2109001 Informal Interpretation

Sheinberg, Samuel I.
From: 	HSR Help
Sent: 	Tuesday, Sept ember 14, 2021 10:59 AM
To: 	Wa lsh, Ka th ry n E. ; Berg, Kare n E. ; Sheinberg, Samuel I. ; Six, An ne; Musick, Vesse lin a; Shaffer, Kristin
Subject: 	FW: Control of a Trust
From: Wh itehead, Nora < nwhitehead@ftc.go v>
Sent: Tuesday, September 14, 202110:5 8:49 AM (UTC-05:00) Easte rn Time ( US & Canada)
To:
Cc: 	e p < 	e p 	c.gov>
Subject: RE: Co nt rol of a Trust
We agree that the w ife controls the trust.
From: HSRHelp <HSRHe lp@ftc.gov>
Sent: Tuesda y, September 14, 202110 :18 AM
To: Walsh , Kath ry n E. <kwalsh @ft c.gov>; Berg, Karen E. <KBERG @ft c.gov>; Sheinberg, Samuel I.
<SSHE INBERG @ftc.gov>; Six, Anne <as ix@ftc.gov>; Whitehead, Nora <nwhitehea d@ ft c.go v>; Musi ck , Ves seli na
<vmusick@ftc.gov>; Shaffer, Kr istin <kshaffer@ft c.go v>
Subject: FW: Contro l of a Trust
From:
Sent: 	M (UTC-05:00) Eastern Time ( US & Ca nada)
To: HSRHe lp < HSRHel p@ftc.gov>
Subject: Co nt rol of a Trust
Dear All :
I ha ve a situation in whi ch I am determ ining the UPE of a Trust that is selling ent ities it c ontro ls.
The Trust was established by a hu sband and wife as "Trustors" and it is revocable by the husband and wife acting jointl y.
Under the term s of the Trust, the husband and wife acting jo i ntl y c an remo ve and replace the tru stees ( the y also se rve
as tru stee s) . If one is incapa ci tated , the other acting alone c an remo ve and replace.
The issue is that the husband has pa ssed away. I read the se provisions ( w hich do not expre ss ly address w hat happens
upon the death of one of them ) to indicate that the w ife no w ha s the pow er to remo ve and replace the tr us tees- which
would make her the UPE. I am not certain if she ha s the po w er to revoke the Trust now that her husband has died but
could so licit advice from a Trust expert on th is po i nt .
Is th is analysis correct?
Thank you.
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