Fill and Sign the Agreement Parents Form

Crummey Trust Agreement for Benefit of Child with Parents as Trustors Trust Agreement made __________________ (date) , between __________________ (Name of Trustor 1) and __________________ (Name of Trustor 2) , husband and wife, of _____________________________________________ (street address, city, county, state, zip code) , and __________________ (Name of Trustee) , a corporation organized and existing under the laws of the state of __________________ (name of state) , with its principal office located at _____________________________________________ (street address, city, county, state, zip code) , referred to herein as the Trustee. INTRODUCTION A. This Trust is irrevocable and may not be altered or amended in any manner. B. This Trust may not be terminated except through distributions permitted by this Trust Agreement . C. This Trust is for the benefit of the Trustors' __________________ (son/daughter) , __________________ (Name of Child) , whose date of birth is __________________ (date) . __________________ (Name of Child) is referred to in this Trust Agreement as the Beneficiary. D. The property subject to this Trust is referred to as the Trust Estate. The Trust Estate shall be held, administered, and distributed in accordance with the terms of this Trust Agreement . E. The Trustee is authorized to accept additional gifts of property from the Trustors, or either of them, and from third persons, whether by lifetime gift, will, codicil, or by the proceeds of life insurance. Any such gift shall be held by the Trustee under the terms of this Trust Agreement . I. Transfer in Trust. The Trustors do now transfer and deliver to the Trustee all of the property described in Exhibit A, which is attached and incorporated by this reference. The receipt of the described property is acknowledged by the Trustee. This property, together with any other property that may later become subject to this Trust , shall constitute the Trust Estate. II. Disposition of Principal and Income. For as long as Beneficiary is under the age of 21 years, the income from the Trust Estate shall be added to principal. However, the Trustee may, in the Trustee's sole discretion, pay to or apply for the benefit of the Beneficiary so much of the principal as the Trustee deems necessary for the support, health, maintenance, and education of the Beneficiary. In making this determination, the Trustee may consider any other income or resources of the Beneficiary. The Trustee shall distribute the net income of the Trust Estate to the Beneficiary, annually or at more frequent intervals, from the time the Beneficiary attains the age of 21 years until the termination of the Trust . At the time of the termination of the Trust , the entire Trust Estate shall be distributed to Beneficiary free of any trust . In addition to distributions of net income of the Trust Estate, the Trustee shall pay to or apply for the Beneficiary's benefit such sums out of the principal of the Trust Estate as the Trustee, in the Trustee's discretion, considers necessary for the Beneficiary's support, health, maintenance, and education until the termination of this Trust . In making such determinations as to distribution of principal, the Trustee may consider any other income or resources of the Beneficiary. When the Beneficiary attains the age of _______ (age) years, the Trustee shall distribute to Beneficiary _______ % of the Trust Estate as then constituted. When the Beneficiary attains the age of _______ (age) , the Trustee shall distribute to Beneficiary _______ % of the Trust Estate remaining. When the Beneficiary attains the age of _______ (age) years, the Trustee shall distribute to Beneficiary the entire undistributed balance of the Trust Estate. Notwithstanding the above provision, the Beneficiary, on attaining the age of _______ (age) years, _______ (age) years or _______ (age) years, respectively, shall have the power to extend this Trust until the Beneficiary shall attain such age as the Beneficiary shall specify. The Beneficiary must exercise the power to extend this Trust by a written instrument delivered to the Trustee within _______ (number) days after the Beneficiary's _______ (number) birthday, _______ (number) birthday, or _______ (number) birthday, as the case may be. The Trustee shall give the Beneficiary written notice of the Beneficiary's right to extend the Trust prior to each of the above-mentioned birthdays. III. Right of Withdrawal. The Beneficiary shall have the right during each calendar year, on making written demand on the Trustee, to receive from the Trustee outright and free from this Trust all or any part of any property transferred or added to the Trust by way of inter vivos gift during the calendar year. The Trustee shall give the Beneficiary notice of any such transfer within _______ (number) days of the transfer. However, in no event shall the Trustee honor any such demand that exceeds $ __________________ per donor in one calendar year. The Trustee shall honor any such demand in cash or in kind, in the discretion of the Trustee, immediately on receipt by the Trustee of the written demand of the Beneficiary. Payment shall be made from the property transferred to the Trust by each donor during that year. If the Beneficiary lacks legal capacity at the time of the inter vivos gift, the conservator or guardian of the Beneficiary may make the demand on the Beneficiary's behalf. If the Beneficiary has no conservator or legal guardian and makes the demand in _______ (his/her) own behalf, the Trustee shall initiate or cooperate in the immediate commencement of proceedings for the appointment of such conservator or legal guardian for the Beneficiary. The conservator or legal guardian may then make a demand on behalf of the Beneficiary. The Trustee shall then distribute property in satisfaction of the demand to the conservator or guardian to be held for the benefit of the Beneficiary. The Trustee shall notify the Beneficiary or the Beneficiary's guardian of the Beneficiary's right under this Trust to demand $ __________________ or the value at the time of the transfer to the Trust of property transferred by each donor, whichever is less, and of the annual limit on such withdrawals of $ __________________ per donor. IV. Increase in Amount of Withdrawal. The above-mentioned $ ________ limitation on the Beneficiary's right of withdrawal shall be increased by twice the amount of any subsequent increase in the amount of the annual exclusion allowed a donor in computing taxable gifts under Section 2503(b) of the Internal Revenue Code of 1954, as amended, or any subsequently enacted provision of similar import. V. Death of Beneficiary. If the Beneficiary dies before attaining the age of _______ (age) years or before the later date to which the Trust has been extended by the Beneficiary, the Trustee shall distribute the undistributed balance of the Trust Estate to such one or more of the group consisting of the Trustors' issue and spouses of the Trustors' issue and on such terms and conditions, either outright or in Trust , as the Beneficiary shall appoint by a will or codicil specifically referring to and exercising this power of appointment. VI. Disposition on Failure to Exercise power of Appointment. A. If any part of this Trust is not effectively appointed by the Beneficiary by will or by codicil, then the Trust Estate shall be distributed, free of Trust , to the then-living issue of the Beneficiary, by right of representation. If there are no living issue of the Beneficiary, the remaining Trust Estate shall be distributed, free of Trust , to the Trustors' then living issue, by right of representation. B. If any part of this Trust not effectively appointed by the Beneficiary under this Agreement would consequently be distributed to a person for whose benefit another Trust has been established by the Trustors containing provisions similar to the provisions of this Trust , and if the Trust is then being administered, that part of the Trust Estate of this Trust shall be administered according to the terms of the other Trust . If any part of the other Trust has been partially distributed because of a Beneficiary's having attained a designated age for the distribution, then any addition to the Trust shall proportionally augment the distributed and undistributed portions of the other Trust . C. If at the time of the Beneficiary's death, or at any later time before full distribution of the Trust Estate, all of the issue of the Beneficiary and all of the issue of the Trustors are deceased and no other disposition of the Trust is directed by this Trust instrument, the Trust Estate, or the portion of the Trust Estate then remaining, shall be distributed one-half to the legal heirs of __________________ (Name of Trustor 1) , and one-half to the legal heirs of __________________ (Name of Trustor 2) , according to the laws of succession of __________________ (name of state) . VII. Powers of Trustee. The Trustee shall have the following powers in addition to those conferred by law: A. To invest and reinvest all or any part of the Trust Estate in such common or preferred stocks, shares of investment Trust and investment companies, bond, debentures, mortgages, deeds of Trust , notes, real Estate, or other property as the Trustee, in the Trustee's sole discretion, may determine to be reasonable, advisable, expedient, or proper. B. To continue to hold in the form in which received (or the form to which changed by reorganization, split, stock dividend, or other like occurrence) any securities or other property the Trustee may at any time acquire under the Trust created by this instrument. C. To continue to hold any property including any shares of any Trustee's own stock and to operate at the risk of the Trust Estate any business that the Trustee receives or acquires under the Trust . D. To have and exercise all rights, powers, and privileges of an owner with respect to the securities held in Trust , including, but not limited to, the powers to vote, give proxies, and pay assessment; to participate in voting trusts , pooling agreements , foreclosures, reorganizations, consolidations, mergers, and liquidations; incident to such participation, to deposit securities with and transfer title to any protective or other committee on such terms as the Trustee may deem advisable; and to exercise or sell stock subscription or conversion rights. E. To buy and sell options, write options, establish and maintain margin accounts, and to sell securities short against the box. F. To hold securities or other property in the Trustee's name as Trustee under the Trust created by this instrument, or in the Trustee's own name or in the name of a nominee; or the Trustee may hold securities unregistered in such condition that ownership will pass. G. To manage, control, grant options on, sell, convey, exchange, partition, divide, improve, and repair Trust property. H. To lease Trust property for terms within or beyond the term of the Trust created by this instrument for any purpose. I. To lend money to any person, provided that any such loan shall be adequately secured and shall bear a reasonable rate of interest. J. To loan or advance the Trustee's own funds to the Trust created by this instrument for any Trust purpose, with interest at current rates; to receive security for those loans in the form of a mortgage, pledge, deed of Trust , or other encumbrance of any assets of the Trust ; to purchase assets of the Trust at their fair market value as determined by an independent appraisal of those assets; and to sell property to the Trust at a price not in excess of its fair market value as determined by an independent appraisal. K. To release or restrict the scope of any power that the Trustee may hold in connection with the Trust created under this instrument, whether such power is expressly granted in the instrument or implied by law. L. To purchase bonds and to pay such premiums in connection with the purchase as the Trustee, in the Trustee's reasonable discretion, deems advisable; provided, however, that each premium shall be repaid periodically to principal out of the interest on the bond in such reasonable manner as the Trustee shall determine and, to the extent necessary, out of the proceeds of the sale or other disposition of the bond. M. To purchase bonds at such discount as the Trustee, in the Trustee's discretion, deems advisable; provided, however, that each discount shall be accumulated periodically as interest in such reasonable manner as the Trustee shall determine and to the extent necessary paid out of the proceeds on the sale or other disposition of the bond or out of principal. N. To borrow money and to encumber Trust property by mortgage, deed of Trust , pledge, or otherwise to secure a loan to or for the benefit of the Trust for any Trust purpose. O. To determine, except as otherwise specifically provided in this Trust instrument, what part of the Trust Estate is principal and what part of the Trust Estate is income and to apportion and allocate receipts and expenditures between principal and income. P. To commence or defend, at the expense of the Trust , such litigation with respect to the Trust or any property of the Trust Estate as the Trustee may deem advisable; and to compromise or otherwise settle any claims or litigation against or in favor of the Trust . Q. To purchase and carry such insurance as Trustee deems advisable to protect the Trust Estate and Trustee personally against any losses. R. To employ such attorneys, accountants, and advisors as the Trustee deems necessary; and to act on the advice of such advisors without incurring liability for any action taken or refrained from pursuant to that advice. S. To withhold from distribution, without the payment of interests, all or any part of the Trust property, if the Trustee shall determine, in the Trustee's sole discretion, that the property may be subject to conflicting claims, to tax deficiencies, or to liabilities, contingent or otherwise, properly incurred in the administration of the Trust Estate. T. To partition and distribute the Trust Estate, on any division or partial or final distribution of the Trust Estate, in undivided interests or in kind, or partly in cash and partly in kind, at valuations determined by the Trustee; to sell such property as the Trustee may, in the Trustee's discretion, deem necessary to make such divisions or distributions; in making any such divisions or partial or final distributions of the Trust Estate, the Trustee shall be under no obligation to make a pro rata division, or to distribute the same assets to beneficiaries similarly situated; the Trustee may, in the Trustee's sole discretion, make a non pro rata division between Trusts or shares and non pro rata distributions to the beneficiaries as long as the respective assets allocated to separate Trusts or shares, or distributed to the beneficiaries, have equivalent or proportionate fair market value. VIII. Accrued Income. Accrued or unpaid income from Trust property, when received into the Trust , shall be treated as any other income. Accrued income or income held undistributed by the Trustee at the termination of this Trust shall go to the Beneficiary or Beneficiaries then entitled to receive the distributions of the Trust Estate in proportion to their interests in the Trust Estate. IX. Payment of Death Taxes. Except as otherwise specifically provided in this Agreement , or in the will of either Trustor, federal Estate taxes or state inheritance taxes, if any, incurred by reason of the inclusion of any portion of the Trust Estate in the gross taxable Estate of either Trustor under the provisions of any federal tax law or state inheritance tax law shall be paid by the Trustee and charged to, prorated among, or recovered from the Trust Estate or the persons entitled to the benefits under this Trust as and to the extent provided by any applicable tax law or any proration statute. X. Prohibition against Benefits to Trustors. The Trustee is prohibited from exercising any power for the benefit of the Trustors rather than for the benefit of the Beneficiary. The Trustee is further prohibited from applying income of the Trust to the payment of premiums for any policy of life insurance on the life of a Trustor. The Trustors shall not be permitted to purchase, exchange, or otherwise deal with or dispose of the principal or the income of the Trust Estate for less than adequate and full consideration. The Trustors shall not be permitted to borrow the principal or income of the Trust Estate, either directly or indirectly, without adequate interest or without adequate security. XI. Notice of Events. Unless the Trustee shall receive from some person interested in this Trust written notice of any deaths, births, marriages, or other events on which the right to receive income or principal of the Trust Estate may depend, the Trustee shall incur no liability for any distributions made or omitted in good faith. XII. Perpetuities Savings Clause. Unless sooner terminated in accordance with other provisions of this instrument, this Trust shall terminate __________________ (number) years after the death of the last survivor of Trustors or of Trustors' issue living on the day of death of the first Trustor to die. The principal and undistributed income of the terminated Trust shall be distributed to the then-income beneficiaries of the Trust in the same proportions in which they are, immediately before termination, entitled to receive income. If at the time of termination, the right to income is not fixed by the terms of the Trust , distribution under this Section shall be made, by right of representation, to the persons who are entitled or authorized, in Trustee's discretion, to receive Trust payments. XIII. Spendthrift Provision. No interests in the principal or income of the Trust created under this Agreement shall be anticipated, assigned, encumbered, or subjected to creditor's claims or legal process before actual receipt by the Beneficiary. XIV. Education Defined. Whenever provision is made to pay for the education of a Beneficiary, the term education shall include college and postgraduate study as long as, in the Trustee's discretion, such education is pursued to the advantage of the Beneficiary. In determining payments to be made to the Beneficiary for such education, the Trustee shall consider the Beneficiary's reasonably related living and travelling expenses. XV. Successor Trustees. If for any reason __________________ (Name of Trustee) shall cease to act as Trustee, __________________ (Name of Successor Trustee 1) shall act as Trustee. If __________________ (Name of Successor Trustee 1) shall fail to qualify or cease to act as Trustee for any reason, __________________ (Name of successor Trustee 2) shall act as Trustee. Any successor Trustee shall succeed as Trustee as though originally named Trustee under this Trust instrument. All authority, powers, and discretions conferred on the original Trustee under this Trust instrument shall pass to any successor Trustee. No successor Trustee shall be responsible for the acts or omissions of any prior Trustee, nor shall any successor Trustee be under a duty to audit or investigate the accounts or administration of any prior Trustee. Unless requested in writing by a person having a present or future beneficial interest in the Trust , no successor Trustee shall have any duty to take any action to obtain redress for a breach of Trust committed by any prior Trustee. XVI. Bond of Trustee. No bond shall be required of any person named in this instrument as Trustee for the faithful performance of his or her or its duties as Trustee. XVII. Resignation of Trustee. The Trustee may at any time resign from the duties created under this Trust instrument on giving written notice to the person or persons then entitled to receive income payments from the Trust and to the parents or guardians of any minor Beneficiary or beneficiaries who may be entitled or authorized to receive income payments from the Trust at that time and to the Trustors, if both of them are then living, or the surviving Trustor, if only one of them is then living. Notices may be mailed to the addresses of such persons last known to the Trustee. The resignation shall take effect __________________ (number) days after the date of mailing of the notice. XVIII. Compensation of Trustee. The Trustee shall be entitled to reasonable compensation from time to time for the Trustee's ordinary services rendered under this Agreement , for any extraordinary services performed by the Trustee, and for all services in connection with the termination of the Trust , either in whole or in part. XIX. Accounting. The Trustee shall make an annual accounting regarding the transactions of the Trust by delivering a written report to the Trustors, if living, to all adult income beneficiaries, and to the parent or guardian of any minor Beneficiary to whom or for whose benefit income from the Trust is then payable. Unless one or more interested persons shall deliver a written objection to the Trustee within ___________ (number) days of receipt of the Trustee's account, the account shall be deemed settled, final, and conclusive in respect to all transactions disclosed in the account as to all beneficiaries of the Trust , including any unborn and unascertained beneficiaries. After settlement of the account by reason of the expiration of the __________________ (number) -day period or by Agreement of the parties, the Trustee shall no longer be liable to any Beneficiary of the Trust , including any unborn or unascertained beneficiaries, with respect to transactions disclosed in the account, except for the Trustee's intentional wrongdoing or fraud. XX. Governing Law. The validity of this Trust and the construction of its provisions shall be governed by the laws of __________________ (name of state) , regardless of any change of residence of the Trustee or any Beneficiary, or the appointment or substitution of a Trustee residing or doing business in another state. The Trustors and the Trustee have executed this Agreement at _____________________________________________ (place of execution) the day and year first above-written. __________________________ ____________________________ (Printed Name of Trustor 1) (Name of Trustor 2) ________________________ ________________________ (Signature of Trustor 1) (Signature of Trustor 2) ________________________ (Name of Trustee) By: __________________________ (Printed Name of Officer of Trustee) ________________________ (Title of Officer of Trustee) (Acknowledgments) (Attachment of exhibit)