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REVOCABLE LIVING TRUST
Known As
_____________________________
Date: ___________________
Agreement made and executed this ____________ day of ______________,
19___ by and between _______________________, hereinafter referred
to as the Settlor, and __________________, hereinafter referred
to as the Trustee.
Settlor desires to create a revocable trust of the property described
in Schedule A hereto annexed, together with such monies, and
other assets as the Trustee may hereafter at any time hold or
acquire hereunder (hereinafter referred to collectively as the
"Trust Estate") for the purposes hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, the Settlor agrees to execute such
further instruments as shall be necessary to vest the Trustee
with full title to the property, and the Trustee agrees to hold
the Trust Estate, IN TRUST, NEVERTHELESS, for the following uses
and purposes and subject to the terms and conditions hereinafter
set forth:
The Trustee shall hold, manage, invest and reinvest the Trust
Estate (if any requires such management and investment) and shall
collect the income, if any, therefrom and shall dispose of the
net income and principal as follows:
(1) During the lifetime of the Settlor, the Trustee shall pay
to or apply for the benefit of the Settlor all the net income
from the Trust.
(2) During the lifetime of the Settlor, the Trustee may pay to
or apply for the benefit of the Settlor such sums from the principal
of this Trust as in its sole discretion shall be necessary or
advisable from time to time for the medical
care, comfortable maintenance and welfare of the Settlor, taking
into consideration to the extent the Trustee deems advisable,
any other income or resources of the Settlor known to the Trustee.
(3) The Settlor may at any time during his/her lifetime and from
time to time, withdraw all or part of the principal of this Trust,
free of trust, by delivering an instrument in writing duly signed
by him/her to the Trustee, describing the property or portion
thereof desired to be withdrawn. Upon receipt of such instrument,
the Trustee shall thereupon convey and deliver to the Settlor,
free of trust, the property described in such instrument.
(4) In the event that the Settlor is adjudicated to be incompetent
or in the event that the Settlor is not adjudicated incompetent,
but by reason of illness or mental or physical disability is,
in the opinion of the Trustee, unable to properly handle his/her
own affairs, then and in that event the Trustee may during the
Settlor's lifetime, in addition to the payments of income and
principal for the benefit of the Settlor, pay to or apply for
the benefit of the Settlor's spouse, and of any one or more of
Settlor's minor children, such sums from the net income and from
the principal of this Trust in such shares and proportions as
in its sole discretion it shall determine to be necessary or
advisable from time to time for the medical care, comfortable
maintenance and welfare of the Settlor's said spouse and children
taking into consideration to the extent the Trustee deems advisable,
any other income or resources of the Settlor's said spouse and
minor children known to the Trustee.
(5) The interests of the Settlor shall be considered primary
and superior to the interests of any beneficiary.
II
The Settlor reserves and shall have the exclusive right any
time and from time to during his/her lifetime by instrument in
writing signed by the Settlor and delivered to the Trustee to
modify or alter this Agreement, in whole or in part, without
the consent of the Trustee or any beneficiary provided that the
duties, powers and liabilities of the Trustee shall not be changed
without his/her consent; and the Settlor reserves and shall have
the right during his/her lifetime, by instrument in writing,
signed by the Settlor and delivered to the Trustee, to cancel
and annul this Agreement without the consent of the Trustee or
any beneficiary hereof. Settlor expressly reserves the right
to appoint successor trustees, replace present trustees and change
the beneficiaries or the rights to property due any beneficiary.
III
In addition to any powers granted under applicable law or
otherwise, and not in limitation of such powers, but subject
to any rights and powers which may be reserved expressly by the
Settlor in this Agreement, the Trustee is authorized to exercise
the following powers to the Trustee's sole and absolute discretion.
a.To hold and retain any and all property, real, personal, or
mixed, received from the Settlor's estate, or from any other
source, regardless of any law or rule of court relating to diversification,
or non-productivity, for such time as the Trustee shall deem
best, and to dispose of such property by sale, exchange, or otherwise,
as and when they shall deem advisable; not withstanding this
provision or any other contained herein.
b. To sell, assign, exchange, transfer, partition and convey,
or otherwise dispose of, any property, real, personal or mixed,
which may be included in or may at any time become part of the
Trust Estate, upon such terms and conditions as deemed advisable,
at either public or private sale, including options and sales
on credit and for the purpose of selling, assigning, exchanging,
transferring, partitioning or conveying the same, to make, execute,
acknowledge, and deliver any and all instruments of conveyance,
deeds of trust, and assignments in such form and with such warranties
and covenants as they may deem expedient and proper; and in the
event of any sale, conveyance or other disposition of any Trust
Estate, the purchaser shall not be obligated in any way to see
the application of the purchase money or other consideration
passing in connection therewith.
c. To lease or rent and manage any or all of the real estate,
which may be included in or at any time become a part of the
Trust Estate, upon such terms and conditions deemed advisable,
irrespective of whether the term of the lease shall exceed the
period permitted by law or the probable period of any trust created
hereby, and to review and modify such leases; and for purpose
of leasing said real estate, to make, execute, acknowledge and
deliver any and all instruments in such form and with such covenants
and warranties as they may deem expedient and proper; and to
make repairs, replacements, and improvements, structural and
otherwise, of any property, and to charge the expense thereof
in an equitable manner to principal or income, as deemed proper.
d. To borrow money for any purpose in connection with said Trust
created hereby, and to execute promissory notes or other obligations
for amounts so borrowed, and to secure the payment of any such
amounts by mortgage or pledge or any real or personal property,
and to renew or extend the time of payment of any obligation,
secured or unsecured, payable to or by any trust created hereby,
for such periods of time as deemed advisable.
e. To invest and reinvest or leave temporarily uninvested any
or all of the funds of the Trust Estate as said Trustee in the
Trustee's sole discretion may deem best, including investments
in stocks, common and preferred, and common trust fund, without
being restricted to those investments expressly approved by statute
for investment by fiduciaries, and to change investments from
realty to personality, and vice versa.
f. To compromise, adjust, arbitrate, sue defend, abandon, or
otherwise deal with and settle claims, in favor of or against
the Trust Estate as the Trustee shall deem best and the Trustee's
decision shall be conclusive.
g. To determine in a fair and reasonable manner whether any part
of the Trust Estate, or any addition or increment thereto be
income or principal, or whether any cost, charge, expense, tax,
or assessment shall be charged against income or principal, or
partially against income and partially against principal.
h. To engage and compensate, out of principal or income or both,
as equitably determined, agents, accountants, brokers, attorneys-in-fact,
attorneys-at-law, tax specialists, realtors, custodians, investment
counsel, and other assistants and advisors, and to do so without
liability for any neglect, omission, misconduct, or default of
any such agent or professional representative, provided he or
she was selected and retained with reasonable care.
i. To vote any stock, bonds, or other securities held by the
Trust an any meetings of stockholders, bondholders, or other
security holders and to delegate the power so to vote to attorneys-in-fact
or proxies under power of attorney, restricted or unrestricted,
and to join in or become a party to any organization, readjustment,
voting trust, consideration or exchange, and to deposit securities
with any persons, and to pay any fees incurred in connection
therewith, and to charge the same to principal or income, as
deemed proper, and to exercise all of the rights with regard
to such securities.
j. To purchase securities, real estate, or other property from
the executor or other personal representatives of the Settlor's
estate, the executor or other personal representative of the
Settlor's spouse's estate, and the Trustee of any agreement or
declaration executed by the Settlor during his/her lifetime under
his/her last will in case his/her executors or Trustees are in
need of cash, liquid assets, or income-producing assets with
which to pay taxes, claims, or other estate or trust indebtedness,
or in case such executors or Trustees are in need of such property
to properly exercise and discharge their discretion with respect
to distributions to beneficiaries as provided for under such
bills, declarations, or agreements. Such purchase may be in cash
or may be in exchange for other property of this Trust, and the
Trustees shall not be liable in any way for any loss resulting
to the Trust Estate by reason of the exercise of said authority.
k. To undertake such further acts as are incidental to any of
the foregoing or are reasonably required to carry out the tenor,
purpose and intent of the Trust.
l. To make loans or advancements to the executor or other personal
representative of the Settlor's estate, the executor or other
personal representative of the Settlor's spouse's estate, and
the Trustees of any agreement or declaration executed by the
Settlor during his/her lifetime or under his/her last will in
case such executors or Trustees are in need of cash for any reason.
Such loans or advancements may be secured or unsecured, and the
Trustees shall not be liable in any way for any loss resulting
to the Trust Estate by reason of the exercise of this authority.
IV
Upon death of the Settlor, or the last surviving Settlor if
more than one, the remaining Trust assets shall be distributed
to the beneficiaries in the proportionate or allocable amounts
as are specified in the schedule of beneficiaries as may then
be in force.
If any beneficiary and the Settlor should die under such circumstances
as would render it doubtful whether the beneficiary or the Settlor
died first, then it shall be conclusively presumed for the purposes
of this Trust that said beneficiary predeceased the Settlor.
V
If it shall be determined that any provisions of the Trust
created herein violates any rule against perpetualities or remoteness
of vesting now or hereafter in effect in a governing jurisdiction,
that portion of the Trust herein created shall be administered
as herein provided until the termination of the maximum period
allowed by law at which time and forthwith such part of the Trust
shall be distributed in fee simple to the beneficiaries then
entitled to receive income therefrom, and for the purpose, it
shall be presumed that any beneficiary entitled to receive support
or education from the income or principal or any particular fund
is entitled to receive the income therefrom.
VI
Except as otherwise provided herein, all payments of principal
and income payable, or to become payable, to the beneficiary
of any trust created hereunder shall not be subject to anticipation,
assignment, pledge, sale or transfer in any manner, nor shall
any said beneficiary have the power to anticipate or encumber
such interest, nor shall such interest, while in possession of
the Trustee, be liable for, or subject to, the debts, contracts,
obligations, liabilities or torts of any beneficiary.
VII
This Trust Agreement shall be construed, regulated and governed
by and in accordance with the laws of the State of .
I certify that I have read the foregoing Trust Agreement and
it correctly states the terms and conditions under which the
Trust Estate is to be held, managed and disposed of by the Trustee.
Dated:
Settlor: ____________________________
Trustee: ____________________________
ACKNOWLEDGMENT
STATE OF )
COUNTY OF )
___________________)
On ____________, 19___ before me,_____________ personally appeared
____________________, personally known to me (or subscribed to
the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies),
and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted,
executed the instrument.
WITNESS my hand and official seal.
Signature
Affiant _____Known _____Unknown
ID Produced
(Seal)
