Provisions After First Death Clause Samples

Provisions After First Death. On the death of either Trustor, leaving the other Trustor surviving him or her, the Trustee shall collect and accumulate all insurance proceeds payable to the Trustee by reason of such death, all bequests and devises distributable to the Trust Estate under the terms of the last will of the deceased Trustor, and shall divide the entire Trust Estate into two separate trusts to be known and herein designated as the "Family Trust" and the "Marital Trust". If the surviving Trustor makes a qualified disclaimer (as defined in Section 2518 of the Internal Revenue Code of 1986, as amended), with respect to all or any portion of the interests in property given to him or her under any provision of the deceased Trustor’s Will, Trust, or otherwise, then such disclaimed property interests shall be distributed to the Family Trust to be added to such Trust and held and distributed as if it had been an original part of that Trust. Such disclaimer shall not be considered a disclaimer of any interest of the surviving Trustor in the property added to the Family Trust, except to the extent any disclaimer specifically intends to require such an outcome.