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Revocable Inter-Vivos Trust - Single, With Children

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Revocable Inter-Vivos Trust - Single, With Children 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 an unmarried 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 unmarried 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
_________, _____, by ______________ [Comment: INSERT NAME] of County of
___________________, State of ___________________, as Settlor, and ______________
[Comment: INSERT NAME], as Trustee.

                                         RECITALS

WHEREAS, Settlor is a single individual;

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;


                                           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 Settlor or Settlor’s will as insurance proceeds or pension benefits, or from any



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        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 
				
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 an unmarried 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 unmarried 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 Unmarried 8 Documents Included