REVOCABLE INTER-VIVOS TRUST
This document is a living trust that serves to avoid the lengthy probate process. This is for single individuals with adult children.
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[FOR SINGLE INDIVIDUALS WITH ADULT CHILDREN]
REVOCABLE INTER-VIVOS TRUST THIS INTER-VIVOS REVOCABLE TRUST (this “Instrument”) is made this ____ day of _________, _____, by [NAME] of County of ___________________, State of ___________________, as Settlor, and [NAME], as Trustee. Recitals WHEREAS, Settlor is a widow; 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 has no children who are deceased; 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; Terms ARTICLE I. TRUST ESTATE. A. 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. B. Trust Property 1. The trust estate consists of the property (plus the undistributed income and proceeds generated by such property) listed in Schedule “A” and hereafter 2 of 14
transferred to the trust by the Settlor or Settlor‟s will as insurance proceeds or pension benefits, or from any other person or source. 2. The Settlor‟s property, listed in Schedule “A” or subsequently added to the trust estate, is the separate estate of Settlor. ARTICLE 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.
ARTICLE III. SHOULD SETTLOR BECOME INCAPACITATED A. Payments for Benefit of Incapacitated Settlor 1. 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. 2. 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. 3. 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. 4. 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. 5. 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