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Revocable Living Trust

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Revocable Living Trust Powered By Docstoc
					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 LIVING TRUST

THIS LIVING 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.

                                                RECITALS

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, Settler declares that Settler 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, Settler wishes, by this Instrument, to create a living revocable trust in
accordance with the laws of the State of ___________________ whereby Settler’s
separate property will be held in trust and managed for Settler’s benefit during Settler’s
lifetime and distributed to the beneficiaries named herein upon Settler’s death;

                                                  TERMS

                                            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 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 Settler or Settler’s will as insurance proceeds or
       pension benefits, or from any other person or source.

    B. The Settler’s property, listed in Schedule “A” or subsequently added to the trust



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          estate, is the separate estate of Settler.

             II. INCOME AND PRINCIPAL DISTRIBUTIONS DURING LIFE

During the Settler’s lifetime, the Trustee shall pay to or apply for the benefit of Settler the
net income of Settler’s separate property in quarter-annual or more frequent installments.
The Trustee shall pay to or apply for the benefit of said Settler as much of the principal as
the Settler directs or as is necessary in the Trustee’s discretion for the proper health,
education, support, maintenance, comfort and welfare of the Settler in accordance with
Settler’s accustomed manner of living at the date of this instrument.


                     III. SHOULD SETTLER BECOME INCAPACITATED

1. PAYMENTS FOR BENEFIT OF INCAPACITATED SETTLER

    A.     If at any time, Settler’s physician or, if such Settler has no attending physician,
           two licensed physicians, not related by blood or marriage to Settler or any
           beneficiary of this trust, certifies in writing that Settler has become
           incapacitated, whether or not a court of competent jurisdiction has declared
           Settler 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 Settler, amounts of net income and
           principal necessary in the Trustee’s discretion for the proper health, support,
           maintenance, comfort and welfare of Settler according to Settler’s habituated
           manner of living during Settler’s lifetime.

    C.     The Trustee shall make s
				
DOCUMENT INFO
Description: 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.
This document is also part of a package Estate Planning for Couple Living Together 6 Documents Included