Fill and Sign the Testamentary Form

Testamentary Trust Provision in Will with Spouse to Receive a Life Estate in Farm Land with Remainder Interest in Land to Pass to Trust for the Benefit of Children I.I give and devise to my ____________________________________ (Name of Husband or Wife), hereinafter called Spouse, for and during the term of his/her life, my Farm land of about ___________ (number of acres) acres, together with any buildings and improvements thereon (or that may hereafter be erected thereon) and the hereditaments and appurtenances and all other rights thereunto belonging or in anywise now or hereafter apper- taining, which said Farm, with the improvements thereon, is located in _____________________ _______________________ (name of county and state), and was conveyed to me by ___________________________________ (name of seller) by a deed executed on __________________________ (date), and recorded in Book _________ (Number) at Page __________ (Number) of the deed records of ________________________________________ (name of county and state), and which Farm is more particularly described as follows: (legal description of real property) _____________________________________________________ ___________________________________________________________________________________________________________________________________________________________:II.I give and devise the remainder interest in and to said Farm land described above, together with any buildings and improvements thereon (or that may hereafter be erected thereon) and the hereditaments and appurtenances and all other rights thereunto belonging or in anywise now or hereafter appertaining, to ________________________________ (Name of Bank), a national banking corporation, with its principle office located at located at __________________ ______________________________________________________________________________ (street address, city, county, state, zip code) in Trust, for the benefit of my children ______________________________________________________________________________ _____________________________________________________________________________ (Names of Children) for the uses and purposes set forth below. A.Trustee’s Rights in FarmTrustee shall be vested with all rights, powers, options and privileges in and to the Trust estate, and may exercise any and all of such rights, powers, options, and privileges as fully as any owner of all or any part of the Trust property might. B.Power to Lease or Rent Trust Estate. Neither said Bank as the original Trustee nor its substitutes or successors in this Trust shall have the right or power to transfer, sell or convey the above- described real property (hereafter referred to as the Farm) constituting the corpus of this Trust estate; provided, however, the right and power is given and granted to the Trustee, and its successors, to lease the Farm, or any part of the Farm , for a term not to exceed (e.g., 10 years) ________________ , and provided that no lease agreement or other contract pertaining to the Farm shall be for a term which extends beyond ___________________________ (date). C.Management and Control of Trust Property1.Upon the death of Spouse, and thereafter during the term of this Trust, subject to Subparagraph I-B above, the Trustee shall have the right and power, and the duty is now imposed on the Trustee, to lease the Farm, or such part of the Farm as the Trustee may, in the exercise of reasonable diligence, be able to lease to others. The terms and provisions, including the amount or amounts of rent to be paid, of any such contract of rent, hire, or lease shall be within the sole discretion of the Trustee during the time the Trustee is acting as such, and provided that the terms and provisions do not conflict with any of the terms of this Trust instrument.2. The Trustee shall have the right, power, and duty to receive and collect any and all rents, monies, or other things of value as income from the Farm, and to sue for the same in the Trustee's own name, if the Trustee deems it advisable, and to settle and compromise any claims whatever with reference to the Farm on such terms and conditions as the Trustee, in the Trustee's sole discretion, may deem advisable or convenient.3.The Trustee shall have the right to manage and control the Farm in such manner as to the Trustee may be advisable. The Trustee shall have the further right and power, if the Trustee deems it advisable, to improve Farm, or any part of the Farm, in such manner as the Trustee deems advisable, including, but not limited to:i)The erection and building of new or additional improvements, or the removal of existing improvements; andii) The erection and building of other improvements, including the repair and upkeep of all improvements on the Farm. For these purposes, the Trustee is authorized to extend and use the income derived from the Farm, and provided further, that the expenditures and uses of the income do not nullify any of the other provisions of this Trust instrument.D.Compensation of TrusteeThe Trustee, while acting as such, shall be entitled to compensation for the Trustee's services rendered pursuant to this Trust instrument. Compensation shall be a sum of money equal to _______ % of the net income from the Farm .F.Order of Precedence for use of Trust IncomeThe monies and income, collected and received from the Trust properties, and from the management, control, rent, and lease of the Trust properties, shall be disbursed and expended by the Trustee in the following order of precedence:1.First, to make any and all necessary repairs to existing improvements on the Farm, and to pay any and all taxes and assessments against the Farm. As and when the same become due, including income taxes, penalties, and interest, for which purposes a sufficient amount of money shall be kept in reserve. 2.Second, to maintain and preserve the Farm ., and pay the operating expenses which are reasonably necessary to the good management, control, renting, or leasing of the Farm, including the services of accountants and attorneys at law, when, in the opinion of the Trustee, these services may be considered convenient or advisable, and including payment of any legal claims or judgments which may be presented to, or rendered against, the Trustee in its capacity as such.3. Third, to pay to the Trustee its compensation as provided above. 4. Fourth, to pay to the Guardian of my said Children, for the benefit of such sums as said Guardian may specify from time to time for the support, education, and maintenances of said Children. However, if any of said Children shall become deceased prior to age (e.g., 25) ______, the proceeds from said Trust shall vest in the remaining Children. 5. Fifth, to erect, build and construct such new or additional improvements on the Farm, or remove existing improvements from the properties, the Trustee may, in the Trustee's sole discretion, deem advisable, provided, however, that if any existing improvements on the Farm are removed, they must be replaced by improvement as good as or better than those which were removed.E. Disposition of Income During the Lifetime of ChildrenDuring the lifetime of Children, Trustee shall hold the income from the Farm, subject to the distributions set forth in Paragraph D , and manage, invest, and reinvest such income from said Farm, and render payment of all proper charges and expenses of the Farm . G.Powers of Trustee In addition to all other powers and discretions granted by law or by this agreement, Trustee shall have the following powers and discretions, all of which shall be exercised in a fiduciary capacity: 1. To arrange for the automatic application of dividends in reduction of premium payments, with regard to all policies of insurance held in the Trust estate. Otherwise, the dividends shall be treated as income and shall be applied to the payment of the premiums.2.The Trustee shall have power to invest and reinvest the income from the Farm in short term investments suitable for the investment of such funds; to register property in the name of a nominee without restriction; to vote in person or by general or limited proxy, or any security as to which the Trustee's possession of voting discretion would subject the issuing company or the Trustee to any law, rule, or regulation adversely affecting either the company or the Trustee's ability to retain or vote company securities, shall be voted as directed by the Trustor, if living, otherwise by the beneficiaries then entitled to receive or have the benefit of the income from the Trust; to mortgage, or pledge any or all of the Farm as the Trustee deems proper; to borrow from any lender, including a Trustee individually; to employ agents, attorneys and proxies; to compromise, contest, prosecute or abandon claims; to divide or distribute in cash or in kind, or partly in each, or in undivided interests or in different assets or disproportionate interests in assets, to value the Farm and other assets of the Trust (said Farm and other assets being hereafter referred to as Trust Property) for such purposes, and to sell any property in order to make division or distribution.3.The Trustee is authorized to establish out of income and credit to principal reasonable reserves for depreciation, obsolescence and depletion.H. Successor Trustees Trustee shall have the power to appoint a successor Trustee. If Trustee shall die, resign, become incapacitated, or refuse to act further as Trustee under this Agreement, without having appointed a successor, the successor Trustee shall be __________________________________ (Name of Successor Trustee). Any successor Trustee shall have all the duties and powers assumed and conferred in this Agreement on Trustee, including the power to appoint a successor. Any appointment of a successor Trustee shall be made by an acknowledged instrument delivered to the Guardian of the Children and to ___________________________ (Name of Successor Trustee). I. Trustee’s BondNo Trustee or successor Trustee shall be required to give any bond or other security.J.Accounting Trustee shall maintain accurate accounts and records, and shall render (e.g., annual) _________________ statements to the Guardian of the Children who may then be entitled to receive income under this Agreement. The statements shall show receipts and disbursements of principal and income of the Trust estate. Written approval of the statement by the person or persons entitled to the accounting shall, as to all matters and transactions stated in or shown by the statement, be final and binding on 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 the principal of this Trust. However, nothing contained in this section shall be deemed to give such person acting in conjunction with Trustee the power to alter, amend, revoke, or terminate this Trust. K. Termination of Trust This Trust agreement shall be terminated on the happening or occurrence of any one of the following contingencies, whichever may happen or occur first: 1.At such time as _________________________________________ _____________________________________ (Names of Children) are deceased.2.At such time as _________________________________________ ________________________________________________ (Names of Children), or the survivor of them, reach the age of (e.g., 25) _______ years. L.Disposition of Property on Termination On the termination of this Trust Agreement in accordance with its terms, the Trustee shall dispose of the Farm and all income from the Farm, in the following manner:1. First, the Trustee shall pay all just bills, costs, expenses, claims and judgments which may be presented to the Trustee or may have been rendered against the Trustee in its capacity as Trustee. 2. Second, all Trust Property remaining on hand, shall be deeded and given to (Names of Children) _________________________________________ __________________________________________________________________ in equal portions, share and share alike. If one of them dies during the continuance of this Trust Agreement, then all of the Trust Property due that Child shall be deeded and given to the surviving Children. M. The interest of any beneficiary in the principal or income of this Trust shall not be subject to claims of his or her creditors, or others, or liable to attachment, execution, or process of law. No beneficiary shall have any right to encumber, hypothecate, or alienate his or her interest in this Trust in any manner, except as provided elsewhere. Trustee may deposit in any bank designated in writing by the Guardian of a Beneficiary, to his or her credit, income or principal payable to the Child.N. The Trust hereinbefore created is a private Trust, and the Trustee shall not be required to obtain the order or approval of any court for the exercise of any power or discretion herein given. The Trustee is hereby authorized to receive and retain for its services in administering the Trust reasonable fees and compensation in accordance with that which is customarily and generally charged for performing Trust services of the nature involved in said Trust. The income of the Trust herein created shall accrue from the date of my Spouse’s death, and during the period of the administer ing of her estate, and until the Trust is established, I hereby authorize her Executor, in his sole discretion, to pay at least annually out of my general estate to the Guardian of my Children for the benefit of said Children, such sums as in their judgment equal the income which my said Children would receive from said Trust had the same been established. The Trustee shall not be required to enter into any bond as Trustee, nor shall it be required to return to any court any periodic formal accounting of its administration of the Trust, but the Trustee shall render annual accounts to Guardian. No person paying money or delivering property to the Trustee shall be required to see to its application. O. Governing Law This agreement shall be governed by the laws of ____________________ (name of state).