Laserfiche WebLink
200305298 <br />THE STOVER FAMILY REAL ESTATE TRUST <br />THIS TRUST AGREEMENT is made and entered into this,,. / day of March, 2003, by <br />and between PATRICIA ANN STOVER (hereinafter referred to as the "Trustor ") and PATRICIA <br />ANN STOVER (hereinafter referred to as "Trustee "). In consideration of the mutual benefits set <br />forth herein, it is hereby agreed as follows: <br />ARTICLE I <br />Transfer of Property <br />The Trustor hereby transfers conveys and delivers to the Trustee the property itemized on <br />Exhibit "A" which is attached hereto and incorporated herein by this reference. This real property <br />consists of farm land located in Hall, Lincoln, and Adams Counties in the state of Nebraska. The <br />Trustor relieves the Trustee from any duty of diversification with respect to this trust which will <br />consist substantially of Trustor's one -sixth (1 /6th) interest in the real property legally described <br />on Exhibit "A". In addition, the Trustor acknowledges that some or all of the assets of the trust <br />will not necessarily produce income and further relieves the Trustee from the duty to make this <br />realty income producing, recognizing that other assets may be added to the trust to produce income <br />at a later date if so desired. <br />All of this property, together with such other property as may be added to this trust and <br />accepted by the Trustee, shall be held, managed and distributed by the Trustee as provided herein. <br />ARTICLE II <br />Distributions from Trust <br />2.1 Income and Principal: The Trustee shall apply the benefits of the trust assets to <br />the Trustor, if any is realized by the trust estate, in convenient installments that are at least annual. <br />The Trustee shall be permitted to use trust income to support the trust assets. The Trustor may <br />elect, from time to time, to transfer all or a portion of the trust to the Trustee or Trustee's lineal <br />descendants as Trustor may direct to Trustee in writing. If the trust does not terminate prior to <br />the Trustor's death, then the Trustee shall have the discretion to make equal distributions to the <br />surviving children of Trustor, with the provision that monies should be set aside to pay the <br />expenses associated with the real property. <br />2.2 Distributions Upon Termination: <br />2.2.1 Death of Trustor: Upon the death of the Trustor, this trust shall <br />continue for the benefit of Trustee's children, if living, until such time as the property is sold. If <br />all of Trustor's children are deceased at the time of her death, then the trust shall continue for the <br />benefit of the issue of such children. At such time as the property is sold, the Trust shall <br />terminate. Upon the termination of the Trust, the Trustee shall divide the remainder of the trust <br />JG: \LAWTYPE \EL \1WR \ ESTATE PLANNING\ CLIENTS \STOVER \REALESTATETRUST.DOCJ -I- <br />