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 revocable trust designates the settlor as
the beneficiary during their lifetime. Upon death of the settlor, the trust assets will be
distributed to the beneficiaries as designated pursuant to “Schedule B” of this document.
This document can be used by individuals that want to create a trust for their own
benefit during their lifetime and for the benefit of designated beneficiaries upon their
death.
                          REVOCABLE LIVING TRUST


       THIS        REVOCABLE             LIVING       TRUST IS  KNOWN      AS
___________________________ [PROVIDE NAME OF PERSON MAKING THE TRUST]
LIVING TRUST, is made between __________________ [PROVIDE NAME OF PERSON
MAKING THE TRUST] (hereinafter, the “Settlor”) and _________________ [PROVIDE
NAME OF PERSON WHO WILL ACT AS TRUSTEE FOR THE TRUST](hereinafter, the
“Trustee”) and is dated the ____ day of ________, 201____.

       WHEREAS the Settlor desires to create a revocable trust of the property, described in
Schedule “A” annexed hereto annexed, together with such monies, and other assets as the
Trustee may hereafter at any time hold or acquire hereunder (hereinafter, collectively, the
"Trust") for the purposes hereinafter set out;

       NOW, THEREFORE in consideration of the promises and of the mutual covenants
herein contained, the Settlor and the Trustee hereby agree to execute such further documents or
instruments which may be necessary or become necessary to vest the Trustee with full title to the
Trust’s property, and the Trustee hereby agrees to hold the Trust, in trust for the following
purposes and pursuant to the following terms and conditions contained herein.


1.00 The Trustee agrees that he/she shall invest and hold the Trust property and shall gather
and collect the any income from the Trust and shall dispose of any income from the Trust as
follows:


       A.      The Trustee will apply for the benefit of the Settlor any and all income derived
               from the Trust.

       B.      The Trustee shall apply and pay for the benefit of the Settlor any and all monies
               received by the Trustee from this Trust. Such monies received by the Trustee
               from the Trust shall be used for the purposes of maintenance, whether personal or
               financial, medical costs and the general welfare of the Settlor. The Trustee shall
               have the sole discretion to apply the monies received from the Trust for the
               benefit of the Settlor

       C.      The Settlor shall have the right to withdraw any sum of money from the Trust
               upon executing a written document setting out the sum of money to be withdrawn
               from the Trust. In this event, Trustee shall deliver such sum(s) of money to the
               Settlor free and clear.

       D.      Should the Settlor of the Trust become incapacitated or incompetent for any
               reason whatsoever and is deemed by a qualified physician unable to make his or
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               her own decisions, unable to handle his or her own affairs, the Trustee shall have
               the right to make any and all payments of income and principals for the benefit of
               the Settlor, and pay or apply for the benefit of the Settlor’s spouse, partner or
               common law partner, or any minor children of the Settlor, any and all monies
               from the Trust in any proportions as the Trustee may deem appropriate for any of
               the purposes set out above.

       E.      Any and all interests of any other party or person shall be deemed inferior to the
               interests of the Settlor.


2.00 The Settlor shall have the right to amend or modify this Agreement at any time
whatsoever, provided that a copy of any such amendment or modification is delivered to the
Trustee by the Settlor in writing and will be delivered by the Settlor to the Trustee within ____
(__) days of any amendment or modification. Any amendment or modification to this
Agreement by the Settlor shall not at any time amend or change the powers bestowed upon the
Trustee by the Settlor unless the Trustee consents to any change in Trustee’s powers in writing.

3.00 The Settlor shall have the right to cancel this Agreement at any time by written
instrument delivered to the Trustee by the Settlor. In the event the Settlor cancels this
Agreement for any reason whatsoever, the Settlor shall notify the Trustee immediately, in
writing, of such cancellation.

4.00 The Settlor shall have the right to relieve the Trustee of his or her duties and has the right
to appoint a replacement Trustee or change the beneficiaries under the Trust.

5.00 The Trustee is hereby authorized by the Settlor to exercise the following powers, and any
exercise of the following powers by the Trustee shall be done in accordance with the Trustee’s
sole discretion:

       A. The Trustee shall have the power to dispose of any property of the Settlor by any
          means whatsoever or retain any property of the Settlor whether such property is real
          property or personal for any period of time as the Trustee may deem advisable
          regardless of any laws or rules imposed by any court in respect to diversification;

       B. The Trustee shall have the power to convey, sell or assign any property of the Settlor,
          whether such property is real property or person for any reason whatsoever and in
          accordance with such terms and conditions as the Trustee may deem advisable or
          necessary;

       C. The Trustee shall have the power to execute any deeds, instruments of conveyance or
          assignments in such a form as the Trustee in his or her sole discretion approves of;

       D. The Trustee shall have the power to rent or lease any real estate which may be owned
          by the Settlor pursuant to such terms and conditions as the Trustee in his or her sole

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           discretion deems advisable or necessary and shall execute any instrument in a form
           that the Trustee approves of with any and all warranties and covenant as the Trustee
           deems appropriate;

       E. The Trustee shall have the power to borrow monies on behalf of the Trust and shall
          have the power to execute any and all documents, instruments, obligations or
          promissory notes in association with the Trustee borrowing any monies on behalf of
          the Trust and the Trustee shall have the power to pledge any and all security which
          may be required to secure the borrowing of any monies by the Trust which shall
          include, but not be limited to, the execution of any mortgage or pledge of any
          property of the Trust whether such property is real or personal;

       F. The Trustee shall have the power to invest or reinvest any and all monies or stocks of
          the Trust as the Trustee may deem advisable or necessary in his or her sole discretion;

       G. The Trustee shall have the power to commence legal proceedings on behalf of the
          Trust and to defend any legal against any legal proceedings brought against the Trust
          by any third party;

       H. The Trustee shall have the power to 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
          advisers, 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. The Trustee shall have the power to issue any vote on behalf of the Trust for any
          stocks that the Trust may hold and to attend any meetings of stockholders on behalf
          of the Trust and the Trustee shall have the right to delegate his or her powers to vote
          at any meetings of stockholders to any other person representing the Trustee by
          proxy;

       J. The Trustee shall have the power to purchase or sell any real property owned by the
          Trust or the Settlor personally and to execute any and all documents or instruments as
          may be necessary to effect the purchase or sale of any real property;

       K. The Trustee shall have the power to pay any and all taxes which may be due or
          become due for the Trust or the Settlor and the Trustee shall not be liable in any way
          for any loss resulting to the Trust by reason of the exercise of said authority;

       L. The Trustee shall have the power 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 executor or Trustee is in need of cash for any reason. Such loans or

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           advancements may be secured or unsecured, and the Trustee shall not be liable in any
           way for any loss resulting to the Trust by reason of the exercise of this authority, as
           long as Trustee has acted in good faith; and

       M. The Trustee shall have the power to execute and deliver to any party any and all
          documents or instruments which the Trustee in his or her sole discretion deems
          necessary or advisable.

6.00 In the event the Settlor dies, the Trustee shall forthwith or as soon as possible distribute
to the beneficiaries in their proportionate shares, the remaining property and assets of the Trust in
accordance with the beneficiaries proportionate shares as set out in the Settlor’s last will and
testament, a copy of which is annexed hereto as Schedule “B”.

7.00 In the event that any provision contained herein is contrary to the rules of vesting of the
governing jurisdiction, such provision of this Agreement will be administered as provided for
herein 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.

8.00 Any and all payments which may be due and payable or become due and payable to any
beneficiary of the Trust shall not be subject to any sale, transfer, pledge or assignment and no
beneficiary under this Trust shall be entitled to encumber any payment received by him or her in
any manner whatsoever.

9.00 This Agreement and the Trust created herein shall be governed in accordance with the
laws of the State of _________ applicable therein and as amended from time to time.

        IN WITNESS WHEREOF the Settlor and the Trustee have each read and understand
the terms and conditions of this Agreement and the Trust created herein and have executed this
Agreement on the ____ day of _____________, 201_____.



______________________________                        ___________________________________
Witness as to signature of Settlor                    Settlor

______________________________                        ___________________________________
Witness as to signature of Trustee                    Trustee




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      6

 SCHEDULE “A”

TRUST PROPERTY
                    7

              SCHEDULE “B”

COPY OF LAST WILL AND TESTAMENT OF SETTLOR
                                                                     8


				
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 revocable trust designates the settlor as the beneficiary during their lifetime. Upon death of the settlor, the trust assets will be distributed to the beneficiaries as designated pursuant to “Schedule B” of this document. This document can be used by individuals that want to create a trust for their own benefit during their lifetime and for the benefit of designated beneficiaries upon their death.