Fill and Sign the Qualified Personal Residence Trusts Qprt Explained Oflaherty Law Form

Qualified Personal Residence Trust This Trust Agreement, hereinafter called the Agreement, dated __________________ (date), between ________________________ (Name of Donor) of _____________________________________________ (street address, city, county, state, zip code), hereinafter called the Donor, and ________________________ (Name of Trustee 1) and ________________________ (Name of Trustee 2), both of _____________________________________________ (street address, city, county, state, zip code), referred to herein as the Trustees. The Donor, in consideration of the agreements and undertakings made by the Trustees and other valuable consideration, does now assign, transfer, and set over to the Trustees and their successors the residence listed in Schedule A, which is attached and incorporated by this reference. The Trustees are authorized to and agree that they will receive and hold such property and such additional property as may be transferred or assigned to the Trustees by any person or organization, to become a part of any trust fund or funds created under this Agreement, and all investments and reinvestments of the same and income from the same, for the following uses and trusts: I. Right of Donor to use Residence. A. Until the first to occur of (i) ________________________ (date), (ii) the death of the Donor, or (iii) a Disqualifying Event as defined in Paragraph B of Section II (the Initial Term), the Donor shall have the right to occupy and use the residence described in Schedule A, and the Donor may rent the residence during any portion of the period that it is not occupied by the Donor and collect and retain rents for the same. The Trustees shall pay to the Donor all of the income of the Trust annually or at more frequent intervals. B. During the Initial Term the Trustees shall expend such funds as the Donor requests on maintenance of the house, including mortgage payments, real-estate taxes, and improvements. C. If the Initial Term ends because of the death of the Donor, all assets of the Trust shall be paid to the Estate of the Donor. D. If the Initial Term ends because of the expiration of the period of time specified in Paragraph A of this Section I, any cash held in the Trust for payment of the expenses of the Trust shall be paid to the Donor and the residence shall b
In the event the trustees wish to take an immediate, dramatic action, they may elect to have an independent, qualified trustee appointed to serve on the board of the donor's new, continuing residence. Such a trustee shall be a real estate expert or other person reasonably capable of making independent, reasoned decisions by reviewing the financial and other relevant facts and circumstances of the donor's financial situation. In selecting a successor trustee, the trustee who is appointed must be at least 50 percent of the number that are listed on the agreement as trustees of the gift recipient's current residence. 2. Qualified personnel residence trust this trust agreement, hereinafter called the agreement, dated (date), between (name of donor) of (street address, city, county, state, zip code), hereinafter called the donor, and (name of trustee 1) and (name of trustee 2), both of (street address, city, county, state, zip code), referred to herein as the trustees. The donor, in consideration of the agreements and undertakings made by the trustees and other valuable consideration, does now assign, transfer, and set over to the trustees and their successors the residence listed in schedule a, which is attached and incorporated by this reference. The trustees are authorized to and agree that they will receive and hold such property and such additional property as may be transferred or assigned to the trustees by any person or organization, to become a part of any trust fund or funds created under this agreement, and all investments and reinvestment of the same and income from the same, for the following uses and trusts: for personal use and enjoyment, with no expectation from the donor that the property will be sold, mortgaged, or otherwise invested or otherwise distributed in accordance with the terms of the gift. A. Property may be used only on the grounds for the living space described in schedule a, including the lawn for which it is dedicated unless the rules of the particular property owner otherwise permit additional uses. B. For the use of the residence may be limited to: (i) the living room alone by (ii) the backyard as provided in schedule a, provided that any new additions the donor may make to that area may not exceed five square feet of additional living space (iii) a garage by (iv) the backyard, provided any improvements to the garage that may be permitted are for the sole purpose of accessing the rear yard or as part of an addition to the building (v) as designated by a donor's choice of location for.