No Children Under Age 22 Sample Clauses

No Children Under Age 22. When there are no living children of Trustor under age twenty two (22) the Trustee shall divide the then remaining trust principal and accumulated income into equal shares to be held, administered, and distributed as provided below, with one such share for each child of Trustor who survives such event and with one such share for each child of Trustor who does not survive such event but with descendants who do so survive such event. If no children or descendants of Trustor survive such event, Trustor’s property shall pass in accordance with paragraph E below, provided that any beneficiary of such property shall be required to have survived such event. (1) Each such share for a child of Trustor who survives such event shall be held and administered as a separate trust with such child as its primary beneficiary as follows: (i) The Trustee may distribute to or for the benefit of the primary beneficiary or any of the descendants of the primary beneficiary so much of the income or principal of the trust as the Trustee deems appropriate. Any income not so distributed shall be accumulated and added to principal annually. (ii) Subject to Section 3.6 below, when the primary beneficiary attains age 22, the Trustee shall distribute to the primary beneficiary one-fourth of the then remaining trust principal. When the primary beneficiary attains age 25, the Trustee shall distribute to the primary beneficiary one-third of the then remaining trust principal. When the primary beneficiary attains age 30, the Trustee shall distribute to the primary beneficiary one-half of the then remaining trust principal. When the primary beneficiary attains age 35, the Trustee shall distribute to the primary beneficiary all of the then remaining trust principal. If a primary beneficiary has already attained an age in excess of age 22, at the time the first such distribution to that primary beneficiary becomes payable, such primary beneficiary shall receive at such first distribution the portion of principal he would have otherwise received if earlier distributions had been made; for example, if the primary beneficiary is age 28 at the time the first distribution is payable, he or she would receive one-half of the then remaining trust principal (1/4 plus 1/3 of the remainder). (iii) If the primary beneficiary dies after attaining age 22 but before final distribution of the trust established for such primary beneficiary, the Trustee shall distribute the then remaining principal and undistri...
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