Living Trust

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  • Topic: Trust law, Beneficiary, Wills and trusts
  • Pages : 35 (10736 words )
  • Download(s) : 75
  • Published : November 18, 2012
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trust agreement

THIS TRUST AGREEMENT, MADE THIS _____ DAY OF _____________, 20XX, BETWEEN ____________________________, PRESENTLY RESIDING AT _________ ________________ ________________________ (SETTLOR), _____________ ___________________, PRESENTLY RESIDING AT __________________________________ ______ (TRUSTEE), AND ________________ __________, PRESENTLY RESIDING AT ________ ___________________________ (SUCCESSOR TRUSTEE). THE TRUST CREATED BY THIS AGREEMENT SHALL BE KNOWN AS THE ______________________ TRUST.

W I T N E S S E T H:

WHEREAS, THE SETTLOR DESIRES TO CREATE AND ESTABLISH A REVOCABLE INTER VIVOS TRUST OF THE PROPERTY DESCRIBED IN SCHEDULE A ATTACHED HERETO AND MADE A PART HEREOF, WHICH PROPERTY, TOGETHER WITH THE INVESTMENTS, REINVESTMENTS, ACCUMULATED INCOME AND PROCEEDS THEREOF, AND ADDITIONS THERETO, SHALL HEREINAFTER CONSTITUTE THE PROPERTY OF THIS TRUST (THE TRUST FUND); AND

WHEREAS, the Trustee has agreed to hold, manage, invest, and reinvest the Trust Fund to collect the income therefrom and after paying all expenses properly attributable thereto, to distribute the Trust Fund in accordance with the terms and conditions herein.

NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements contained herein, Settlor has assigned and delivered, and the Trustee acknowledges receipt of the Trust Fund, in Trust, nevertheless, for the following purposes and under the following terms and conditions:

ARTICLE I
[Description]

(A)The Trust Fund shall be maintained by the Trustee in one (1) trust for the exclusive benefit of Settlor. Settlor reserves the right to add additional beneficiaries hereunder and Trustee agrees to undertake the duties and responsibilities of Trustee in accepting, holding, managing, and disbursing the principal and interest of the Trust Fund in accordance with the terms and conditions of this Trust Agreement.

(B)Trustee may receive any other real or personal property from Settlor or from any other person or persons, by lifetime gift, under a will or trust or from any other source. Such property shall be indicated by adding same to Schedule A which shall be held by Trustee subject to the terms of this Trust Agreement. Trustee agrees, if he accepts such additions, to hold and manage such additions in trust for the uses and in the manner set forth herein.

(C) Trustee shall receive any real or personal property derived as income produced by the Trust Fund. Such accumulated income shall be added to the Trust Fund and held by Trustee subject to the terms of this Trust Agreement.

ARTICLE II
[Description]

The Trustee shall pay the entire net income arising from the Trust Fund in approximately equal monthly installments to or for Settlor during Settlor's entire lifetime, or as directed by Settlor from time to time, retain and reinvest designated portions thereof, provided, however, that if the net income from the principal of the said Trust Fund, together with such other income as may be available to Settlor and Settlor's spouse (Settlor's spouse) from other sources be insufficient for their comfortable support, welfare, and maintenance, then, and in such case, Trustee is authorized to pay to or use for the benefit of Settlor and Settlor's spouse during Settlor's lifetime so much of the principal of the said Trust Fund as, in Trustee's sole discretion, Trustee may deem necessary for such purposes, or to provide for an emergency of any sort, nature, or description; provided, however, subject to Article IV but notwithstanding anything else contained in this Trust Agreement to the contrary, Settlor may, at any time and from time to time during the existence of said Trust Fund, withdraw all or any part of the principal and accumulated income, if any, by filing with the Trustee a notice to that effect and filing subsequently with said Trustee a receipt for the funds so disbursed. If either or both Settlor...
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