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WAYNE .ALAN DUNLAP • Letters Testanentnr
I, WAYNE ALAN DUNLAP, of Brazos County, Texas, being of sound and disposing mind and nOSIfib`
nE-Numbert i3618 •
199.00
and above the age of 18 years, declare that this is my Last Will and Testament, and I hereby revoke all my
Receiat Number - 375538 •
wllla and codicils. • B9 r
5ECTIONI Cathy Ba1Celnna
)CDfiNTIFICATION
My wife's name is JILL MARY DUNLAP. All references in this Will to my wife are to her. I have two
(2) children living who are as follows I ANDREW WAYNE DUNLAP, age 39, who lives in College Station, Brazos
County, Texas; and DONNA. SEAN DUNLAP, ago 41, who lives In Collinsville, Oklahoma.
1.
SECTION II
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A. PERSONAL AND HOUSEHOLD EFFECTS.
1. Disposition. Except as I may otherwise provide in a letter of instructions to my Executor,
I give the following personal property as follows:
a. To my wife, JILL MARY DUNLAP, if she survives me, all of my personal and
household effects as hereinafter defined.
b. If my wife, JILL MARY DUNLAP, does not survive me, then' give the personal
property and household effects that she would have received to my children who survive me in as nearly equal shares
on a per stirpes basis as possible, with particular items to be allocated among my children and their descendants as
they may agree or, if they cannot agree, as my Executor shall decide.
2. Letter of Instructions. I may provide instructions in a letter to my Executor as to the
disposition of some of my other personal and household effects. While X hope that my family will abide by my wishes
as expressed in the letter, it is merely an expression of my wishes and is not intended to alter the absolute nature of
any bequest contained in Oils Section.
3, Definition of Personal and Household Effects. "Personal and household effects" means all
personal automobiles, household goods, furniture, furnishings, garden equipment, club memberships, china, jewelry
not specifically gifted herein, silver, works of art, clothing, and any other similar Items of tangible personal property,
and includes any insurance on any of these items. Provided however, cash money, bank accounts, certificates of
deposit, stocks, bonds and securities, business equipment and property shall not be Included for purposes of this gift.
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LAST WILL AND TBSTAMBNT
OP WAYNE ALAN DUNI.M
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my descendants survive me, I give to the Trustee cash or property to be selected by my Executor, having a value equal
to the maximum amount that Denbo given to the Trustee without increasing my federal estate tax liability or increasing
a state Inheritance tax or estate tax liability (which amount is referred to and subsequently defined in my Will as the
"Tax Free Amount "), to be held as tho trust estate for a trust to be named the DUNLAP FAMILY TRUST, The
DUNLAP FAMILY TRUST will be referred to in my Will as the "family Trust ", and this bequeath will be referred
to as the "Tax -Free Bequeath ". This general description of the amount of the Tax Pree Bequeath is not intended to
modify the specific method of computation for determining the Tax -free Amount set forth later in my Will.
(b) Ytemainder to Wife if Wife Survives. The rent and residue and remainder of my estate
not included in the Tax -Free Bequeath and other bequests herein stated, I give to my wife if she survives tat in fee
simple.
(c) Tax -Free Amount. The 'Tax -Free Amount" means a pecuniary amount equal to the
largest amount which, if added to: (1) the value of my adjusted taxable gifts, as determined for federal estate tax
purposes, (33) the value of all items included in my gross estate for federal estate tax purposes thatpass or have passed,
other than under the credit shelter share, to beneficiaries in a manner that does not qualify for the federal estate tax
marital or charitable deduction, and (ill) the value of all state inheritance and estate taxes payable by reason of my
death will result in the least possible federal estate tax being imposed against my estate, after giving consideration to
the unified creditavailabletntder Sectlon2O.10 of the Code, the state death tax credit under Section2O.11 of the Code
(but only to the extent that considering the state death credit will not increase the amount of state death taxes payable
by my estate), and any credit available for gift taxes with respect to my gifts made after December 31, 1976. If such
value is not equal to or greater than the value of the property that is Included In my gross estate and that would not
qualify for federal estate tax marital deduction if distributed to my wife, the Tax -Free Amount shall be the value of
such non - qualifying property and such non - qualifying property shall be distributed as a Tax -Free Bequeath.
In determining the Tax -Free Amount. the property includable in my estate which I have given to or for the
benefit of my wife in a manner that would qualify for the federal estate tax marital deduction If accepted, or if an
appropriate tax election is made, shall be deemed to pass to my wife and to qualify for such deduction even if she
subsequently disclaims an interest in such properties or my Executor falls to exercise an election that would have
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LAST WILL ANDTzSTANaNT
OP wAYNa ALAN DUNLAP
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5. Alienation and Attachment of Beneficiary's Interest. No beneficiary or person with a
T.' fi remainder interest in any Trust shall have any right or power, except as otherwise specified, to sell, transfer, assign,
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pledge, mortgage, or alienate his or her interest in the principal or income of the trust estate in any mannex. To the
fullest extent of the law, the interest of each beneficiary and remainderman shall not be subject to the claims of any
of his or her creditors or liable to attachment, execution, bankruptcy proceedings, or any other legal process. The
Trustee shall pay, disburse, and distribute principal and income of the trust estate only in the manner provided for in
3 this Will and not on any attempted transfer or assignment, whether oral or written of any beneficiary or remainderman
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nor by operation of law.
6, .••pidtribution of Trust Assets by Executor. If on termination of tho administration of my
• probate estate there has been no distribution in trust to the Trustee, and events have occurred that would require the
Trustee under the terms of this Will to make-immediate distribution of all the property, my Executor shall perform
all of the acts necessary to complete such distribution and for that purpose shall have all the powers granted by this
Will to the Trustee.
SECTION IV
• GENERAL ADMINISTRATIVE POWERS OP THE TRUSTEE
A. ?OWERS OP THE TRUSTEE. In order to carry out the purposes of each Trust established by
this Will, the Trustee, in addition to all other powers granted by this Will or by law, shall have the following powers
and discretion, subject to any limitations specified elsewhere in this Will:
1. JtetahtAssets. To continue to hold any property received by the Trustee or subsequently
added to the trust estate or acquired pursuant to proper authority, if and as long as the Trustee, in exercising
reasonable prudence, discretion, and intelligence, considers that the retention Is in the best interests of the trust.
2. Investments. To invest and re- invest in every kind of property, real or personal, and every
kind of Investment, specifically including, but limited to, corporate obligations of every kind, and stocks, preferred _
or common, that persons of prudence, discretion, and intelligence acquire for their own accounts.
3. Management of Securities. To exercise all of the rights powers, and privileges of an owner
of securities held in the trust estate, including but not limited to, the power to vote, give proxies, and to pay
assessments and other sums deemed necessary by the Trustee for the protection of the trust estate. To participate In
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W. A, D.
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LASrwILLAND =mew
er WAYNn ALAN DUNIAP
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coinmittee under such terms as the Trustee may deem advisable. To exerciseonsellisto. trip. So )
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., rights; and to accept and retain ae an investment any securities or other property received through the exercise;ntlytd,f- tio
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of the powers listed in this Section IV, Paragraph 3 regardless of any ihnitations elsewhere-in this; instrnment
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.."''.i concerning investments by the Trustee.
...,., 4, Form of Ownership of Trust Property. To hold securities or other trust property in the
name of the Trustee as Trustee under each Trust or in the Trustee's own name.
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5. Eusiness Interests. To continue to operate or to sell or to liquidate, as the Trustee deems
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. advisable, any business or partnership interests received by the trust estate; provided, however, that a non-income-
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producing or unproductive business or partnerehip interest shall not be held as an asset of the Trust for more than a
reasonable time during the lifetime of the beneficiaries, without the written consent of the adult beneficiaries, or if
the adult beneficiaries shall by written instrument delivered to the Trustee direct the Trustee to convert any non-
,
income-produclng or unproductive business or partnership interest held in the 'Dust to income-producing property,
the Trustee shall within a reasonable time after its receipt comply with the direction.
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6. Sell and Exchange. To sell for cash or on deferred payments at public or private sale, to
exchange, and to convey any property of the trust estate.
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7. pivislon of Trust )3state. On any division of the trust estate Into separate shares or trusts,
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A • to apportion and allocate the assets of the trust estate in cash or in kind, or partly in cash and partly in ldnd, or in
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..; undivided interests in the manner deemed advisable in the discretion of the Trustee. After any division of the trust
.4.
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estate, the Trustee may make joint investments with funds from some or all of the several shares or Trusts, but the
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'..ir Trustee shall keep separate accounts for each share or Trust.
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• ,,,,i1 8. Abandonment of Trust Assets. To abandon any trust asset or interest in a trust asset in
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the discretion of the Trustee.
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9. Options. To grant options involving disposition of trust assets and to take options for the
I acquisition of any aaset by the trust estate.
q 10. Lease. To lease any real or personal property of the trust estate for any propose for terms
14 within or extending beyond the duration of any Trust.
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11 page 9 of 20 Potiu
LASTWILL AND 111STAMIINT
OP %WM 0 ALAN flUPILAT
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SECTION V .
•0.h.T B ..TOP . •U•it!tB : i! S
1.
ignpinftftgatiaBill9A. I hereby appoint and direct my wife, JILLMABX DUNLAI',
to be the Trustee for the Pamily Trust created under this Will.
2 • . S urssor?rus!ee• Any Trustee shall have the right to resign with or without cause. If
then son, A PTDlt>yW' WAXNRDUNLAP,
my Trustee reargue, fails or ceases for any reason to serve as Trustee, should resign, fail or cease for
shall be appointed to serve as Trustees. If my son, ANDREW WAYNE DUNLAP,
ter, DONNA JEAN DUNLAP, to serve as Trustee. The successor trustee may
any reason, thenl appoint my dau P,h
accept and rely upon the accounting furnished by the predecessor trustee unless such successor trustee has actual
knowledge that such accounting is materially in error. The successor trustee shall succeed to the rights and titles of
the trustee without the necessity of any conveyance or assignment of the trust estate.
3. !sDoad. No bond fbrthefaithfulperf ormanceof duties shall berequtred.
1 of any person or entity named hi lids Will as Trustee.
4 Tr Fees• Any Trustee not related to me by blood or by marriage shall be entitled
to receive a reasonable fee for the ordinary
and extraordinary
services rendered by the Trustee in the performance
of its duties and responsibilities. In no event shall the trustee receive fees which are more than what is ordinary and
ti l by banks in Brazos County, Texas.
tw customary fees charged y Trust established under this Will
5. h ice The validity and administration of any
d , � and all questions relating to the construction or interpretation of any such Trust shall be governed by the laws of the
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-? State of Texas. •
{:.•.FR tf tliB fV tae_. MY'
residuary estate" means the remainder of my properly
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(real, personal, or mixed ), including any of the above gifts that lapse, but not inc g an y property over which I
!7.t :. may have a power of appohument.
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(1 } LAST
WI W At1D'rasTANaNr
1: OT Via ND ALAN DaNLA►
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