Fill and Sign the Of the Sample Revocable Living Trust Do it Yourself Documents Form

Joint Trust with Income Payable to Trustors During Joint Lives This Trust Agreement is made on __________________ (date), between __________________ (Name of Trustor 1) and __________________ (Name of Trustor 2), of _____________________________________________ (street address, city, county, state, zip code), referred to herein as the Trustors, and ______________ (Name of Trustee), of _____________________________________________ (street address, city, county, state, zip code) , referred to herein as the Trustee. For and in consideration of the mutual promises set forth in this Agreement, Trustors and Trustee agree as follows:I. Trust Estate. Trustors do now transfer and deliver to Trustee the property described in Exhibit A, which is attached and incorporated by this reference. The receipt of that property is acknowledged by Trustee. That property and all property later subject to this Trust shall constitute the Trust estate and shall be held, managed, administered, and distributed by Trustee as provided below.II.Distribution of Income and Principal. Trustee shall hold, manage, invest, and reinvest the Trust estate in the manner provided, shall collect the income, and shall dispose of the net income and principal as follows:A. During the joint lifetimes of Trustors, Trustee shall pay the entire net income of the Trust to Trustors in monthly installments. Separate payments shall be made to each Trustor in the same ratio as the ratio between the values of the respective contributions made by each of Trustors to the principal of the Trust estate, as such values are set forth in Exhibit B.B. On the death of either Trustor, the entire net income shall be paid in monthly installments to the survivor during the survivor's lifetime.C. On the death of the surviving Trustor, Trustee shall distribute the remaining principal and income in the following manner: _________________________________________________ (Statement of provisions regarding disposition of remainder interests in Trust). III.Additions to Trust. Trustors, and any other person, shall have the right at any time to add property acceptable to Trustee to the Trust. This property, when received and accepted by Trustee, shall become part of the Trust estate.IV.Revocation and Amendment. During the joint lives of both Trustors, this Trust may be amended, altered, revoked, or terminated, in whole or in part, by an instrument in writing signed by both Trustors and delivered to Trustee. After the death of either Trustor, the survivor may amend, alter, revoke, or terminate the Trust by an instrument in writing signed by the survivor and delivered to Trustee. If the entire Trust is revoked, Trustee shall transfer to Trustors or the surviving Trustor, as the case may be, all of the Trust estate and shall execute and deliver to Trustors or the surviving Trustor all instruments that are necessary or appropriate to release all interests of Trustee in the Trust. The Trust may not be amended to change the obligations, duties, or rights of Trustee without Trustee's written consent to the amendment.V. Allocation of Principal and Income. Trustee shall determine what is income and what is principal of the Trust, and what expenses, costs, taxes, and charges of any kind whatsoever shall be charged against income and what shall be charged against principal in accordance with the applicable statutes of __________________ (name of state), as they now exist and may from time to time be enacted, amended, or repealed. VI. Invasion of Principal. If either Trustor, at any time, is in need of funds for Trustor's proper support or maintenance, Trustee may pay to or apply for the benefit of Trustor, in addition to the net income due such Trustor from the Trust estate, such amounts from the principal of the Trust estate up to the whole of such principal contributed by such Trustor as Trustee may from time to time in its discretion deem necessary or advisable for the Trustor's support or maintenance. Such payments shall not exceed the value of the principal contributed by such Trustor to this Trust, and shall be deducted from the principal for purposes of computing the income installments due the Trustor under Section II of this Agreement.)VII. Powers of Trustee. _____________________________________________________________________________________________________________________________________________________________________________________________ (Statement of provisions regarding powers of Trustee).VIII. Accounting. Trustee shall make an annual accounting to Trustors during their joint lives, to the surviving Trustor after the death of either Trustor, and to __________________ (Name of Beneficiary) after the death of both Trustors. The accounting shall include a report of the receipts, disbursements, and distributions since the last accounting and the status of the principal and any undistributed income on the date of the accounting. The approval of any account by the person or persons entitled to the accounting shall be final and binding on all persons as to the matters and transactions itemized in that account. Notwithstanding the foregoing, Trustee may at any time apply for judicial settlement of its accounts. IX. Compensation of Trustee. _____________________________________________________________________________________________________________________________________________________________________________________________ (Statement of provisions regarding Trustee's compensation) or (Statement of provisions regarding waiver of compensation) .X.Resignation of Trustee; Successor Trustee; Successor Trustees. Trustee shall have the right at any time to resign as Trustee under this Agreement. On any such resignation, Trustors or the surviving Trustor shall appoint a successor Trustee. In the event of the failure, refusal, or inability of Trustors or the surviving Trustor to so appoint a successor, Trustee may secure the appointment of a successor Trustee by a court of competent jurisdiction, at the expense of the Trust. Any successor Trustee shall succeed as Trustee with like effect as though originally named as such in this Agreement. All authority and power conferred on the original Trustee under this Agreement shall pass to any successor Trustee.VI. Bond and Liability of Trustee. No Trustee under this Agreement shall be required to give any bond or other security. Furthermore, no Trustee shall be liable for any mistake or error of judgment in the administration of the Trust resulting in loss by reason of investments or otherwise, except for willful misconduct or an act in breach of Trust.XII. Perpetuities Savings Clause. Anything contained in this Agreement to the contrary notwithstanding, the Trust established by this Agreement shall terminate, if it has not been previously terminated, __________________ (number) years after the death of the survivor of the following-named persons living on the date this Agreement is executed: _____________________________________________ (names of persons who have measuring lives), and Trustee shall pay the then-remaining principal and undistributed income of the Trust as follows: _____________________________________________ (description of disposition of remaining principal and undistributed income). XIII.Transactions with Parties. No one dealing with Trustee need inquire concerning the validity of anything Trustee purports to do, nor administer the application of any money paid or any property transferred to or on the order of Trustee.XIV. Governing Law. This Agreement shall be governed by, and its provisions construed according to, the laws of ________________________ (name of state) .WITNESS our signatures as of the day and date first above stated.____________________________(Signature of Trustor 1)________________________(Printed Name of Trustor 1)____________________________(Signature of Trustor 2)________________________(Printed Name of Trustor 2)____________________________(Signature of Trustee)________________________(Printed Name of Trustee) (Acknowledgments)(Attachment of exhibit)