Fill and Sign the Irrevocable Trust Children Form

Irrevocable Trust Agreement Setting up Special Needs Trust for Benefit of Multiple Children of Trustor Trust agreement made __________________ (date) , between __________________ (Name of Grantor) , of ___________________________________ (street address, city, county, state, zip code) , hereinafter called the Grantor, and __________________ (Name of Trustee) , of __________________________________ (street address, city, county, state, zip code) , hereinafter called the hereinafter called the Trustee. A. Grantor has designated the real and personal property described in Schedule A, attached to and by this reference made a part of this Agreement, as the Trust Fund. B. The Property will be irrevocably assigned, transferred and delivered to the Trustee upon the terms and conditions set forth in this Agreement. In consideration of the matters described above, and of the mutual benefits and obligations set forth in this Agreement, the Grantor and the Trustee agree as follows: I. Distribution of Principal and Income. The Property in Schedule A shall be held in trust , for the benefit of __________________ (Name of Beneficiary 1) , of _____________________________________________ (street address, city, county, state, zip code) , and __________________ (Name of Beneficiary 2) , of _____________________________________________ (street address, city, county, state, zip code) , hereinafter jointly referred to as t he Beneficiaries, and shall be held, managed, invested and reinvested by the Trustee, who shall collect the income from the Property and, after deducting all charges and expenses properly attributable to the Property, shall at any time and from time to time, apply for the benefit of the Beneficiaries, so much (even to the extent of the whole) of the net income and/or principal of this Trust as the Trustee shall deem advisable, in his or her sole and absolute discretion, subject to the limitations set forth below. The Trustee shall add to the principal of such Trust the balance of net income not so paid or applied. II. Purpose of Trust. It is the Grantor's intent to create a Supplemental Needs Trust which conforms to the provisions of __________________ (citation of statute) . The Grantor intends that the Trust assets be used to supplement, not supplant, impair or diminish, any benefits or assistance of any federal, state, county, city, or other governmental entity for which the Beneficiaries may otherwise be eligible or which the Beneficiaries may be receiving. Consistent with that intent, it is the Grantor's desire that, before expending any amounts from net income or principal of this Trust , the Trustee consider the availability of all benefits from government or private assistance programs for which the Beneficiaries may be eligible and that, where appropriate and to the extent possible, the Trustee endeavor to maximize the collection of such benefits for the benefit of the Beneficiaries. III. Governmental Benefits. None of the income or principal of this Trust shall be applied in such a manner as to supplant, impair or diminish benefits or assistance of any federal, state, county, city, or other governmental entity for which the Beneficiaries may otherwise be eligible or which the Beneficiaries may be receiving. IV. No Assignment. The Beneficiaries do not have the power to assign, encumber, direct, distribute or authorize distributions from this Trust . V. Beneficiaries’ Best Interests. Notwithstanding the provisions of Sections II and III above, the Trustee may make distributions to meet the Beneficiaries' need for food, clothing, shelter or health care even if such distribution may result in an impairment or diminution of the Beneficiaries' receipt or eligibility for government benefits or assistance, but only if the Trustee determines that (i) the Beneficiaries' needs will be better met if such distribution is made, and (ii) it is in the Beneficiaries' best interest to suffer the consequent effect, if any, on the Beneficiaries' eligibility for or receipt of government benefits or assistance; provided, however, that if the mere existence of the Trustee's authority to make distributions pursuant to this Section V shall result in the Beneficiaries' loss of government benefits or assistance, regardless of whether such authority is actually exercised, then this Section V shall be null and void and the Trustee's authority to make such distributions shall cease and shall be limited as provided in Sections II and III above, without exception. Section VI. Duties of Trustee. The Trustee has no beneficial interest in the Property listed in Schedule A, or in the proceeds or income of such Property, and will accept the assignment, transfer and delivery of such Property and will continue to hold the same, or the proceeds derived from such Property and any other Property assigned in the future, transferred or delivered to the Trustee, upon the following terms and conditions and for no other purposes: A. To invest and reinvest the same and to collect and receive the rents, issues, income or profits from the Property. B. To accumulate undistributed income, if any, and to add the same to the principal of the Trust Fund, to be held, administered and distributed as part of the same. C. Upon the death of the Grantor, to pay and distribute the then-remaining principal of the Trust , together with any accumulated income, equally to the Beneficiaries, __________________ (Name of Beneficiary 1) and __________________ (Name of Beneficiary 2) . If either of the Beneficiaries predeceases the Grantor, then his or her share shall be distributed to his or her then living issue, per stirpes. D. The Trust shall initially be Funded on this date with the transfer from the Grantor to the Trustee, in Trust , of the real property listed in Schedule A, attached to and by this reference made a part of this Agreement. VII. Powers of Trustee. Subject to the provisions of Section VIII of this Agreement, and in addition to the powers and authority granted by law, the Trustee is authorized and empowered, as in _______ (his/her) judgment and discretion _______ (he/she) may deem for the best interest of the Trust , with respect to any Property, real or personal, held at any time under this Agreement, and without authorization of any court: A. To retain the same for such periods of time as _______ (he/she) may deem advisable, without regard to any principle of diversification and notwithstanding the same may be of a wasteful nature or may not b recognized by law as legal investments for Trust Funds. B. To invest and reinvest the Trust Fund in stocks, bonds or other securities, notes, mortgages, units of participation in any common- trust fund maintained by them, or in any other Property real or personal, without regard to any decisional or statutory law, rule of court or principles concerning the investment of Trust Funds, or to the amount which shall be invested in any one investment or type of investment and even though all or substantially all of the Trust Fund may be invested in common stocks or other so-called equities. C. To sell or dispose of any and all Property, real or personal, which may become part of the Trust created by this Agreement, either at public or private sale and upon such terms and conditions as the Trustee shall deem is in the best interest of the Trust and to make good and sufficient conveyances in the law for such Property. D. To hold the Trust Fund, or any part of it, in cash without restriction as to the time or amount. E. To make division, partition, payment and distribution of the Trust Property in cash or in kind, or partly in each and for the purpose of making such division, partition and distribution in kind, the assets selected by the Trustee shall be valued at their respective values on the date or dates of division, partition or distribution. F. To liquidate, compromise, adjust and settle any and all claims and demands, including taxes, in favor of or against the Trust for such sums, upon terms and in such manner and time as the Trustee shall deem advisable. G. To employ such accountants, attorneys and other persons as the Trustee may deem advisable in the administration of the Trust and to pay them such compensation as the Trustee may deem proper. H. To allocate to principal all stock dividends and cash in lieu of fractional shares paid as a result of any stock dividend received on any stock held in the Trust created under this Agreement. I. To exercise generally with respect to any and all stocks, securities or other Property held under this Agreement, all rights, powers and privileges that may be lawfully exercised by persons owning similar Property in their own individual right. VIII. Additional Property. The Grantor, or other person, may at any time and from time to time, pay, transfer, devise, bequeath or deliver to the Trustee additional Property, acceptable to the Trustee, to be held, administered and distributed as part of the Trust Fund and subject to all the terms and conditions of this Agreement. IX. Account. The Trustee shall render an account of its administration of the Trust to the Grantor from time to time and the approval of the account by the Grantor shall be conclusively binding upon all parties in interest under this Agreement. X. Right to Resign. The Trustee shall have the right to resign at any time by duly acknowledged written instrument delivered to the Grantor. XI. Successor Trustee. In the event of the incompetence or incapacity of the Trustee or upon _______ (his/her) voluntary resignation in writing, a Successor Trustee under this Agreement shall be selected by the Grantor and shall be empowered to serve. XII. Rights and Powers of Successor Trustee. Any Successor Trustee acting under this Agreement shall have the same rights, powers, privileges, discretion and duties conferred upon or vested in the Trustee by the provisions of this Agreement. XIII. Bond or Security. Neither the Trustee nor any Successor Trustee acting under this Agreement shall be required to give bond or other security for the faithful performance of the Trustee's duties under this Agreement. XIV. Governing Law. The validity, construction, effect and administration of this Agreement and the Trust created by this Agreement shall be governed and determined by and under the laws of (name of state) . The Grantor and the Trustee have executed this Trust Agreement on the day and year first above-written. _________________________ _________________________ (Signature of Grantor) (Signature of Trustee) ________________________ ________________________ (Printed Name of Grantor) (Printed Name of Trustee) (Acknowledgments) (Attachment of schedule)