Qualifying Subchapter-S Revocable Trust Agreement
Trust agreement made __________________ (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.
The Trustor does now transfer to the Trustee, in trust , all the property listed in
Schedule A attached to this Agreement. The Trustor also desires or may desire to have
the proceeds of one or more policies of insurance on the Trustor's life payable to the
Trustee under this Agreement. At the request of the Trustor the Trustee agrees to hold
such property and such life insurance proceeds and all additions to them, from whatever
source, in Trust as follows:
I. Identification of Parties.
A. This Trust shall be known as the “ ________________________ (name
of trust ) .”
B. The Trustee of this Trust during the Trustor's lifetime shall be the Trustor.
Upon the resignation or incapacity of the Trustor, the Trustor's spouse shall be
Trustee so long as the Trustor is then living. Upon the death, resignation or
incapacity of the Trustor's spouse while serving as Trustee during the Trustor's
lifetime, ________________________ (name of trustee) shall be Trustee so long
as the Trustor is then living. Upon the death of the Trustor, the Trustor's spouse
shall be Trustee. The Trustor's spouse shall be succeeded upon death,
resignation or incapacity by ________________________ (name of trustee) . In
no case, however, shall the successor Trustee be anyone other than one or more
individual citizens of the United States or domestic corporations.
C. The current income beneficiary of this Trust shall be
________________________ (name of current income beneficiary) .
II. Additions to Trust. Additional funds, securities and property acceptable to the
Trustee may be transferred by the Trustor or other persons from time to time to
the trust , either during the lifetime of the Trustor or other transferor, or after death of the
Trustor or other transferor, by virtue of the terms of the Trustor's last will and testament,
as additions to the Trust estate, and all such further funds, securities, and property shall
be dealt with by the Trustee pursuant to the terms of this Agreement. A description of
such additional funds, securities or property in such event may be attached to this
Agreement by appropriate schedule.
III. Rights of Trustor. Notwithstanding anything contained in this Agreement to the
contrary, as long as the Trustor is living and has not been declared incapacitated
through the procedure set forth in Section XII, Paragraph B, of this Agreement, and
has not relinquished the rights and powers reserved to the Trustor under this
Agreement:
A. The Trustor shall have the right at any time to amend any of the provisions
of this Trust Agreement or of any amendment of this Agreement, by an
Agreement in writing executed by the Trustor and the trustee, and to revoke or
amend this Trust Agreement by the Trustor's act alone, by an instrument in
writing executed by the Trustor and delivered to the Trustee.
B. If at any time during the Trustor's lifetime, the Trustor shall deliver a notice
in writing signed by the Trustor stating that the Trustor relinquishes the powers
reserved by the Trustor under this Section, then such powers shall cease and
terminate, and from and after the delivery of such notice the Trustee shall have
those powers with respect to the Trust estate otherwise provided in this
Agreement.
IV. Distribution.
A. During the life of the current income beneficiary, all income of this Trust
shall be distributed currently to the current income beneficiary.
B. Principal distributions shall be made to the current income beneficiary
upon the following circumstances:
Such sums shall be paid from the principal as the Trustee shall determine is
necessary to meet one of the following criteria:
1. As reasonably necessary in order to provide the current income
beneficiary with the highest quality health care reasonably available in the
metropolitan ________________________ (name of city) area.
2. As reasonably necessary in order to provide for the current income
beneficiary's education, maintenance and accustomed standard of living.
The Trustee shall take into account the current income beneficiary's other
financial sources in determining whether or not a distribution shall be
made from the principal of this Trust .
C. Upon the termination of this Trust , the then accumulated income, if any,
shall be distributed to the current income beneficiary, or his or her estate, as the
case may be, and the remaining principal shall be distributed as follows:
_____________________________________________ (description of
distribution method) .
V. Rule against Perpetuities. If the provisions of any Trust under this Agreement
shall violate the rule against perpetuities, then such Trust shall terminate if it has not
previously terminated, ________________________ (number) years after the death of
the survivor of all of the beneficiaries of all of the Trusts under this Agreement whose
lives shall be competent under the rule.
VI. Frequency of Payments. Payments of income and principal which the Trustee
is required to make to a beneficiary under the provisions of this Agreement shall be
made at times fixed by the disinterested Trustee but at least as often as quarterly.
VII. Spendthrift Provision. The interest of the beneficiary in the income or principal
of a Trust under this Agreement shall be free from the control or interference of any
creditor of a beneficiary or of any spouse of a married beneficiary. Such interest shall
not be liable for the debts of any beneficiary and no beneficiary shall have any power to
sell, assign, transfer, encumber, or in any manner anticipate or dispose of his or her
interest in the Trust property or the income from such property, except as may be done
pursuant to any power of appointment granted under this Agreement.
VIII. Disclaimers and Releases. The donee of any beneficial interest or power of
appointment under this Agreement may disclaim or release in whole or in part such
power or interest. In addition to any other method of disclaimer or release recognized by
law, the holder of the power or interest may disclaim or release by delivering to the
Trustee an instrument in writing declaring the holder's intention in this regard.
IX. Accountings.
A. The Trustee shall not be required to render any accountings to any court,
but he or she shall render an account at least annually to each beneficiary
currently entitled to receive income or principal. The written approval of such
account by such person or his or her guardian or legal representative shall, as to
all matters and transactions stated in the account, be final and binding upon all
persons (whether in being or not) who are then or may later become interested
in, or entitled to share in, either the income or principal of such trust ; provided
always, however, that nothing contained in this Section shall be deemed to give
such person acting in conjunction with the Trustee the power to alter, amend,
revoke, or terminate such Trust .
B. The Trustee shall have the entire care and custody of all of the assets
comprising the Trust estate and shall maintain full and accurate books of account
and records of receipts and disbursements and other financial transactions
relative to the Trust estate, all of which shall be available for inspection at any
reasonable time by any beneficiary of this Trust , or his or her legal
representative.
X. Powers and Duties of Trustees.
A. The Trustee of each Trust established under this Agreement shall have
the following powers and duties, in extension and not in limitation of the powers
given him or her by law, including the powers set forth in __________________
(citation of statute) , or other provisions of this instrument, it being intended that
the Trustee possess the broadest, fullest and most complete power and authority
and in each case to be exercised from time to time in such manner, and to such
extent as the Trustee, in his or her sole and absolute discretion, shall deem
advisable and desirable, and
without order or license of court:
1. To take possession of any insurance proceeds and of any property
forming a part of the Trust estate; to receive additions to the Trust under
this Agreement by gift or will or otherwise and to hold and administer the
same under the provisions of this Agreement; and to collect the income
and profits from such property.
2. To retain indefinitely all property in the form in which the same shall
be received by him or her so acquired through investments or otherwise
without liability for any loss that may be incurred by retention in such form,
and without regard to the proportion that any one asset or class of assets
may bear to the whole.
3. To purchase, invest in, reinvest in, or otherwise acquire, and to
retain, whether originally a part of the Trust estate or subsequently
acquired, any and all stocks, bonds, notes, or other securities, or any
variety of real or personal property, including stocks or interests in
investment trusts and common Trust funds operated and managed by a
corporate trustee, including the Trustee of any Trust under this
Agreement, as he or she may deem advisable, whether or not such
investments be of the character permissible for investments by fiduciaries;
during the Trustor's lifetime, to buy, sell and trade in securities of any
nature, including short sales, on margin, and for such purposes the
Trustee may maintain and operate margin accounts with brokers, and may
pledge any securities held or purchased by him or her with such brokers
as security for loans and advances made to the trustee. Investments need
not be diversified and may be made or retained with a view to a possible
increase in value. The Trustee may, at any time, render liquid the Trust
estate, in whole or in part, and hold cash or readily marketable securities
of little or no yield for such period as the Trustee may deem advisable.
4. To option, sell and convey, mortgage, encumber, lease, exchange,
pledge, partition, plat, subdivide, improve, repair, surrender, abandon or
otherwise deal with or dispose of any and all property forming a part of
the Trust estate, as such time or times and in such manner and upon such
terms as, in the absolute and uncontrolled discretion of the Trustee may
be deemed expedient and proper; to give options for such property; to
execute deeds, transfers, leases, pledges, mortgages, and other
instruments of any kind. Any leases and contracts may extend beyond the
term of the trust .
5. To purchase from the estate of the Trustor or of any beneficiary of
a Trust established under this Agreement, or from any other Trust ee
established under this Agreement, such properties as may be deemed by
the Trustee necessary or advisable to facilitate the settlement of such
estate or the administration of such Trust .
6 . To loan with adequate interest or security to the personal
representative of the estate of the Trustor or of any beneficiary of a Trust
under this Agreement (whether or not the Trustee under this Agreement
is, at the same time, a personal representative of such estate), out of
either the principal or the accumulated income of the Trust estate, such
amounts as the Trustee may deem necessary or advisable to protect and
conserve the assets of such estate.
7. To pay if deemed advisable any obligations of the estate of the
Trustor or of any beneficiary of a Trust under this Agreement, directly to
the creditor, including funeral expenses, expenses of administration,
federal and state income, estate, inheritance, succession, transfer, gift or
like taxes arising or owing on the death of such deceased Trustor or
beneficiary; provided, however, that if the Trust holds any U.S. treasury
bonds that may be redeemed at par for the purpose of applying the
proceeds to the payment of federal estate tax, the Trustee shall pay the
federal estate tax to the extent of the face amount of such bonds plus
accrued interest to date of redemption.
8. Assets received by the Trustee under certain trusts and plans to the
extent excludable under Internal Revenue Code Section 2039(c), as
amended or supplemented, shall in no event be applied to satisfy
obligations of the Trustor's estate.
9. The Trustee's power to satisfy obligations of the Trustor's estate
shall include the right to compromise and to pay, as soon as convenient
after the Trustor's or beneficiary's death, any of such taxes on future or
contingent interests, without requiring any reimbursement from such
deceased Trustor's or income beneficiary's personal representative or
other persons receiving property as a result of such Trustor's or income
beneficiary's death, provided, however, that such payments shall be made
only from the separate Trust of which the decedent was an income
beneficiary.
10. To make loans with adequate interest and with adequate security
unless the loan is made to the beneficiary of the Trust making the loan or
to his or her estate, in which case the loan may be made without adequate
interest or adequate security, provided, however, that the powers given in
this Subparagraph A-10 shall be exercisable only by the disinterested
Trustee. The Trustee shall not be liable for any losses suffered by the
Trust estate as a result of his or her exercise or powers under
Subparagraphs A-5 through A-10
11. To borrow money upon terms acceptable to the Trustee from any
person or corporation, including any banking corporation which is also
personal representative of the Last Will and Testament of the Trustor or
any beneficiary of a Trust under this Agreement, or Trustee of any Trust
under this Agreement, and to pledge or mortgage any property as security
for such loan and to renew any indebtedness incurred by the Trustor or by
the Trustee.
12. To open and to close checking or savings accounts, in banks or
similar financial institutions, and safety deposit boxes in the name of a
Trustee or in the name of a nominee, with or without indication of any
fiduciary capacity; to deposit cash in and withdraw cash from such
accounts or boxes, with or without indication of any fiduciary capacity; to
hold such accounts and securities in bearer form, or in the name of a
Trustee or in the name of a nominee with or without indication of any
fiduciary capacity.
13. To give general or special proxies or powers of attorney for voting
or acting in respect of shares or securities, which may be discretionary
and with power of substitution; to deposit shares or securities with, or
transfer them to, protective committees or similar bodies; to join in any
reorganization and to pay assessments or subscriptions called for in
connection with shares or securities held by the Trustee.
14. To improve or develop real estate; to construct, alter or repair
buildings or structures on real estate; to settle boundary lines and
easements and other rights with respect to real estate; to partition and to
join with co-owners and others in dealing with real estate in any way.
15. To exercise or sell any option, right or privilege to purchase stock or
other securities or property which the Trustor might have at Trustor's
death or which becomes available during the administration of the Trust
estate.
16. To adjust, arbitrate, compromise, sue or defend, abandon or
otherwise deal with and settle any and all claims in favor of or against
the Trust estate as the Trustee shall deem proper.
17. To employ investment counsel, custodians or estate property,
brokers, accountants, attorneys, and any other agents to act in his or her
behalf; generally to do any act or thing and execute all instruments
necessary, incidental or convenient to the proper administration of
the Trust estate.
18. To allocate between income and principal all receipts and
disbursements in such manner as the disinterested Trustee may consider
advisable, notwithstanding the provisions of the Uniform Principal and
Income Act, always giving greater weight to the current needs of a vested
beneficiary than to the possible needs of a remainderman; provided,
however, that no allocation shall be made which may disqualify as a
marital deduction for federal estate tax purposes any property passing to
the spouse of the Trustor. Where any distribution may result in a
disproportionate income tax burden on any beneficiary, the Trustee may
make an additional distribution to offset such burden.
19. To make payments, division, or distribution of any Trust fund,
wholly or partly in kind and to make non-pro-rata distributions of such in
kind property; provided, however, any distributions made pursuant to any
provision of this Agreement which disposes of tangible personal property
shall be made in not more than ______________ (number) installments.
20. To keep any or all of the estate property at any place or places
in __________________ (name of state) or elsewhere within the United
States or abroad or with a depositary or custodian at such place or places.
21. To mingle the Trust property of the separate trusts established by
this Agreement and to allocate and indicate the interest of any beneficiary
by book entry rather than by physical division of property.
22. Whenever any payment under this Trust Agreement is required to
be made to a minor, the interest so required to be paid shall be
indefeasibly vested in the minor, but the Trustee may, but is not required
to, retain, manage, and administer, in trust , the amount payable, in whole
or in part, until the minor attains the age of majority or dies, whichever first
occurs. During such period, the Trustee shall pay to or for the benefit of
such minor so much of the income and principal of his or her share as the
disinterested trustee, in his or her sole and uncontrolled discretion, shall
determine in order to provide for his or her care, support, emergencies,
health, maintenance and education (including university, post graduate, or
professional training). Any unexpended portion of the annual net income
of such share shall be retained by the Trustee for the benefit of such
minor. When such minor attains the age of majority, or upon his or her
death, whichever first occurs, the entire share of such minor beneficiary
and any accumulation of income shall be transferred and delivered over to
such beneficiary or his or her estate without reservations of any kind.
23. To distribute any share intended for the child or children of any
deceased beneficiary to such child or children without reservations of any
kind, or to apply the whole or any part of the income or principal payable
under this Agreement to any minor or to any other person who in the
opinion of the disinterested Trustee is incapacitated through illness, age,
or other cause, at such time and in such manner as deemed advisable by
the disinterested trustee, whether by direct payment to the proper
beneficiary's and his or her dependents' expenses or by payment to a
person selected by the disinterested Trustee to receive payments for such
beneficiary and his or her dependents. Any payments so made shall
constitute a full discharge of the duties of the Trustee to the extent of such
payment.
24. To pay over to a vested beneficiary the entire principal of the Trust
for his or her benefit, terminating the trust , when in the uncontrolled
discretion of the disinterested Trustee it might become expedient or
advisable to do so for any of the following reasons or any other reason
which the disinterested Trustee may deem sufficient: (a) changes in the
political, economic, or social order in the United States; (b) legislation,
regulation, or court decisions detrimental to any Trust or Trusts under this
Agreement, or any beneficiary of such a Trust ; (c) lack of availability of
suitable Trust investments for an extended period; (d) insufficient principal
to justify the expense of continuing the Trust's existence; or (e) other
events which do or may tend to greatly impair the intent and purposes of
this instrument. Notwithstanding any other provisions of this Agreement,
the powers granted in this Paragraph 24 shall be effective only as long as
their existence will not cause the Trust property or any part of it to be
included in the estate of the person holding such power unless some other
term or terms of this Trust Agreement already cause such result.
25. To make an irrevocable election pursuant to Internal Revenue
Code § 2056(b)(7), as amended or supplemented, to the extent permitted
under the law under which certain life interest property will be deemed to
be qualified terminable interest property qualifying for the federal estate
tax marital deduction whenever the Trustee deems it advisable for overall
federal estate tax and state tax purposes to make such election. The
decision of the Trustee in this regard shall be binding and conclusive on all
concerned and the Trustee shall not be liable for any loss to the Trustor's
estate or to any beneficiary which results from his or her decision to either
elect or not elect such tax treatment.
B. If the provisions under the Trust or trusts created in this Agreement shall
become substantially the same as the provisions under any other Trust or
trusts established by the Trustor or by the Trustor's spouse or by any other
person for the same beneficiary or beneficiaries, or whenever the effect of the
existence of more than one Trust is the loss of a tax deduction or credit, then the
Trustee may, at its complete discretion, terminate such Trust or trusts created
under this Agreement and distribute all or a part of the assets of the Trust or all or
part of any beneficiary's share to the Trustee of the similar Trust or trusts , and the
assets so distributed or received shall be treated as an addition to the similar
Trust or trusts or to this Trust or trusts , as the case may be, and such asset shall
be held, treated and disposed of as a part of such Trust , and if distributed to a
similar Trust or trusts , the Trust or trusts created under this Agreement shall then
terminate and if held under this Agreement shall be allocated to the appropriate
beneficiaries. The purpose of this paragraph is to eliminate the necessity of
maintaining two or more separate trusts with similar provisions for the same
beneficiaries.
C. All powers given to the Trustee by this instrument are exercisable by the
Trustee only in a fiduciary capacity. Notwithstanding any other provisions of this
Agreement, all powers and discretions vested in the Trustee under this Section
or under any other section in this instrument such as, but not limited to, powers,
standards, and criteria for the determination to distribute income or principal,
shall be vested in the disinterested Trustee whenever such vesting would prevent
the Trust property, or the income from such property which is not actually
distributed to a vested beneficiary, from being included in the beneficiary's estate
for federal income, gift, or estate tax purposes.
D. Any noncorporate Trustee may delegate at any time, and for any time
period, any or all of his or her rights, powers, duties and authority, whether or not
discretionary, to the other Trustee or to other persons by an instrument in writing
signed by such delegating Trustee and delivered personally or sent by certified
mail to the other Trustees and to the delegate. No right, power or duty from the
exercise of which a Trustee is expressly excluded, however, may be thus
delegated to such excluded Trustee. Any such delegating instrument shall be
revocable at any time by a similarly delivered or sent signed instrument and shall
be revoked at the death of the delegator or delegatee.
XI. Operation of Business of Trustor. The Trustee is authorized to continue the
Trustor's business so long as the Trustee shall deem it to be in the best interests of the
beneficiaries under this Trust Agreement and to exercise all powers with respect to such
business which Trustor could exercise if living. This shall include, but is not limited to,
the power to sell or liquidate the business at such price and upon such terms as the
Trustee shall consider proper; to name or change officers, directors or employees and
the power to expand, limit, alter, incorporate, merge or reconstitute such business in
any way the Trustee deems advisable. In the absence of final notice to the contrary, the
Trustee may accept as correct financial or other statements rendered by the managers
of the business or corporation from time to time as to its condition and operations. Any
corporation in which the Trustor has a substantial or controlling interest shall be
regarded as an entity separate from the Trustor's estate, and no accounting as to its
business or operation shall be required to be made to the probate court. If such
business is retained or continued by the trustee, he or she shall receive such
compensation in addition to that which he or she would otherwise be entitled as Trustee
as will reasonably compensate the Trustee for his or her additional services in the
management and operation of such business and the Trustee shall in no way be liable
for any loss resulting from such retention or continuance or from the operation of such
business or the acts of its officers and directors except where such loss is the result of
the Trustee's willful misconduct or gross negligence.
XII. Trustees .
A. The Trustee of this Trust shall be as set forth in Section I.
B. During the lifetime of the Trustor, no successor Trustee shall actually have
duties or powers under this Trust Agreement except if the Trustor shall become
incapacitated through illness, age or other cause. In such event, any interested
party (including any of the designated successor trustees) to this Trust may
allege in an affidavit to the next succeeding Trustee (the Trustee designate ) that
the Trustor is so incapacitated through illness, age or other cause, that the
Trustor is unable to care for the Trustor's personal needs or finances. If: (1) such
allegation is accompanied by the certificate of __________________ (number)
registered doctors, one of whom is Trustor's family or attendant physician if
available, that Trustor is unable to care for the Trustor's personal needs or
finances; or (2) if the next succeeding Trustee designate determines by any other
means that the Trustor is unable to care for the Trustor's personal needs or
finances, then the next succeeding Trustee or co-trustees designated in this
Agreement as succeeding the Trustor shall become the Trustee under this
Agreement until the Trustor shall no longer be so incapacitated. Whether or not
Trustor is no longer so incapacitated shall be determined by a like process as
that used in determining Trustor's incapacity. Upon such determination, the
Trustor shall again be Trustee and shall reassume all of the title, powers, rights,
discretion, obligations and immunities the Trustee possessed before the
incapacity. If the next succeeding Trustee designate refuses to act
within __________________ (number) days of its receipt of such affidavit, any
interested party may petition a court of competent jurisdiction to make such
determination. The next succeeding Trustee designate shall not be liable for any
claim which may arise as a result of his or her deciding to assume from or return
to the Trustor the duties of the next succeeding Trustee pursuant to this Section,
even if such assumption or return violates the terms of this Agreement or was
unreasonable. There shall always be a disinterested Trustee of each Trust under
this instrument after the death of the Trustor.
C. References in this instrument to disinterested trustee mean the Trustee
under this Agreement who has no interest in the Trust property and who cannot
be benefited by the exercise of the powers vested exclusively in the disinterested
trustee. In addition, the disinterested Trustee must be one who can possess the
powers vested exclusively in the disinterested Trustee without causing trust
income or principal to be attributable to a Trust beneficiary for federal income,
gift, or estate tax purposes prior to the distribution of the Trust income or principal
to the beneficiary.
D. A Trustee of a Trust under this Agreement may resign at any time by
delivering __________________ (number) days' written notice of such
resignation to the Trustor during the Trustor's lifetime, or if the Trustor is
deceased to the oldest vested beneficiary of such Trust . If no successor Trustee
is named in this Agreement, the successor Trustee shall be appointed in writing
by the oldest vested beneficiary of that Trust , or by his or her guardian or legal
representative. In no case, however, shall the successor Trustee be anyone
other than one or more individual citizens of the United States or domestic
corporations. If no successor Trustee is appointed by the effective date of a
trustee's resignation, the resigning Trustee shall have the right to select and
appoint his or her successor.
E. References to the Trustee or Trustees include successor Trustees. A
successor Trustee shall succeed to all of the title, powers, rights, discretion,
obligations and immunities of the original trustee. The successor Trustee shall
not, however, be obligated to accept, ratify or approve of any of the acts,
omissions, or defaults of the trustee, nor shall the successor Trustee be required
to audit or verify the records of the trustee. The fact that the successor Trustee
has assumed and carried out his or her duties without protest or exception
cannot be deemed as an acceptance, ratification or approval. The successor
Trustee shall be entitled to rely upon any statements and records (which may
come into the successor trustee's possession after a reasonable search) of the
Trustee as to the assets of this Trust and, shall have no responsibility or liability
under this Agreement to any person for the assets of this Trust until reduced to
the possession of the successor Trustee.
F. Any corporate Trustee named under this Agreement shall have the sole
custody of all of the intangible personal property, as well as the custody of the
documents of title to all property comprising each Trust estate, except as the
corporate Trustee may permit a co Trustee to have custody or control of the
funds, securities, or property. Upon the death of the natural trustee, or if for any
reason the natural Trustee shall fail to qualify or act as Trustee under this
Agreement, and no natural Trustee shall be named as successor, then the body
or corpus of the Trust estate shall vest in the corporate Trustee as the sole
Trustee, with all the powers, rights and responsibilities given in this Agreement to
the joint trustees.
G. No one dealing with the Trustee need inquire concerning the validity of
anything the Trustee purports to do, or need see to the application of any money
paid or any property transferred to or upon the order of the Trustee.
H. No Trustee shall be responsible for the acts or omissions of a Co-Trustee
or for allowing a Co-Trustee to have custody or control of the funds, securities, or
property. Each Trustee shall be responsible only for his or her own acts or
omissions. Furthermore, a successor Trustee shall not be liable for any action
taken by the Trustee prior to the time such successor Trustee becomes a trustee.
I. A Trustee may, by an instrument in writing, delegate all or any powers and
discretions to a Co-Trustee or a limited period of time and may renew such
delegation from time to time; provided, however, that the powers and discretions
vested exclusively in the disinterested Trustee may not be delegated.
J. The Trust estate and the income from the estate shall be chargeable with
reasonable expenses of the Trustee in the administration of the Trust and with
reasonable compensation for the services of the Trustee.
K. No bond shall be required of any Trustee under this Agreement, or if a
bond is required by law, only a nominal bond shall be required.
XIII. Governing Law.
A. This Agreement of Trust shall always be interpreted under the laws
of __________________ (name of state) , or such successor state as shall be
selected by the current income beneficiary under this Agreement and accepted
by the Trustee of the Trust .
B. If any provisions of this Trust Agreement should be invalid or
unenforceable, the remaining provisions shall continue to be fully effective.
C. In any proceeding involving the construction or operation of this
Agreement, the then living beneficiaries shall represent all unknown and
undetermined beneficiaries, and any order, judgment, or decree rendered in such
proceeding shall be binding upon all unknown and undetermined beneficiaries.
D. This Agreement and any trusts created under it need not and shall not be
registered with any court unless the trustee, in his or her sole discretion, deems it
advisable to do so, or the laws of any state having jurisdiction over the trust do
not permit the same to be exempted from registration.
XIV. Reliance on Certified Copies. To the same effect as if it were the original,
anyone may rely upon a copy certified by a notary public to be a true copy of this
instrument (and of the writings, if any, endorsed on or attached to this instrument).
Anyone may rely upon any statement of fact certified by anyone who appears from the
original document or a certified copy of it to be a Trustee under this Agreement.
The Trustor and the Trustee have executed this Agreement on __________________ (date) .
______________________________
(Signature of Trustor)
__________________
(Printed Name of Trustor)
By:____________________________
(Signature of Trustee)
__________________
(Printed Name of Trustee)
(Acknowledgments)
(Attachment of schedule)
