This is a legal document that determines how an individual's property is to be managed
and distributed during their lifetime and also upon death. This type of trust, also called
an "inter-vivos trust,” is created by a settlor, who transfers assets into the trust, which
are then distributed to the beneficiaries. This particular trust is revocable and
designates the settlor’s adult children as the beneficiaries, but this agreement can easily
be customized to provide for different beneficiaries. This document can be used by
individuals that want to create a trust to distribute assets for the benefit of their children
upon their death.
REVOCABLE INTER-VIVOS TRUST
THIS INTER-VIVOS REVOCABLE TRUST (this “Instrument”) is made this ____ day of
_________, 20_____, by __________________ [Comment: insert Settlor’s name] of County of
___________________, State of ___________________, as Settlor, and _____________________
[Comment: insert name of Trustee], as Trustee.
WHEREAS, Settlor is a individual and Settlor has one or more children who are alive;
WHEREAS, Settlor has _____ (__) children, referred to herein in as “child” or “children,” all of
them adults, namely: (1) _______________, who resides at ___________________ in the of
County of ___________________, State of ___________________; (2) ___________________,
who resides at ________________ in the County of ___________________, State of
___________________; and (3) ___________________, who resides at ________________ in the
County of ___________________, State of ___________________;
WHEREAS, Settlor declares that Settlor has transferred to the Trustee the property described in
Schedule “A” attached to this Instrument;
WHEREAS, Trustee hereby agrees to hold such property and any other property included in the
trust estate, in trust, on the terms and conditions set forth herein;
WHEREAS, Settlor wishes, by this Instrument, to create an inter-vivos revocable trust in
accordance with the laws of the State of ___________________ whereby Settlor’s separate
property will be held in trust and managed for Settlor’s benefit during Settlor’s lifetime and
distributed to the beneficiaries named herein upon Settlor’s death;
I. TRUST ESTATE
1. TRUST ESTATE
All property subject to this Instrument is referred to as the “trust estate” and shall be held,
administered, and distributed according to terms and conditions set forth in this Instrument.
2. TRUST PROPERTY
A. The trust estate consists of the property (plus the undistributed income and proceeds
generated by such property) listed in Schedule “A” and hereafter transferred to the trust by
the Settlor or Settlor’s will as insurance proceeds or pension benefits, or from any other
person or source.
B. The Settlor’s property, listed in Schedule “A” or subsequently added to the trust estate, is the
separate estate of Settlor.
II. INCOME AND PRINCIPAL DISTRIBUTIONS DURING LIFE
During the Settlor’s lifetime, the Trustee shall pay to or apply for the benefit of Settlor the net
income of Settlor’s separate property in _________________ [quarter-annual or more frequent
installments]. The Trustee shall pay to or apply for the benefit of said Settlor as much of the
principal as the Settlor directs or as is necessary in the Trustee’s discretion for the proper health,
education, support, maintenance, comfort and welfare of the Settlor in accordance with Settlor’s
accustomed manner of living at the date of this instrument.
III. SHOULD SETTLOR BECOME INCAPACITATED
1. PAYMENTS FOR BENEFIT OF INCAPACITATED SETTLOR
A. If at any time, Settlor’s physician or, if such Settlor has no attending physician, two
licensed physicians, not related by blood or marriage to Settlor or any beneficiary of this
trust, certifies in writing that Settlor has become incapacitated, whether or not a court of
competent jurisdiction has declared Settlor incompetent or mentally ill or has appointed a
conservator, the Trustee shall take the steps outlined in this Article.
B. Trustee shall apply for the benefit of Settlor, amounts of net income and principal necessary
in the Trustee’s discretion for the proper health, support, maintenance, comfort and welfare
of Settlor according to Settlor’s habituated manner of living during Settlor’s lifetime.
C. The Trustee shall make such payments until Settlor is again able to manage Settlor’s own
affairs, or until Settlor’s death, as determined by Settlor’s physician, or if Settlor has not
attending physician, by two licensed physicians not related by blood or marriage to the
Settlor or to any beneficiary of this trust.
D. In making distributions of principal, the Trustee shall take into consideration any income or
other resource of Settlor outside the trust estate known to the Trustee.
E. The words ‘‘incapacity’’ or ‘‘incapacitated’’ shall include any condition that renders a
person unable to conduct his or her regular affairs and that is likely to extend for a period
longer than ninety (90) days. The certification of incapacity shall be filed with and accepted
by the Trustee or for an incapacitated Trustee, filed with and accepted by the successor
2. UNDISTRIBUTED INCOME
Any net income generated by the trust estate which may not have been distributed to the Settlor
shall be accumulated and added to the principal of the trust estate.
3. DURABLE POWER OF ATTORNEY
If Settlor has named an attorney in fact in a Durable Power of Attorney to act on behalf of Settlor,
the Trustee shall follow the directions of such attorney.
IV. AMENDMENT AND REVOCATION OF THIS INSTRUMENT
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1. SETTLOR MAY AMEND OR REVOKE THIS INSTRUMENT
Settler may amend or revoke this Instrument as to all or any part of the property held therein by an
executed writing, dated and delivered to the Trustee. Upon delivery of the revocation, the property
shall revert to the Settler as Settler's separate property. At and after either Settler's death the trust
shall be irrevocable.
2. DISABILITY OF SETTLOR
All of the Settler's powers to revoke and amend this instrument are personal to Settler; however, in
the event of disability, the powers may be exercised (during the Settler's lifetime) on Settler's behalf
by an attorney in fact under a durable power of attorney signed by Settler with powers given in such
durable power of attorney; or by a conservator with court approval.
V. DISPOSITION OF TANGIBLE PERSONAL PROPERTY AT SETTLOR’S DEATH
1. Upon the death of Settlor, the Trustee shall divide the tangible personal property of Settlor or
any such property held by the trust estate, including household goods, furniture, furnishings,
automobiles, jewelry, paintings, and books, together with any insurance thereon, and distribute
such property to or for Settlor’s children then living, in equal shares as they may agree, or if
they do not agree, as the Trustee determines. If no child of Settlor is then living, these gifts
shall pass with the remainder of the trust estate.
2. Settlor requests, but does not direct, that the recipient distribute such items in accordance with a
memorandum (if any) left by Settlor at Settlor’s death.
VI. DISTRIBUTION OF TRUST ESTATE AT SETTLOR’S DEATH
A. Upon the death of Settlor, the Trustee shall divide the residue of the trust estate into as
many equal shares as there are living children of Settlor and deceased children of Settlor
who have descendants still living.
B. The Trustee shall allocate one (1) such equal share to each living child and one (1) such
equal share to each group composed of the living descendants of any deceased child.
C. Each share allocated to a living child shall be distributed outright.
D. Each share allocated to a group composed of the then living descendants of a deceased
child shall be distributed by right of representation.
E. In the event, however, that no child of Settlor survives Settlor, the Trustee shall allocate
and distribute the trust estate by right of representation as of the first generation of
descendants surviving the Settlor; for the avoidance of doubt, (a) the trust estate shall be
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divided into as many equal shares as there are living members of the nearest generation of
issue then living and deceased members of that generation who have living issue, and (b)
each living member of the nearest generation of living issue shall receive one share and
each group composed of a deceased member of that generation’s issue shall receive one
2. NOTICE TO BENEFICIARIES
A. Upon the death of Settlor, the Trustee shall, and any other person or entity may, give
notice to beneficiaries of their interest in the trust (which may be subject to a survivorship
B. No one giving notice under this provision shall be liable to the trust, trustee, or to any
beneficiary, and the trust shall hold harmless and indemnify any person or entity so giving
VII. PAYMENT OF TAXES, DEBTS AND EXPENSES
1. Upon death of a Settlor, the Trustee shall follow the directions of the personal representative
Settlor’s probate estate, as the case may be, regarding the payment of any death taxes, debts, and
other valid claims and expenses, which are enforceable against Settlor’s estate.
2. If there are no such directions from a personal representative, the Trustee, in the Trustee’s
discretion, has the authority to pay the Settlor’s debts outstanding at the time of his or her death
which are not barred by the statute of limitations, statute of frauds, or any other provision of
law. Such debts may include valid death taxes and other governmental charges imposed under
the laws of the United States or any state or country by reason of such death; the last illness and
funeral expenses of the Settlor; attorneys’ fees; and other costs incurred in administering the
deceased Settlor’s estate.
3. The Trustee is authorized to accomplish the foregoing in the exercise of its discretion by direct
payment, loans to the executor of a Settlor’s estate and purchase of assets from a Settlor’s estate
or any other reasonable method. Any long term debt shall ordinarily be paid in accordance with
its terms unless the Trustee determines otherwise.
VIII. DESIGNATION OF TRUSTEE
A. ___________________ [Comment: insert the name of Settlor] shall serve as initial
B. The Settlor shall have the power to appoint a Co-Trustee or a successor Trustee by an
instrument signed, dated and delivered to the Trustee, and by the same method may revoke
such appointments and make new ones. The appointment of a Co-Trustee shall become
effective on the written acceptance of the trust by the newly appointed Trustee and the
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delivery of the acceptance to Settlor. The appointment of a successor Trustee must be
effective upon the date the last Trustee fails to qualify or ceases to act.
C. If Settlor has not exercised Settlors’ power to select other successor Trustees during
Settlors’ lifetime, the following shall serve as successor Trustees, in order of preference as
2. INCAPACITY OF A TRUSTEE
A. If the Trustee is not capable of administering the trust because of incapacity, during any
period of incapacity the successor Trustee named herein shall act as Trustee, having all
rights and powers granted to the Trustee by this instrument.
B. Incapacity shall be conclusively established if either the Trustee's regularly attending
physician or two doctors, authorized to practice medicine in the State of
___________________ (or in any State or country in which the Trustee is then residing)
issue written certification to that effect.
C. In the absence of certification, a Co-Trustee or successor Trustee or beneficiary(ies)
hereunder may petition the court having jurisdiction over this trust to remove a Trustee and,
if there is no other acting Trustee, replace him or her with the successor Trustee. Neither a
Trustee nor beneficiary who so petitions the court shall incur liability to any beneficiary of
the trust or to the substituted Trustee as a result of this petition, provided the petition is
filed in good faith and in the reasonable belief that the substituted Trustee is incapacitated
or otherwise cannot act.
A. Any Trustee may resign at any time by giving written notice of resignation to the Settlor,
and/or the other Trustee(s) then acting, if any, and if there are none, then to all the then
current income beneficiaries. Any such resignation shall become effective immediately
upon such notice or at such date as the Trustee and the Settlor, or the said beneficiaries
may agree, but no later than thirty (30) days after such written notice.
B. All trusts under this Agreement need not have the same Trustee or Co.-Trustee, and a
Trustee may resign from one or more Trusteeships without resigning from all.
No bond shall be required of any person named in this instrument as a Trustee, for the faithful
performance of his or her duties as Trustee, but a subsequent named Trustee or successor Trustee
may be required to be bonded, in accordance with the terms of appointment.
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5. REIMBURSEMENT AND COMPENSATION
A. An individual Trustee may receive reasonable compensation. A corporate Trustee's
compensation shall be according to its schedule of fees for the administration of living
trusts in effect from time to time. Any Trustee shall be reimbursed for expenses on behalf
of the trust estate and shall receive reasonable compensation for extraordinary services
rendered to the trust estate.
B. A Trustee shall be entitled to reimburse himself or herself for any personal costs incurred
in the administration of this trust and for any expenses of the trust that he/she has paid.
6. TRUSTEE ACCOUNTING
A. During the lifetime of the Settlor, as long as Settlor has capacity, the Trustee shall account
to Settlor, and the written approval of the Settlor shall be final and conclusive in respect to
transactions disclosed in the account as to all beneficiaries of the trust, including unborn
and contingent beneficiaries.
B. If anyone other than Settlor is serving as Trustee, and so long as he/she is not serving as a
Co-Trustee with Settlor, that Trustee shall provide an annual accounting which reflects
assets, obligations, income, distributions, and expenditures, to Settlor if Settlor has
capacity or, in the event of Settlor's incapacity or demise, to the beneficiaries of the
residue of the remainder of the trust estate.
C. The records of the Trustee shall be open at all reasonable time to inspection by Settlor, and
in the event of Settlor's incapacity or demise, to Settlor's children or other beneficiaries
IX. TRUSTEE’S POWERS
1. SPECIFIC POWERS
The Trustees shall have the power to mortgage, lease or sell the whole or any part of my estate or
any trust at either public or private sale, with or without notice; to determine what is principal or
income of my estate or any trust and to apportion and allot receipts and expenses between these
accounts; the power to invest and reinvest principal and income of my estate or any trust; and the
power, upon any division or partial or final distribution of my estate or any trust, to partition, allot
or distribute my estate or such trust in undivided interests or in kind, or partly in money and partly
in kind, at equitable valuations determined by the Trustees in a pro rata or non-pro rata manner, so
long as assets allocated to beneficiaries have equivalent or proportionate fair market value; and to
hold, manage or operate any property or business as they shall deem it advisable.
2. GENERAL POWERS
The enumeration of certain powers in this Instrument shall not limit the general powers of the
Executors and Trustees, who shall have all the rights, powers and privileges which an absolute
owner of the same property would have, subject to their fiduciary obligations.
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X. GENERAL PROVISIONS
1. ADDITIONS TO TRUST
Settlor may add to the trust estate by Will, deed or otherwise. Subject to the approval of the Trustee
in writing, other persons or entities may add to the trust. Trustee shall allocate the contributed
property ratably among the then existing trust shares on the basis of the fair market value of the
trust shares at the time of the contribution, unless otherwise specifically directed by such other
persons or entities.
2. NOTICE TO TRUSTEE OF BIRTHS, DEATHS AND OTHER EVENTS AFFECTING
Unless the Trustee has received actual notice of the occurrence of an event affecting the interests of
the beneficiaries of this trust, the Trustee shall not be liable to any beneficiary for distribution made
as if the event had not occurred; provided, however, that this clause shall not exculpate the Trustee
from liability arising from nonpayment of death or generation-skipping taxes that may be payable
by the trust.
3. PERPETUITIES SAVINGS CLAUSE
A. Unless terminated earlier in accordance with other provisions herein, all trusts created
pursuant to this instrument will terminate twenty-one (21) years after the death of the last
survivor of Settlor’s beneficiaries living on the date of Settlor’s death.
B. The principal and undistributed income of a terminated trust shall be distributed to the
income beneficiaries of that trust in the same proportion that the beneficiaries are entitled to
C. If at the time of termination the rights to income are not fixed by the terms of the trust,
distribution under this clause shall be made, by right of representation, to the persons who
are then entitled or authorized, in the Trustee’s discretion, to receive trust payments.
4. CHOICE OF LAW
A. The validity of this trust and the construction of its beneficial provisions shall be governed
by the laws of the State of ___________________ in force from time to time. This
paragraph shall apply regardless of any change of residence of a Trustee or any beneficiary,
or the appointment or substitution of a Trustee residing or doing business in another state.
B. Notwithstanding the foregoing, the validity and construction of this trust in relation to any
real property located in a jurisdiction outside the State of ___________________ shall be
determined under the laws of such jurisdiction.
C. If the sites or place of administration of the trust is changed to another state, the law of that
state shall govern the administration of the trust.
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A. The term “education” shall include vocational school, college, university, postgraduate
study such as masters or doctorate degrees, remedial or special needs programs at an
institution or with instructors of the beneficiary’s or his/her legal guardian’s choice, study
in music or any of the arts with an appropriate instructor or school. In determining
payments to be made to the beneficiary or on his or her behalf for education, the Trustee
shall consider the beneficiary’s reasonable living, room and board, and traveling expenses.
B. The term ‘‘issue’’ refers to lineal descendants of all degrees, and the terms ‘‘child’’
‘‘children,’’ ‘‘issue,’’ and ‘‘descendants’’ and other class terminology include claimants
whose membership in the class is based on birth out of wedlock or adoption, provided the
person so born or adopted lived for a significant time during minority as a member of the
household of the relevant natural or adoptive parent or the household of that parent’s
parent, brother, sister, or surviving spouse. A stepchild of any generation or a child of any
generation subsequently adopted out of the family shall not be included as a descendant,
issue or child unless specifically named and identified herein as such and as a beneficiary.
[Comment: At user’s discretion, user may replace the preceding sentence with (i) “A stepchild
of any generation is not included as a descendant, issue or child unless specifically named and
identified herein as such and as a beneficiary. A child of any generation subsequently adopted
out of the family is included herein as a descendant, issue or child for purposes of distribution
herein” OR (ii) “child of any generation subsequently adopted out of the family is not
included herein as a descendant, issue or child unless specifically named and identified herein
as such and as a beneficiary. A stepchild of any generation is included as a descendant, issue
or child for purposes of distribution herein.”
6. NO CONTEST
A. Except as otherwise provided in this trust, Settlor has intentionally, purposefully and with
full knowledge omitted to provide for Settlor’s heirs.
B. The Trustee is hereby authorized to defend, at the expense of the trust estate, any contest or
other attack of any nature on this trust or any of its provisions.
7. CLAIMS OF CREDITORS
The Trustee shall not be personally liable to any creditor or to any other person for making
distributions from any trust under the terms of this instrument if the Trustee does not have notice of
the claim of such creditor.
8. SEVERABILITY CLAUSE
If any provision of this trust instrument is unenforceable, the remaining provisions nevertheless
shall be carried into effect.
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9. SURVIVORSHIP PROVISION
Except as otherwise specifically provided in this instrument, any beneficiary not living one hundred
twenty (120) days after the death of Settlor shall be deemed to have not survived Settlor.
XI. NAME OF TRUST
The trusts created in this instrument may be referred to collectively as THE __________ INTER-
VIVOS REVOCABLE TRUST.
[SIGNATURE PAGE TO FOLLOW]
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IN WITNESS WHEREOF, each of Trustee and Settlor has caused this Instrument to be executed
on this __________ day of _______________________, 20_____.
________________________ [Comment: PRINT NAME]
I certify that I have read the foregoing Instrument and that it correctly states the terms and
conditions under which the trust estate is to be held, managed, and disposed of by the Trustee. I
approve this Instrument in all particulars and request that the Trustee execute it.
________________________ [Comment: PRINT NAME]
CERTIFICATE OF ACKNOWLEDGEMENT OF NOTARY PUBLIC
STATE OF _______________________
[Comment: INSERT APPROPRIATE LANGUAGE FOR YOUR STATE]
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THE _________ LIVING TRUST
1. That certain real property located at ______________________________,
___________________ with APN # ___________________, and more commonly described
2. _________________ dollars ($________________)
ACCEPTED BY TRUSTEE
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