Authorization and Limitation for Trustee to Modify Language Sample Clauses

Authorization and Limitation for Trustee to Modify Language. The Trustee is authorized to modify the language of the Trust provisions as such are contained in Article VIII, TRUST POWERS, provided however, that such modification of language shall not materially affect the rights of Beneficiaries or the method by which the Trust would be taxed but for any such modification. The Trustor acknowledges that the purpose for providing authority for the Trustee to alter or modify the language of the Trust Powers is for the sole purpose of meeting any unique requirements of any financial institution or governmental agency that may be required for the Trust to function efficiently and effectively for the purpose for which it was brought into existence. This authorization is granted in recognition that it has commonly been found that institutions arbitrarily and periodically change their requirements as to the peculiar verbiage for a particular institution which may be required to enable the Trustee to effectively utilize the Trust Powers. This also gives the Beneficiaries discretion to appoint a qualified corporate trustee that otherwise would not accept but for adoption of its standard language concerning its management or investment authority. In the event that the Trustee attempts to bring about a modification in accordance with this section and it is found to adversely affect the rights of any Beneficiary in any respect whatsoever, and/or the modification in any way which would adversely affect the taxation of the Trust or its Beneficiaries as it applies to income taxation, or taxation of inter vivos gifting, or transfer tax imposed by virtue of the death of the Trustor, then such attempted modification of language shall be treated as void. In the event of an unintended result, the Trustee is directed to rescind all transactions that were performed under this section allowing change of verbiage. Where necessary and appropriate, the Trustee is directed and authorized to obtain the approval of a Court of competent jurisdiction to effectuate any change or rescission.
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Related to Authorization and Limitation for Trustee to Modify Language

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