Fill and Sign the Disclmr Trust Qtip Minors 00204283doc Business Law Form

Revocable Trust for Lifetime Benefit of Trustor for Lifetime Benefit of Surviving Spouse after Death of Trustor's with Annuity Trust Agreement made on __________________ (date), between ________________ (Name of Trustor), of _____________________________________________ (street address, city, county, state, zip code) , hereinafter called the Trustor, and __________________ (Name of Trustee), of _____________________________________________ (street address, city, county, state, zip code), hereinafter called the Trustee. For and in consideration of the terms and conditions set forth in this Agreement, Trustor and Trustee agree as follows:I. Trust Estate. Trustor grants, assigns, and transfers to Trustee the property described and itemized in Exhibit A, which is attached and incorporated by this reference. Receipt of the described property is acknowledged by Trustee. That property, together with all other property later transferred and delivered to Trustee, shall constitute the Trust estate, and shall be held, administered, and distributed, in trust, as provided below.II. Disposition of Principal and Income. Trustee shall hold, manage, and invest the Trust estate, and shall collect and receive the Trust income. After deducting all necessary expenses incident to the administration of this Trust, Trustee shall dispose of the principal and income of the Trust as follows:A. During the life of Trustor, the net income of the Trust estate shall be added to and become principal, forming a common fund, out of which Trustee shall distribute to Trustor $__________________ on __________________ (date), and subsequently a like sum monthly until Trustor's death. B. After Trustor's death, if Trustor's __________________ (husband/wife), __________________ (name of spouse), survives Trustor, Trustee shall distribute to _______ (him/her) $__________________ on the __________________ (number) day of the month immediately following Trustor's death and subsequently a like sum monthly until _______ (his/her) death. C. On the death of the survivor of Trustor and Trustor's __________________ (husband/wife), __________________ (name of spouse), the Trust shall terminate and the Trust estate shall be distributed to the then-living lawful issue of Trustor __________________ (per stirpes or by representation). III.Invasion of Principal. Whenever during the life of Trustor's __________________ (husband/wife), __________________ (name of spouse), the payments from this Trust to _______ (him/her) shall be insufficient in Trustee's discretion to provide for _______ (his/her) reasonable support, care, and comfort, Trustee may pay to _______ (him/her), or apply for _______ (his/her) benefit, so much of the principal of the Trust estate as Trustee may deem proper or necessary for that purpose. IV.Additions to Trust. Additional property may be granted, conveyed, assigned, and transferred by Trustor to Trustee by instrument in writing satisfactory to Trustee, provided, that only such property shall be added to the Trust as is accepted by Trustee in writing. When the title to the additional property is so vested in Trustee, it shall become a part of the Trust estate and shall be held and managed in the same manner as if it had been conveyed to Trustee by this instrument.V.Revocation and Amendment. At any time during _______ (his/her) lifetime, Trustor may, by written notice to Trustee, revoke this Trust in whole or in part, on paying the sums due Trustee for its services under this Agreement, or alter or divest the interest of or change the beneficiaries of this Trust or otherwise modify this Trust, provided that no modification shall increase Trustee's duties without its consent. The notice shall be acknowledged before a notary public, shall set forth the effective date of the revocation or amendment, and shall state the manner in which the Trust assets shall be transferred on revocation, and the name and address of the transferee. The notice shall be mailed to Trustee at its last-known mailing address by certified mail not less than __________________ (number) prior to the effective date of the revocation or amendment. VI.Powers of Trustee. _____________________________________________________________________________________________________________________________________________________________________________________________ (Statement of provisions regarding powers of Trustee).VII.Spendthrift Provision. No title or interest in the money or other property constituting the principal of the Trust estate, or in any income accruing from or on the principal, shall vest in any beneficiary during the continuance of the Trust created by this Agreement. No such beneficiary shall have the power or authority to anticipate in any way any of the rents, issues, profits, income, monies, or payments provided or authorized by this Agreement to be paid to the beneficiary, or any part of the same, nor to alienate, convey, transfer, or dispose of the same or any interest in or any part of the same in advance of payment. None of the same shall be involuntarily alienated by any beneficiary or be subject to attachment, execution, or be levied on or taken on any process for any debts that any beneficiary of the Trust shall have contracted or shall contract, or in satisfaction of any demands or obligations that any beneficiary shall incur. All payments authorized and provided to be made by Trustee shall be made and shall be valid and effectual only when paid to the beneficiary to whom the same shall belong, or otherwise, as provided in this Agreement.)VIII.Expenses of Last Illness and Funeral. On the death of Trustor and on the death of Trustor's __________________ (husband/wife), __________________ (name of spouse), Trustee shall pay out of the Trust estate his and her last illness and funeral expenses, to the extent that the expenses shall not be otherwise paid or responsibility for their payment otherwise assumed.IX.Accounting. Trustee shall make an accounting annually to Trustor during Trustor's lifetime and to Trustor's __________________ (husband/wife), __________________ (name of spouse), after Trustor's death; and, after the deaths of both Trustor and __________________ (name of spouse), to each adult and competent beneficiary who is then entitled to receive income payments from the Trust estate. The approval of any such party of any such accounting shall be a complete discharge of Trustee as to all matters set forth in the accounting. X. Compensation of Trustee. _____________________________________________________________________________________________________________________________________________________________________________________________ (Statement of provisions regarding Trustee's compensation) or (Statement of provisions regarding waiver of compensation) .XI.Successor to Trustee. In the event of the death of Trustee, or if Trustee shall for any reason become unable to act in the capacity of Trustee under this Agreement, __________________ (name of successor Trustee), of _____________________________________________ (address of successor Trustee), shall become the Trustee under this Agreement with all of the rights, powers, duties, and privileges conferred on Trustee. XII. Governing Law. This Agreement shall be governed by the laws of __________________ (name of state).WITNESS our signatures as of the day and date first above stated. ____________________________(Signature of Trustor)________________________(Printed Name of Trustor)_____________________________(Signature of Trustee)________________________(Printed Name of Trustee)(Acknowledgments) (Attachment of exhibit)