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Form #618Revocable Living Trust
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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, there
from 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describing the property or portion thereof desired to be withdrawn.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 un-invested 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, 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)
Schedule A
Description of Property
[Insert description of the property to be placed in the revocable
trust.]
Schedule B
Schedule of Beneficiaries
[Insert a listing of the beneficiaries and for each note the
proportionate or allocable amounts each is to receive.]
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