Common use of DISCRETIONARY PAYMENTS OF INDIVIDUAL TRUSTS Clause in Contracts

DISCRETIONARY PAYMENTS OF INDIVIDUAL TRUSTS. At any time or times during the term of the individual Trust to be created for each of the then-living children of the Trustor, the Trustee shall pay to or apply for the benefit of the child so much of the net income and principal of the individual trust as the Trustee deems proper for the child’s health, education, support, and maintenance. In exercising discretion, the Trustee shall give the consideration that the Trustee deems property to all other income and resources that are known to the Trustee and that are readily available to the child for use for these purposes. All decisions of the Trustee regarding payments under this subsection, if any, are within the Trustee’s discretion and shall be final and incontestable by anyone. The Trustee shall accumulate and add to principal any net income not distributed.

DISCRETIONARY PAYMENTS OF INDIVIDUAL TRUSTS. At any time or times during the term of the individual Trust to be created for each of the then-living children of the TrustorTrustors, the Trustee shall pay to or apply for the benefit of the child so much of the net income and principal of the individual trust as the Trustee deems proper for the child’s health, education, support, and maintenance. In exercising discretion, the Trustee shall give the consideration that the Trustee deems property to all other income and resources that are known to the Trustee and that are readily available to the child for use for these purposes. All decisions of the Trustee regarding payments under this subsection, if any, are within the Trustee’s discretion and shall be final and incontestable by anyone. The Trustee shall accumulate and add to principal any net income not distributed.