Enter the name of the SETTLOR (person making the trust), referred to herein as SETTLOR, and Name the initial TRUSTEE, referred to herein as TRUSTEE, (the singular term "TRUSTEE" shall refer to multiple TRUSTEES if multiple TRUSTEES are appointed) in consideration of the covenants and undertakings herein agree:
CONVEYANCE OF PROPERTY TO THE TRUSTEE
SETTLOR herewith assigns and conveys to the TRUSTEE, the property described in Exhibit "1" hereto. All of said property, together with any income, accessions and additions herein, shall be held by the TRUSTEE in trust for the purposes set forth in this revocable living trust.
SETTLOR hereby reserves the right to revoke this trust at any time, by written instrument. Revocation shall be effective upon mailing or delivery to the TRUSTEE of a notice of revocation.
TRUSTEE may resign upon 30 days prior written notice to the SETTLOR. For purposes of this agreement, notices shall be delivered as follows:
Enter first line of address of SETTLOR
Enter second line of address of SETTLOR
Enter the third line of address of SETTLOR
Enter the first line of address of TRUSTEE
Enter the second line of address of TRUSTEE
Enter the third line of address of TRUSTEE
SUCCESSORS TO THE TRUSTEE
The SETTLOR during his lifetime may from time to time add additional TRUSTEES by notice to the then existing TRUSTEES. In the event there are multiple TRUSTEES, the majority shall in any matter in which the TRUSTEES disagree control. In the event that the TRUSTEES are evenly divided in the actions to be taken, the TRUSTEE with the longest tenure of service shall cast an additional vote to determine the matter.
In the event that any TRUSTEE resigns or is unwilling or incapable of acting, during the SETTLOR's lifetime, the SETTLOR shall name additional or replacement TRUSTEES. After the SETTLORS death, Name person to designate new trustees after death shall name the replacements for any TRUSTEES who resign or are unwilling or incapable of acting. If Name person to designate new trustees after death is unwilling or incapable of acting, Name alternate person to designate new trustee shall name the same. In the event that Name alternate person to designate new trustee shall be unwilling or incapable of acting, the Court having jurisdiction over estates and trusts, located in Enter county of probate court for 2nd alternate appointment County, State of Enter state of the court shall name the successor TRUSTEES.
WITHDRAWALS BY SETTLOR
The SETTLOR may from time to time withdraw any portion of the corpus of the trust (whether capital or interest) by written notice to the TRUSTEE. The TRUSTEE shall be acquitted of all further responsibility for any assets so delivered upon receipt by the SETTLOR.
POWERS OF THE TRUSTEE
The TRUSTEE shall have the power to do all acts, institute all proceedings and exercise all rights, powers and privileges that an absolute owner of the trust property would have, subject always to the discharge of trustee's fiduciary responsibilities.
I further direct that the TRUSTEE shall act without bond. Further, this TRUST shall be administered without the necessity for an administration thereof to be through the court system.
No entity dealing with the TRUSTEE shall be required to investigate or to confirm the TRUSTEE's authority to enter into any transaction or to administer the application of the proceeds of any transaction.
COMPENSATION OF TRUSTEE
If the TRUSTEE is an individual, then the TRUSTEE shall serve without compensation, but with reimbursement for reasonable and ordinary expenses. Nevertheless, the TRUSTEE if an attorney shall be entitled to compensation for legal services rendered to the trust, or if an accountant, for accounting services rendered to the trust.
If the TRUSTEE is a corporation or banking entity, it shall be entitled to customary, reasonable and ordinary charges and expenses incurred in rendering services to the estate.
DISPOSITION OF TRUST PROCEEDS
After paying the necessary expenses incurred in the management and investment of the trust estate, including compensation as provided for herein, the TRUSTEE shall accumulate the same during the lifetime of the SETTLOR.
After SETTLOR's death the TRUSTEE shall distribute the net income of the TRUST the following manner:
Enter distribution of trust (or refer to exhibit)
Should any beneficiary named above die, the TRUSTEE shall distribute the net income to the lineal descendants of the beneficiary. If any beneficiary dies and is not survived by lineal descendants, the distributions from the TRUST shall be adjusted to pro-rata increase all other shares.
INVASION OF PRINCIPAL
After SETTLOR's death, the TRUSTEE may apply so much of the principal of the trust for the use of the beneficiaries at such time or times as in trustee's discretion TRUSTEE may deem advisable for their health, education, support and maintenance. Any amounts so applied to the use of any beneficiary shall be charged against, or deducted from, the principal of any share then or thereafter set apart for said beneficiary.
NON-ASSIGNABILITY OF THE TRUST PROCEEDS
The interest of the beneficiaries of this trust shall not be assignable, and beneficiaries shall not have the right to pledge, assign, convey, or otherwise transfer, lien or encumber any portion of the income or principal of the trust. All payments provided for by the beneficiaries herein shall be made directly to them or their guardians as is provided herein.
DISTRIBUTIONS TO MINOR OR INCOMPETENT BENEFICIARIES
The TRUSTEE in his discretion may make payments of income or principal to any minor or incompetent beneficiary by paying the same to the minor or incompetent's guardian, or to the person having control over the minor or incompetent, or by direct expenditure for the benefit of the minor or incompetent. However, the TRUSTEE may also pay an allowance in such amount as he may
fit from time to time to the minor or incompetent. Further, in the discretion of the TRUSTEE the distributions for a minor or incompetent beneficiary may be accumulated and shall thereupon be paid to the minor or incompetent upon their disability being removed. Any payment under this Section shall operate as a full discharge of the TRUSTEE as to such payment.
The TRUSTEE shall, after the death of the SETTLOR provide a semi- annual accounting to all competent, adult beneficiaries detailing the transactions, if any, of the trust. The same shall not be required to be audited, although the TRUSTEE may, in his sole discretion, may cause an audit to be performed from time to time.
LIQUIDATION OF TRUST
If at any time the total of the principal and income of the trust is less than $ Enter amount of money for trust to be terminated, the TRUSTEE, may in his absolute discretion, close out the trust by paying the proportionate shares of each beneficiary to them. The TRUSTEE shall at that time deliver a final accounting to each beneficiary. Upon payment, the TRUSTEE shall be discharged from all further duties.
PERPETUITIES SAVINGS CLAUSE
Notwithstanding anything to the contrary herein contained, the trust created by this agreement shall cease and terminate as is provided in Section IX, 21 years after the death of the last survivor of trustors and all issue of trustors living at the date of this agreement.
DISTRIBUTION OF DIVISION IN KIND
On any distribution from the trust, whether it be an ordinary distribution or one of principal, or a final distribution, the TRUSTEE may apportion and allocate the assets of the trust estate in cash and partly in kind, in TRUSTEE's discretion. The valuation, whether based on an appraisal, or not, made by the TRUSTEE shall be binding on the beneficiaries.
LITIGATION OR COMPROMISE OF CLAIMS
The TRUSTEE may compromise, or abandon, at TRUSTEE's option any claim or claim against the trust, or subject the same to arbitration. Or, the TRUSTEE, in his absolute discretion, may litigate any claim in favor of or against the estate.
NOTICE OF EVENTS
Until the TRUSTEE receives notice of any death, birth, marriage, or other event on which the right to receive distributions is based, the TRUSTEE shall incur no liability for any disbursements or distributions made in good faith. This clause shall not prevent the TRUSTEE from seeking restitution of any payments made in error in his discretion.
DEFINITIONS- GOVERNING LAW
The words "child", "children", "descendants" and "issue" shall include children legally adopted and the lawful descendants of such adoptees.
This trust shall be governed by the laws of Enter governing law (state).
If any provision herein are found by a court of competent jurisdiction to be invalid, the remainder shall govern.
Enter the name of the SETTLOR (person making the trust)
STATE OF Enter state where prepared COUNTY OF Enter county where prepared
Enter the name of the SETTLOR (person making the trust), being duly sworn states that they executed this instrument for the purposes stated herein.
My Commission Expires: ___________________