Fill and Sign the Care and Maintenance of Your Revocable Living Trust Form

1 THEXXX REVOCABLE LIVING TRUST DECLARATION OF TRUST I, XXX, declare myself trustee (hereafter, “trustee ”) of the property identified in the attached Schedule of Pro perty. The designation “trustee” will also be used to refer to any and all persons serving as a successor trustee under this i nstrument. The trust property so identified, and any property adde d to the trust in accordance with the provisions of this instrument, and all investments and reinvestments thereof (“trust princ ipal”) shall be held upon the following terms: ARTICLE I This instrument, and the initial trust hereby evide nced, as from time to time amended, may be designated THE XXX REVOCABLE LIVING TRUST. 2 ARTICLE II Commencing as of the date of this instrument and during my life, the trustee shall administer the trust princi pal and any net income thereof as follows: A. The trustee shall distribute to me or apply for my benefit such amounts of net income and principal, even to the extent of exhausting principal, as the trustee believes desirable from time to time for my health, support in reasonable comfort, best interests, and welfare, considering all circumstances and factors deemed pertinent by the trustee. Any undistributed net income shall be accumulated and added to principal, as from time to time determined by the trustee. B. In addition, the trustee shall distribute to me or others such amounts of net income and principal as I may from time to time direct in writing, except that if the trustee believes that I am unable to manage my business affairs properly because of advanced age, illness, or other cause, the trustee may, in the trustee’s sole discretion, decide not to honor my written direction. ARTICLE III 3 As of the date of my death, the trustee shall provide for payment out of the trust principal, without seeking reimbursement or recovery from any person, of all (a) my legally enf orceable debts, including debts owed by me to a trustee individuall y, except debts which constitute a lien or encumbrance on real prop erty, (b) the expenses of the last illness and funeral, (c) the a dministration expenses payable by reason of death, and (d) the es tate, inheritance, and other death taxes (including inter est and penalties, if any, but excluding any generation-ski pping tax) payable in any jurisdiction by reason of death (inc luding those administration expenses and death taxes payable wit h respect to assets which do not pass under this trust) other th an that part of any such death taxes attributable to property in wh ich I have a qualifying income interest for life or over which I have a power of appointment and with respect to which the personal representative of the estate shall be authorized to seek reimbursemen t or recovery. However, none of the preceding items shall be paid out of amounts received by the trustee that are not otherwise incl udable in my gross estate for federal estate tax purposes, nor a ny property derived originally from any such amount. 4 ARTICLE IV A. As of the date of my death, but after providing for the payments, if any, required by Article III of this i nstrument, the trustee shall distribute the remaining trust princi pal (including property to which the trustee may be entitled under any will of mine or from any other source) to the following benefici aries in the percentages listed: Beneficiary Percentage of T rust Principal 1. AAA 20% 2. Barry M. Adkins 20% 3. Rex S. Adkins 20% 4. G. Dwight Adkins 20% 5. Timothy M. Adkins 20% If any beneficiary is deceased at the time of distr ibution, then his/her share shall be distributed to the rema ining beneficiaries/beneficiary. B. Despite the preceding provisions of this instrume nt, the trustee may elect to withhold any property otherwis e distributable under paragraph A of this Article of any beneficiar y who has not 5 reached the age of twenty-one years and may retain the property for that beneficiary in a separate trust named for that beneficiary in which his or her interest is indefeasibly vested, t o be distributed to that beneficiary when he or she reaches the age of twenty-one years, or before then if the trustee so elects. Th e trustee shall apply as much of the net income and principal of th e trust so retained as the trustee believes desirable for the health, support in reasonable comfort, education, best interests, a nd welfare of the beneficiary for whom the trust is named, considerin g all circumstances and factors deemed pertinent by the t rustee. Any undistributed net income shall be accumulated and a dded to principal, as from time to time determined by the t rustee. If the beneficiary dies before complete distribution of th e trust, the trustee shall distribute the remaining trust princi pal to the personal representative of the estate of the benefi ciary. ARTICLE V A. Any trustee may resign at any time by giving pr ior written notice to the other trustee, or to the beneficiary or beneficiaries to whom the current trust income may or must then b e distributed. B. Except as otherwise provided in paragraphs D an d E of this Article: 6 1. If I cease to act as trustee hereunder due to death, AAA (“Successor One”) shall immediately (without court appointment) assume the duties of trustee and enter onto those d uties without any formality. If AAA does not assume such duties, for any reason, then BBB (“Successor Two”) shall immediately (without co urt appointment) assume the duties of trustee. If at any time any successor trustee named above, o r any beneficiary of this trust, should believe that the designated trustee is unable to continue as trustee due to sen ility, disability or incompetency, such person may remove the person believed to be unable to continue, by giving written notice of rem oval to such person, together with a written certification by a licensed medical doctor that such person is unable to effectively ha ndle the duties of trustee due to senility, disability or incompete ncy. The written opinion of such licensed medical doctor shall state whether the condition causing such inability is temporary or pe rmanent, and if temporary, an estimate of the length of time such c ondition is likely to continue. The written opinion of such li censed medical doctor shall be deemed to raise a presumption of th e fact of senility, disability or incompetency, but shall not , on its own, be conclusive on the issue; provided, however, that no person other than the person sought to be removed shall have sta nding at any time 7 to file any action in any court to challenge such removal, or to challenge the certification of the physician on whi ch such removal was based. Any removal based on a temporary condit ion shall continue only as long as the condition. Once the f acilities of the removed trustee are restored, he/she may re-enter u pon the duties of trustee by giving notice of removal to any successo r and to the beneficiaries. 2. If Successor One and Successor Two or any other s uccessor trustee appointed as hereinafter provided, ceases t o act as trustee hereunder for any reason, or is certified as unable to continue by any licensed medical doctor, then the person or per sons indicated in paragraph F of this Article shall, by written instr ument, appoint any person, or any bank or trust company, within th e continental United States, as successor trustee. C. The person or persons indicated in paragraph F of this Article may at any time, by written instrument, app rove the accounts of the trustee with the same effect as if the accou nts had been approved by a court having jurisdiction of the subj ect matter and of all necessary parties. D. If any corporate trustee designated to act or a t any time acting hereunder is merged with or transfers substa ntially all of its assets to another corporation, or is in any oth er manner 8 reorganized or reincorporated, the resulting or transferee corporation shall become trustee in place of its co rporate predecessor. E. As often as the trustee shall deem such action to be advantageous to the trusts or to any beneficiary, t he trustee may, by written instrument, resign and appoint as substi tute trustee with respect to all or any part of the trust principal, including property as to which the trustee cannot act, any pe rson, or any bank or trust company, within or outside the State of Vi rginia. The substitute trustee shall have all of the title, pow ers, and discretion of the original trustee, but shall exerc ise the same under the supervision of the resigning trustee, who shall act as adviser to the substitute trustee. Upon the remova l or resignation of the substitute trustee, adviser may resume the o ffice of trustee or may continue to act as adviser and appoint anoth er substitute trustee. Any adviser may receive reasonable compen sation for services as adviser. F. A successor trustee may be appointed pursuant t o sub- paragraph 2 of paragraph B of this Article and the accounts of the trustee may be approved pursuant to paragraph C of this Article by me, if then living, or after my death, by a majorit y in number of the beneficiaries whose names appear in item IV A t o whom property 9 is to be distributed after my death. If any person so entitled to act is then under legal disability, the instrument of appointment or approval may be signed on his or her behalf by (i) the duly appointed guardian of his or her estate, (ii) eithe r parent, or (iii) the guardian of the person (whether or not a court-appointed guardian) of any person for whose estate no guardia n has been appointed. G. The incumbent trustee shall have all of the tit le, powers, and discretion granted to the original trustee, wit hout court order or act of transfer. No successor trustee shall be personally liable for any act or failure to act of a predecessor trus tee. With the approval of the person or persons indicated in para graph F of this Article who may approve the accounts of the trustee , a successor trustee may accept the account furnished, if any, a nd the property delivered by or for a predecessor trustee without l iability for so doing, and such acceptance shall be a full and comp lete discharge to the predecessor trustee. ARTICLE VI With respect to any life insurance policies or empl oyee benefit plans made payable to the trustee, I direct that: A. The trustee shall have no responsibility for pa yment of 10 premiums or assessments on the policies, or responsibility to see that the premiums or assessments are paid by others , and the companies issuing them shall have no responsibility to see to the fulfillment of any trust hereunder or to the applic ation of any proceeds; B. The trustee’s receipt and release shall release and discharge any obligor for any payment made and shal l bind every trust beneficiary hereunder; and C. The trustee shall have no duty to bring suit fo r payment of any of the policies or plan benefits, unless the tr ustee holds funds out of which the trustee may be indemnified against all expenses of suit, including legal fees. ARTICLE VII TRUSTEE’S POWERS The trustee shall have all the powers set forth in Virginia Code section 64.1-57 as in effect on the date hereo f, the provisions of which are hereby expressly incorporated herein b y reference. The trustee shall also have the following powers, which are in addition to all common law and statutory powers, and in addi tion to all other powers granted to the trustee by this Trust, which shall continue after the termination of any of the trusts created by this Trust for 11 the purpose of the distribution of all or any portion of the trust property, and which may be exercised at any time by the trustee without approval from any court: A. To purchase or sell at public or private sale, or to exchange, grant options to purchase, lease, pledge, improve, repair, manage, insure, operate, control, and mortgage, in such manner and on such terms as the trustee in its sole discretion may deem advisable, any property, real or personal, which at any time may constitute a part of the trust property. B. To purchase any assets from the Settlor’s estat e at fair market value in such quantities as the trustee deem s advisable, and to loan all or a portion of the trust property to e ach Settlor’s testamentary estate, upon such terms and in such am ount as the trustee deems advisable, and with or without taking security. C. To borrow money for any purpose, with or withou t security and to pledge securities or other property, without regard to the term of the trust(s). D. To execute all deeds, assignments, leases or ot her instruments necessary or proper for the exercise of any power granted to the trustee. E. To invest or reinvest in and retain as an inves tment any property which in the opinion of the trustee is sui table for the purposes of the Trust, although of a kind or an amo unt which otherwise might not be regarded as a proper trust i nvestment, and specifically, but without limitation, to invest in one or more mutual funds, limited partnerships, and annuity fun ds; provided, however, that either Settlor may specify in a writi ng delivered to any Trustee other than a Settlor, the kind, amount, and date of any investment of all or part of the Settlor’s share of the trust property to be made by the Trustee and the broker-d ealer or registered representative through whom the investme nt shall be made. F. To enter into any withdrawal plan with any mutu al funds authorizing payment to the Settlor, his or her surv ivor, or to any other beneficiary, of a specified monthly or quarte rly amount payable from income dividends, capital gains distri butions, and, to 12 the extent necessary, from the proceeds of liquidation of shares of any mutual fund, to enter into any accumulation pla n with any mutual fund authorizing reinvestment of income dividends a nd capital gains distributions and permitting further periodic or ot her investments in any mutual fund, to deposit shares of any mutual fund with a custodian or other agent, and to keep any or all se curities constituting a part or all of the trust property in the name of a custodian or other agent pursuant to any withdrawal plan or accumulation plan. Neither the custodian nor other agent, nor the fund, nor its transfer agent shall be under any duty to inquire beyond the provisions of this subparagraph into the powers or duties of the trustee, and to that extent the provisions of this subparagraph shall supersede any other provisions o f this Trust. Neither the custodian, nor other agent, nor the fun d, nor its transfer agent shall be required to see to the appl ication of any payments made pursuant to any withdrawal plan, nor shall they assume the responsibility for the validity of this Declara tion of Trust or any of its provisions. G. To vote either in person or by general or limit ed proxy, or to refrain from voting, any corporate stock for any purpose not inconsistent with the trust(s) as will in the sole discretion of the trustee be most beneficial for the Settlor during h is or her lifetimes, and thereafter for the named beneficiari es. H. To deposit any securities constituting a part o r all of the trust property with or under the direction of any c ommittee formed to protect the securities and to participate in, co nsent to or carry out any reorganization, consolidation, merger, liqu idation, readjustment of the financial structure, or sale of the assets of any corporation or other organization and to exerci se conversion and subscription rights, and hold any property received pursuant to any exchange, deposit, conversion, or subscription as p art of the trust property. I. To keep any or all securities or other property constituting a part or all of the trust property in the name of another person, or of a partnership or corporation, or in the name of the trustee, or of any one or more of them, with out disclosing their fiduciary capacity. J. To determine how all receipts from any source a nd all disbursements for any purpose shall be credited, ch arged or apportioned between the trust property and the inco me of the trust 13 property, all without regard to general rules of law, and specifically, but without limitation, to make that determination in regard to stock and cash dividend rights, and all o ther receipts in respect of the ownership of stock. K. To purchase or retain stock which pays dividend s in whole or in part, otherwise than in cash. L. To pay, prosecute, extend, renew, modify, conte st or compromise, upon such terms as the trustee may dete rmine, and upon such evidence as the trustee may deem sufficient, a ny obligation or claim, including taxes, either in favor of or again st the trust property, or the income of the trust property. M. To employ attorneys, banks, brokers, custodians , investment counsel, and other agents, and to delegate to them duties, rights, and powers of the trustee, including, among others, the right to vote on shares of stock constituting a part or all of the trust property, for periods and purposes as the trustee i n its sole discretion may deem advisable. Any agent shall be eligible to be so employed and to receive and retain reasonable compe nsation or commissions for services rendered, the same to be i n addition to the compensation which such trustee would otherwise be entitled to receive for services as a trustee. N. To receive property in trust from the Settlor, o r from any other person, whether by will or otherwise. O. To determine whether and to what extent income of the trust property shall be transferred to the trust property with respect to the amortization, depreciation, or depletion of any of the trust property, all without regard to the general rules o f law on the subject. P. To hold, manage, invest, and account for the pr incipal of each trust under Article 3 either as a separate fun d or commingled with the principal of any or all of the other trust s as a single fund, as the trustee in its sole discretion may det ermine, and if commingled as a single fund, making the division on ly upon books of account and allocating to each trust its proportion ate part of the principal and income of the common fund, and chargi ng against each trust its proportionate part of the common expenses , which expenses may be further apportioned between the income and p rincipal of each trust under subparagraphs (J) and (O). 14 Q. To buy, sell, and trade in securities of any nature, including short sales, on margin, and for such purp oses may maintain and operate margin accounts with brokers, and may p ledge any securities held or purchased by them with such brok ers as security for loans and advances. R. To elect the mode of payment which appears to be the most advantageous to the trust and beneficiaries, if not previously elected, of any employee benefit plans or retiremen t plans wherein the trustee is named as beneficiary. S. To continue to participate in any business or ot her enterprise at the risk of the trust estate and to e ffect incorporation, dissolution or other change in the f orm of organization of the business or enterprise. At any time that the Settlor or any successor trust ee is acting as a trustee, the sole signature of the Settlor or of a successor trustee as a trustee shall be sufficient to execute proxies or powers of attorney, to vote any securities or other assets, to execute stock powers or other endorsements of secur ities or any other negotiable instruments registered, issued or drawn in the name of or to the order of the trustee for the purpose o f effecting assignment, transfer or delivery, and to sign check s or orders to pay on deposits, accounts, or credit balances of th e trustee with any bank, banker, broker, or trust company. No person or corporation dealing with the trustee s hall be required to investigate the trustee’s authority for entering into any transaction or to see to the application of the proceeds of any 15 transaction. ARTICLE VIII A. I reserve to myself all rights now or hereafter vested in me as owner of any life insurance policies made pay able to the trustee, including the rights to change beneficiari es, to borrow money (from the issuing companies, the banking depa rtment of any corporate trustee acting hereunder, or others) usin g the policies as security, to surrender the policies for cash, to re ceive dividends and all other payments available to the owner, and to withdraw any policies held by the trustee (in which event the tr ustee shall have no duty to seek their return). B. I reserve the right from time to time during my l ife, by written instrument delivered to the trustee (or, if I am trustee, by written instrument filed with the trust records), t o amend or revoke this instrument in whole or in part; provided, howe ver, that no amendment may substantially increase the duties of the trustee or decrease trustee compensation without the written c onsent of the trustee, and if this instrument is completely revok ed, all trust property and policies of insurance held by the trus tee shall be transferred and delivered to me or as I may otherwi se direct in 16 writing. WITNESS my signature and seal: _______________________________ Witness XXX Settlor and Trustee ________________________________ Witness STATE OF VIRGINIA ) )ss CITY/COUNTY OF ___________________ ) The foregoing instrument was acknowledged before me this ____ day of ______________, 2006, by XXX. ___________________________ Notary Public My Commission Expires:_____________ 17 SCHEDULE A LIST OF ENTRUSTED ASSETS A. $10.00 cash. B. All furniture, furnishings, fixtures, and perso n items now and hereafter located in all real property referred to in this Article as attachments, or in any other location, i t being the intention of the Settlor to transfer all, or substa ntially all of their assets, present and future, to this Living Tr ust in order to have little or no probate estate. The Settlor may, however, leave a written memorandum with their other important paper s devising specific items of personalty to certain beneficiaries. Any such memoranda shall be given effect. C. All life insurance policies on Settlor’s life, identifying copies of which are attached. D. All real property referred to in the attached co pies of deeds. E. All stocks, bonds, and other securities, identi fying copies of which are attached. F. Contents of safety deposit boxes. Bank: Box Numbe r: Address: Bank: Box Numbe r: Address: G. Accounts as listed herein, or identifying copie s of which are attached: Checking: Savings: 18 Brokerage: 19 H. Other items in trust: Date added Date Deleted ITEMS /Initials /Initials 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. SEE ATTACHED SCHEDULE(S) B, ETC. 20 DISPOSITION OF PERSONAL EFFECTSLetter of Instructions Pursuant to Article VIII B of THE XXX REVOCABLE LIVING TRUST, I, the undersigned XXX, hereby direct my Trustee(s) to distribute the below-listed personal effects and personal property to the below-named persons: Item Beneficiary Relationship __________________________________________________________________ _ __________________________________________________________________ _ __________________________________________________________________ _ __________________________________________________________________ _ __________________________________________________________________ _ __________________________________________________________________ _ 21 ____________________________ XXX STATE OF VIRGINIA ) ) ss CITY/COUNTY OF ___________________ ) The foregoing instrument was acknowledged before me this ____ day of ______________, 2006, by XXX. ___________________________ Notary Public My Commission Expires:_____________