempt
bonds. All bonds shall maintain a rating by Moody’s, or an equivalent rating
service, no less than A and shall have maturities that are of medium term on the
date of purchase. Grantors also recommend that any tax exempt bonds be insured
or pre-funded.
32. Change of Situs. The Trustee may transfer the situs of any trust
created hereunder to another jurisdiction and may direct that the administration of
the Trust shall thereafter be governed by the laws of such other jurisdiction. The
power conferred on the Trustee under this section shall be a continuing power
which may be exercised any number of times for the purpose of transferring the
situs of the Trust.
33. Discretionary Distributions.
(A)
(B)
Statement of Settlors’ General Goals and Objectives. Settlors’ overall
objective in establishing and funding this Trust Agreement is that
Settlors’ Children and their issue become ethical, mature, responsible,
self-sufficient, and productive adults. Settlors believe that a goaloriented,
responsible, and productive life provides happiness,
satisfaction, and self-fulfillment; as a result, Settlors do not intend that
trust distributions deprive or distract from the need of the Beneficiaries
to have high standards for themselves, to work hard at their career
and family responsibilities, and to experience the satisfaction of their
own accomplishments.
Statement of Settlors’ Specific Goals and Objectives. In carrying out
Settlors’ overall objectives as set forth in Section (A) of this Article,
the Trustee shall be guided by the following:
(1) Health Care. The Trustee may make distributions for health
care costs, including fees of physicians, dentists, and other
health care providers; surgery, drugs, and medication;
hospitalization, outpatient and nursing care, including care at
home; dental, including orthodontic, treatment, and surgery;
psychiatric, psychological treatment, or counseling (including
marital counseling); treatment for alcohol or drug addition,
temporary or permanent stays in a rest or convalescent hospital,
rest home, treatment or rehabilitation facility, or in a nursing
home or community-based residential facility; travel or extended
living away from home for reasons of health, and living
expenses in connection with such travel or stays; and health or
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