REVOCABLE LIVING TRUST
Known As: _______________________
Date:
I.
Agreement made and executed this
______day of _______________, 20____, 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 promises 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describing the property or portion thereof desired to be withdrawn.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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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,
hereto annexed as Schedule B, 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 perpetuities 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]
WITNESSES
The foregoing instrument, consisting
of ________ pages, including this page, was signed in our presence
by _______________________________________ [name of Settlor].
We, at the request and in the presence of the Settlor and in
the presence of each other, have subscribed our names below
as witnesses. We declare that we are of sound mind and of the
proper age to witness a revocable trust, that to the best of
our knowledge the Settlor is of the age of majority, or is otherwise
legally competent to make a revocable trust, and appears of
sound mind and under no undue influence or constraint. Under
penalty of perjury, we declare these statements are true and
correct on this ________ day of ____________________, 20______
at _____________________________________________________________,
__________________________.
_______________________________________
[Signature of Witness #1]
_______________________________________ [Printed or typed name
of Witness #1]
_______________________________________ [Address of Witness
#1, Line 1]
_______________________________________ [Address of Witness
#1, Line 2]
_______________________________________
[Signature of Witness #2]
_______________________________________ [Printed or typed name
of Witness #2]
_______________________________________ [Address of Witness
#2, Line 1]
_______________________________________ [Address of Witness
#2, Line 2]
_______________________________________
[Signature of Witness #3]
_______________________________________ [Printed or typed name
of Witness #3]
_______________________________________ [Address of Witness
#3, Line 1]
_______________________________________ [Address of Witness
#3, Line 2]
ACKNOWLEDGEMENT OF NOTARY PUBLIC
STATE OF ___________________
COUNTY OF _________________
On____________________before me,______________________,
personally appeared ______________________________________________,
as Settlor, ______________________________________________,
as Trustee, and ______________________________________________,
______________________________________________, ______________________________________________,
as Witnesses, personally known to me (or proved to me on the
basis of satisfactory evidence) to be the person(s) whose name(s)
is/are 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)
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Schedule A
Description of Property
[Insert description of the property
to be placed in the revocable trust.]
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Schedule B
Schedule of Beneficiaries
[Insert a listing of the beneficiaries
and for each note the proportionate or allocable amounts each
is to receive.]
