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Form #1573

DECLARATION OF IRREVOCABLE TRUST

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Declaration of irreveocable trust form.

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DECLARATION OF IRREVOCABLE TRUST

 

This Declaration of Irrevocable Trust is made this _(1)_ day of ________(2)________,

____(3)_, by and between _______(4)_______, of ___________(5)______________, hereinafter

called the Trustier, and __________(6)__________, of ____________(7)______________,

hereinafter called the Trustee.

 

I

 

The Trustor hereby irrevocably assigns, conveys and gives to the Trustee, in trust, the

following property:

 

(Description of Property)

 

II

 

The Trustee shall receive and hold said property, together with any additions thereto, in

trust for the use and benefit of:

 

III

 

This trust shall be irrevocable and unamendable. I am aware of the consequences of

establishing an irrevocable trust and hereby affirm that the trust created by this agreement shall

be irrevocable by me or by any other person, it being my intention to make to the

beneficiary/beneficiaries named herein an absolute gift of the property described in paragraph

ONE, above.

 

IV

 

This agreement and the trust created hereby shall be administered, managed, governed

and regulated in all respects according to applicable statutes of the State of ______(8)______.

 

V

 

The Trustee, in addition to all other powers granted by this agreement and by law, shall

have the following additional powers with respect to the trust, to be exercised from time to time at

the Trustee's discretion:

 

Management of the Trust

 

To invest and reinvest, lease, rent, mortgage, insure, repair, improve or sell any of the

real and personal property of the trust as he may deem advisable.

 

Business Interests

 

To sell or otherwise liquidate, or to continue to operate at his discretion, any corporation,

partnership or other business interest which may be received by the trust.

Mortgages, Pledges and Deeds of Trust

 

To enforce any and all mortgages, pledges and deeds of trust held by the trust and to

purchase at any sale thereunder any such real estate or personal property subject to any

mortgage, pledge or deed of trust.

 

Litigation

 

To initiate or defend, at his discretion, any litigation affecting the trust.

 

Attorneys, Advisors and Agents

 

To employ and to pay from the trust reasonable compensation to such attorneys,

accountants, brokers, and investment, tax and other advisors as he shall deem advisable.

 

Adjustment of Claims

 

To submit to arbitration, to compromise or to release or otherwise adjust, with or without

compensation, any and all claims affecting the trust estate.

 

VI

 

No bond for the faithful performance of duties shall be required of any Trustee appointed

under this agreement.

 

VII

 

The Trustee shall receive reasonable compensation for the services performed by him,

but such compensation shall not exceed the amount customarily received by corporate fiduciaries

in the area for like services.

 

VIII

 

No Trustee of the trust created by this agreement shall at any time be held liable for any

action or default of himself, or of his agent, or of any other person in connection with the

administration and management of this trust unless caused by his own gross negligence or by

commission of a willful act of breach of trust.

 

IX

 

The Trustee, by joining in the execution of this agreement, hereby signifies his

acceptance of this trust.

 

X

 

The Trustee shall have sole authority to determine what shall be defined as income and

what shall be defined as principal of the trust established by this agreement, and to determine

which costs, taxes and other expenses shall be paid out of income and which shall be paid out of

principal.

 

XI

 

In the event that any portion of this agreement or the trust created hereby shall be held

illegal, invalid or otherwise inoperative, it is my intention that all of the other provisions hereof

shall continue to be fully effective and operative insofar as is possible and reasonable.

IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and

year first above written.

 

____________(9)_________________ ____________(10)_______________

Trustier

____________(9)_________________

 

____________(9)_________________ ____________(11)_______________

Trustee

____________(9)_________________

 

I, the undersigned spouse of the above-described Trustor, do hereby waive and

relinquish any and all claim to whatever community-property rights I may have in the herein

above-described property and do give and grant my assent to the trust and to the

incorporation therein of said property.

 

____________(9)_________________ ____________(12)_______________

 

Legal Spouse of Trustier

 

____________(9)_________________

 

STATE OF ________(13)___________)

 

SS:

 

COUNTY OF _______(14)___________)

 

On this _(15)_ day of _______(16)________, ____(17)_, before me personally came and

appeared _________(18)___________ and _________(19)___________, known, and known to

me, to be the individuals described in and who executed the foregoing instrument, and who duly

acknowledged to me that they executed same for the purpose therein contained.

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

 

_____________(20)______________

 

My Commission Expires: _________(21)___________

 

 


Download this form

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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