REVOCABLE TRUST AGREEMENT
THIS AGREEMENT made and entered into the _____ day of ______________, 20___,
by and between ______________________, an adult resident of __________________,
_____________County, _______________, (hereafter referred to as "Grantor") and
_________________________, (hereafter referred to as "Trustees").
W I T N E S S E T H:
That for the good and valuable considerations (receipt of which is hereby
acknowledged), and for the purpose of establishing an Revocable Trust to provide property
hereinafter designated and for the other purposes hereinafter set forth, the Grantor does hereby
convey, transfer and deliver to the Trustees the property as itemized and described in Schedule
"A" which is attached hereto.
All of said property together with all subsequent additions thereto is to be held and
administered by said Trustees as a trust, subject to the following uses, terms and conditions:
ARTICLE I.
The Trustees shall hold and administer the income and principle of this Trust for the
benefit of the Grantor's wife, ______________and child, _____________, born _____________,
and any other children of the Grantor born after the execution of this Agreement (hereinafter
collectively referred to as the "children").
ARTICLE II.
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The Trustees shall hold the trust property in accordance with the following provisions:
A. The Trustees shall distribute, at least annually, in equal shares among the
beneficiaries of the trust all or any part of the net income of the trust for the comfort, support,
education, maintenance, health and welfare of the beneficiaries. If, during the existence of this
trust, any of the Grantor's children shall die leaving children surviving, the net income of the
trust for such surviving children of such deceased child of the Grantor shall be distributed to and
among them, or paid for their benefit, as the Trustees shall, in their sole discretion, deem
necessary or desirable for the comfort, support, education, maintenance, health and welfare of
those children.
In addition to the authority and discretion granted above, the Trustees shall determine the
taxable income of the trust and, the Trustees, in their sole discretion, may distribute at any time
prior to the expiration of sixty-five (65) days following the end of each taxable year of the trust,
all or any portion of any taxable income so determined, to one or more income beneficiaries of
the trust, if such action appears desirable in the light of the overall tax situation of the trust and
the beneficiaries. Any income of the trust not distributed by the Trustees shall be added to
principal and retained in the trust.
B. In addition to the net income, if in the sole and absolute discretion of the
Trustees, circumstances have arisen which make it desirable for the comfort, support, education,
maintenance, health and welfare of any beneficiary, the Trustees shall distribute to, or for the
benefit of, any such beneficiary of the trust (or to the surviving children of a deceased
beneficiary) such amount or amounts of principal from the trust as the Trustees determine
proper. In the exercise of this discretion, the Trustees shall consider the needs of the
beneficiaries and the income available to them from other sources.
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C. Provided there are adequate funds available, should a beneficiary which is a child
or grandchild of the Grantor, after attaining the age of ________ (___) years, desire to purchase
or construct a residence for himself or herself, the Trustees may, in their discretion, upon the
written request of such beneficiary, advance out of the trust a sum or sums not in excess of
________ percent (____%) of the purchase price of an adequate and comfortable residence for
such beneficiary. The Trustees shall not make any such advancement unless or until they are
convinced that the advancement will be used for that purpose only. Any such sum advanced to a
beneficiary shall be a charge against that beneficiary's trust estate.
Provided there are adequate funds available, the Trustees are further authorized to
distribute to a beneficiary who is a child or grandchild of the Grantor a portion of the principal
of the trust for the purpose of establishing that beneficiary in a business or profession, provided
that beneficiary has attained the age of ________ (___) years. Any such distribution shall be
requested by the beneficiary in writing, and shall be accompanied by factual information
necessary to permit the Trustees to evaluate the feasibility of such investment. If the Trustees
shall determine the proposed investment to be a feasible one, the Trustees shall distribute such
portions of the principal of the trust as the Trustees, in their sole discretion, deem desirable, but
any such sum advanced to a beneficiary shall be a charge against that beneficiary's trust estate.
D. If Grantor's wife ________________ is deceased when the Grantor's oldest living
child attains the age of _________ (___) years, the Trustees shall divide this trust into as many
equal shares as there are beneficiaries then living and children of the Grantor who are deceased
with issue surviving, and each share shall be a separate trust. Thereafter, the Trustees shall
distribute income and/or principal to the beneficiaries of each trust in accordance with the
standards and provisions set forth in Paragraphs A, B and C above. Thereafter, as and when
each child of the Grantor attains the age of _________ (___) years, the Trustees shall distribute
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to that child, free and clear of any trust, ________ percent (____%) of that beneficiary's trust
estate. Thereafter, when that beneficiary attains age _________ (___) the Trustees shall
distribute to him or to her the remainder of his or her trust estate and that beneficiary's trust shall
terminate. Notwithstanding the foregoing provision, however, the Trustees shall permit each
child to elect, by written direction to the Trustees, at the time all or any portion of his or her trust
is to be distributed to him or her, to have such property remain in trust under the terms and
provisions hereof for the balance of his or her life or until such time as he or she shall request
that the trust principal, accumulated income, or income, or any part thereof, be distributed to him
or her outright. In addition, any beneficiary may voluntarily convey other property owned by
him or her outright. In addition, any beneficiary may voluntarily convey other property owned
by him or her to his or her trust, to be held and administered as a part of his or her trust
continued herein. In the event of the death of a child of the Grantor during the period in which
the trust is so continued the Trustees shall make immediate distribution of his or her trust assets
to this or her estate.
Upon distribution of the entire trust estate to the beneficiary or beneficiaries thereof, each
trust shall terminate.
E. In the event of the death of any child of the Grantor prior to the receipt by such
child of his or her entire trust estate, then the balance remaining in the trust of said deceased
child shall be retained in trust for the benefit of said deceased child's then living children.
________ percent (____%) of the trust estate for the surviving children of the Grantor's
deceased child shall be distributed in equal shares to such surviving children when the youngest
attains the age of _________ (___). Thereafter, when the youngest living child of a deceased
child of the Grantor attains age _________ (___), the Trustees shall distribute the remainder of
the trust for the surviving children to and among said living children in equal shares, and their
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trust shall then terminate. If at the time of the death of any child of the Grantor, he or she shall
leave no issue surviving, that deceased child's trust estate shall be paid over and added to the
trust herein created for the other children of the Grantor, and shall be administered and disposed
of in accordance with the terms and provisions thereof, or shall be distributed outright to the
other children of the Grantor, or the children of any deceased child, who had previously reached
the age to have received a distribution of his, her or their entire trust estate.
F. In the event all of the persons named and classes designated as beneficiaries of
this Trust shall die prior to the complete distribution of all trust assets, said assets shall be
distributed to __________________. In the event _________________ is not living, the assets
shall be distributed as follows:
G. If at any time, in following the directions of this Trust Agreement, the Trustees is
required to distribute all or any part of the principal of the trust herein created outright to a
person who is then a minor, the Trustees shall be authorized and directed to continue to hold the
share of such minor in trust for that minor's benefit until he or she attains age ________ (___).
Until such time the Trustees is authorized and directed to expend such part of the income and/or
principal of the share belonging to such minor as the Trustees in his sole discretion deems
necessary to provide for the proper support, maintenance and education of said minor.
H. This Trust shall be designated and known as " THE ________________TRUST."
ARTICLE III.
Neither the principal nor the income of this trust, nor any part of same, shall be liable for
the debts of any of the beneficiaries hereof, nor shall the same be subject to seizure by any
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creditors of said beneficiaries. The said beneficiaries shall not have any power to sell, assign,
transfer, encumber or in any manner to anticipate or dispose of their interest in the trust funds, or
any part of same, or the income produced from said funds, or any part of same.
In making payments for beneficiaries as required herein, and especially where such
beneficiaries may be minors, or by reason of illness or otherwise be incapable of transacting
business, the Trustees, in their sole discretion, can make such payments either (a) directly to
such beneficiary, (b) to the legal or natural guardian of such beneficiary, (c) to any relative or
guardian of such beneficiary, or (d) by applying such payments for the benefit of such
beneficiary by paying his or her expenses directly. In any event the Trustees shall require such
reports or take such steps which they deem requisite to insure and enforce the due application of
such payments for the exclusive benefit of the said beneficiary.
ARTICLE IV.
If, during any calendar year, including the calendar year the trust is created, any transfers
or additions are made to this trust by any person, including any transfer made to the trust upon
its creation, each beneficiary shall have the absolute right and power, at all times thereafter
during that calendar year to demand immediate distribution to himself or herself from this trust
of any amount (which the Trustees of the trust in their discretion may satisfy, in whole or part,
by distribution of property of equivalent current fair market value) equal to the lesser of:
A. ________________ Dollars ($__________), or
B. The total cumulative amount of all gifts, transfers or additions made by the
Grantor or any other person to this trust during such current calendar year, determined in the
same manner as such amount would be determined for Federal gift tax purposes, divided by the
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number of beneficiaries. All transfers or additions made by the Grantor or any other person to
the trust which are not treated as a gift for Federal gift tax purposes shall be excluded from
consideration under this Paragraph B just as though such transfers or additions had not been
made or received.
Each beneficiary shall have the right and power to demand distribution from the trust at
any time during the calendar year in which the power arose, but in no event will a beneficiary
have less than thirty (30) days from date of receipt of notice of an addition. If such right or
power is not exercised within the calendar year or within thirty (30) days of receipt of notice of
an addition, whichever is later, it shall lapse, and the beneficiary shall forever cease to have any
further right or power of demand with respect to transfers or additions made to the trust during
such calendar year. Such demand right and power shall be exercisable only by written
instrument executed by the beneficiary. If any child of the Grantor is entitled to exercise such
right and power but is then under any legal disability of any kind, the exercise shall be by his
legal guardian or if there is no guardian by his or her natural mother, acting solely on the child's
behalf in making such demand and receiving such distribution for his or her sole benefit. Each
and every time any addition is received by any trust hereunder which would give rise to such
demand right, the Trustees, within seven (7) calendar days from the date of receipt thereof, shall
give notice of such addition to the Beneficiaries, or if any beneficiary is then under legal
disability, to the guardian of his or her estate or if there is no guardian of his or her estate or if
there is no guardian to his or her natural mother. Upon receipt by the Trustees of any proper
written instrument of demand, such instrument shall be forthwith honored and satisfied by the
Trustees as provided above, and to this end the Trustees shall, at all times while such a demand
right is outstanding and exercisable, retain sufficient transferable assets in this trust to satisfy
such right of demand.
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ARTICLE V.
In dividing the principal of the Trust into parts or shares and in making distributions
thereof, the Trustees are authorized and empowered in their sole discretion to make division or
distribution partially in kind and partially in money and may distribute partial or undivided
interests in assets. In making such division or distribution the Trustees are specifically excused
from any duty or impartiality with respect to the income tax basis of the property and may select
assets so allocated or distributed without respect to the income tax basis thereof. For such
purposes the assets shall be valued on the day or days of distribution or division, as the case may
be. The judgment of the Trustees concerning values for the purpose of such division or
distribution of the property or securities shall be binding and conclusive on all parties interested
therein.
ARTICLE VI.
Except as otherwise herein expressly provided, the administration and management of
the Trust herein created, the sale and conveyance of the trust assets, the investment and
reinvestment of trust assets and the rights, powers, duties and liabilities of the Trustees shall be
in accordance with and governed by the terms and provisions of the Uniform Trustees' Powers
Act of ____________ as it now exists or may hereafter be amended, or if such act does not exist,
pursuant to powers granted to trustees in the state of _______________. However, in addition to
those powers the Trustee shall have full power and authority:
A. To determine the allocation of receipts and expenses between income and principal,
provided such allocation is not inconsistent with the beneficial enjoyment of trust property
accorded to a life tenant or remainderman under the general principals of the laws of trusts, and,
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provided further, that all rights to subscribe to new or additional stocks or securities and all
liquidating dividends shall be deemed to be principal.
B. To permit available trust funds to remain temporarily uninvested, or, in his discretion,
to invest said funds in a Savings Account or Certificates of Deposit in any bank or savings and
loan association.
C. To receive and retain all types of property whether received by conveyance made by
the Grantor, or others, during life, or by will, and especially to receive and retain in the Trust
shares of stock in closely held corporations and unproductive real estate regardless of where it
may be situated, without liability and without regard to the proportion such property or property
of a similar character so held may bear to the entire amount of the trust estate and whether or not
such property is of the class in which trustees generally are authorized to invest by law.
D. To sell, transfer, convey, mortgage, lease and dispose of the trust property upon such
terms and in such manner and for such prices as the Trustees shall deem proper, and any lease or
other instrument which is executed by the Trustees shall continue in full force and effect under
its terms, notwithstanding the termination of many trust hereunder.
E. To make loans or advances upon such terms and conditions as the Trustees, in their
sole discretion, deem advisable; provided, however, that no power given herein shall enable the
Trustees to sell, purchase, or otherwise deal with or dispose of all or any part of the trust
property for less than an adequate consideration in money or money's worth, or to loan all or any
part of the principal or income of the tenants, directly or indirectly, without adequate interest or
security.
F. To pay premiums on any insurance policies comprising a part of the trust estate, and
to take out, apply for, and buy any type of insurance, including life, accident, health and major
medical insurance, on any beneficiary of the trust, and to pay the premium thereon, out of either
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income or corpus. In addition to the foregoing powers respecting insurance, the Trustees shall
have the right to do any and all things incident to the purchase and ownership of such insurance.
G. If at the death of the Grantor the Trustees herein named shall be serving as Trustees
of another trust created in the Will of the Grantor, if the beneficiaries are the same and the terms
of that trust under the Grantor's Will are substantially similar to the trust created herein, the
Trustees shall be authorized and empowered to consolidate such trusts and administer the two as
one, if such consolidation shall result in more effective and efficient management of the two
trusts.
ARTICLE VII.
The following provisions shall apply with respect to any and all life insurance policies,
any proceeds of which may be payable to the Trustees hereunder:
A. The Trustees shall have the right to accept, take out, apply for, purchase and/or pay
the premiums on life insurance policies on the life of _________________.
Further, the Trustees shall have the right to pay premiums on any insurance policies
comprising a part of the trust estate, and to take out, apply for, and buy any type of insurance for
the beneficiaries, including life, accident, health and major medical insurance, and to pay the
premiums thereon, out of principal of the trust. However, in no event shall the Trustees be
obligated to pay any premiums unless funds for such payments are available in the trust or
conveyed to the Trustees by the Grantor or others. Notwithstanding the foregoing, the Trustees
shall not use the income of the trust to pay premiums on life insurance on the life of the Grantor,
which premiums may only be paid from principal. The Trustees shall not be under any
obligation to notify the Grantor, beneficiaries, or any other person of the nonpayment of
premiums. In addition to the foregoing powers respecting insurance, the Trustees shall have the
right to do any and all things incident to the purchase and ownership of such insurance.
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B. The Trustees may, in their discretion, cancel any of the insurance policies held by
them, no matter how acquired. The policies may be canceled and turned in for their cash
surrender value, if any, and the Trustees shall not be liable to any party for canceling the said
policies. Furthermore, the Trustees may borrow on, surrender, hypothecate or pledge the said
policies, convert them to different kinds of insurance or select any method of settlement of the
proceeds provided by the terms of the policies.
C. The Trustees may pay premiums by the "minimum deposit" method (that is, borrow
cash value) on all insurance that the trust owns on the life of the Grantor or anyone else. The
Trustees shall use principal of the trust to pay the said premiums. The Trustees may apply the
dividends on such policies to pay premiums. When making policy loans, the Trustees may apply
the dividends on such policies to pay premiums. When making policy loans, the Trustees may
elect the dividend type option (that is, use dividends to purchase one year term insurance) to
keep the death benefit at the face amount of the policy. The Trustees shall not be required to pay
premiums from their own funds.
D. The Trustees, in their discretion, may borrow funds from any party to pay the
premiums on any policies of insurance owned by the trust. As security for the repayment of the
amounts borrowed, the Trustees may collaterally assign the policy or policies to the Lender and
may, in their discretion, enter into any agreement in regard to the collateral assignment of the
policy.
E. Upon the death of any insured, if insurance should be payable to the trust, the
Trustees shall receive such sums of money as shall be payable to the trust under the terms of said
policies of life insurance, including accidental death benefits, and they shall hold the same in
trust for the uses and purposes herein set forth. To facilitate the receipt of such sums of money,
the Trustees shall have the power to execute and deliver receipts and such other instruments as
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they shall deem advisable, to compromise or adjust disputed claims in such manner as they in
their sole and absolute discretion shall deem advisable and proper for the collection of any such
proceeds; provided, however, that if payment on any such policy is contested, the Trustees shall
not be obligated to take any action for collection unless and until they shall have been
indemnified to their satisfaction against any loss, liability or expense, including attorneys' fees.
Notwithstanding anything to the contrary herein contained, the Trustees are authorized to
reimburse themselves, with respect to any liability, fees and any other expenses incurred in
connection with obtaining any proceeds of any said policies, from the principal or income of this
trust, and the Trustees may charge the same as an expense of that Trust.
F. Upon payment to the Trustees of the amounts due under said policies of insurance,
the insurance company issuing such policies shall be relieved from all liability hereunder and no
such company shall be under any responsibility to see to the performance of the trust created
hereby.
G. With respect to any proceeds of any insurance payable to the trust hereunder, the
Trustees may, in their absolute discretion, leave such proceeds, or any part thereof, with the
insurance company issuing the policy or policies from which such proceeds are payable.
Further, the Trustees may exercise any option permitted by the terms of such policy or policies
or permitted by the issuing insurance company, thereby causing such proceeds, or the interest
thereon, to be payable by the insurance company pursuant to the terms of such option or any
supplementary agreement with such company, to the Trustees, as Trustees of this trust, or to any
beneficiary hereof, in such manner and amounts as the Trustees shall elect.
ARTICLE VIII.
The Trustees shall not be required to make physical division of the trust property, except
when necessary for the purposes of distribution, but may, in their discretion, keep the trusts in
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one or more consolidated funds, and as to each consolidated fund the division into the various
shares comprising such fund need be made only on the Trustees' books of account, in which each
trust shall be allotted its proportional part of the principal and income of the fund and charged
with its proportionate part of expenses thereof.
ARTICLE IX.
Notwithstanding anything herein contained to the contrary, no powers enumerated herein
or accorded to trustees generally pursuant to law shall be construed to enable the Grantor, the
Grantor's estate, the Trustees, or any other person, to sell, purchase, exchange, or otherwise deal
with or dispose of all or any part of the corpus or income of the trusts for less than an adequate
consideration in money or money's worth, or to borrow all or any part of the principal or income
of the trusts, directly or indirectly, without adequate interest or security. No person, other than
the Trustees, acting in a fiduciary capacity, shall have or exercise (a) the power to vote or direct
the voting of any shares or other securities of the trusts or to control the investment of the trusts
either by directing investments or reinvestments or by vetoing proposed investments or
reinvestments; or (b) the power to reacquire or exchange any property of the trusts by
substituting other property of an equivalent value.
ARTICLE X.
Within the limitations set forth in Article IX above, and to facilitate payment of
administrative expenses, debts, estate, inheritance or other death taxes by the Executor of the
estate of the Grantor, the Trustees may use all or any part of the property of this trust to the
extent the Trustees, in their sole discretion, deem advisable to:
A. Purchase from the Executor of the estate of the Grantor or the estate of the Grantor's
wife, any property, real, personal or mixed, tangible or intangible and wherever situated that
may comprise a part of the estate of the Grantor or the estate of the Grantor's wife; or
Revocable Trust Agreement, Page 13
B. Make loans to the Executor of the estate of the Grantor or the Executor of the estate
of Grantor's wife.
ARTICLE XI.
The trust herein created is a private trust, and the Trustees shall not be required to obtain
the order of approval of any Court for the exercise of any powers or discretion herein given.
The Trustees shall not be required to enter into any bond as Trustees nor shall he be required to
return to any Court any periodic formal accounting of his administration of the said trust, but
said Trustees shall render annual accounts to the beneficiary or beneficiaries of such trust.
ARTICLE XII.
The Trustees may resign and cease to act at any time by giving written notice specifying
the effective date of such resignation, by personal delivery or by registered mail, to those
persons who are beneficiaries of the trust at that particular time. In the event of such
resignation, or the death, incapacity, or extended illness of six or more successive months of any
Trustee, the other Trustees may elect or appoint a substitute Trustee to serve as successor
Trustee. If the remaining Trustees can not agree on such a successor, a successor Trustees shall
be appointed by the Grantor's wife if she be living and if not by the __________ Court of
_______ County, ___________, upon petition by the beneficiaries. Any such successor Trustees
that may be appointed by the Trustees, the Grantor's wife or the Chancery Court shall not be the
Grantor or his wife and must be a party independent of and free from control by the Grantor.
The resignation of a resigning or removed Trustee shall become effective upon the qualification
of the successor Trustee. Any successor Trustees shall be vested with all the rights, powers,
duties and discretion herein conferred on the original Trustees.
ARTICLE XIII.
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The interest of every beneficiary shall vest within the period prescribed by the Rule
against Perpetuities or any statute pertaining thereto. Upon such vesting any trust property then
held by the Trustees shall be paid over forthwith, free and clear of any trust, to the current
income beneficiary or beneficiaries of such trust property (or to his or her legal guardian or other
personal representative) as though each such current income beneficiary had reached the age at
which final distribution to him or to her were required pursuant to the provisions hereof. If at
the time of the vesting of an interest the beneficiary shall be a minor, the Trustees shall continue
to hold his or her trust estate in trust for his or her benefit, distributing income and principal as
the Trustees deem advisable, until such beneficiary shall attain ________ (___) years of age at
which time the Trustees shall pay over to that beneficiary his or her entire trust estate.
ARTICLE XIV.
This trust is and shall be revocable and after the execution of this Trust Agreement the
Grantor shall have and retain the right to alter, amend, revoke or terminate this trust or any
provision hereof.
ARTICLE XV.
The Trustees shall be entitled to receive reasonable compensation for their services
hereunder. If a Trustee is a bank such compensation shall be determine in accordance with its
schedule of compensation established from time to time by the Trustee's Trust Department for
the administration of trusts of a character similar to this trust. Such compensation may be
collected annually by the Trustees and shall be shown in their annual accounting.
ARTICLE XVI.
The Trustees shall not be liable for any loss to the trust estate occasioned by their acts in
good faith, and in any event shall be liable only for their own willful negligence or default, and
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not for honest errors of judgment or for interest on uninvested funds. The Trustees, in their
discretion, may purchase an errors and omissions insurance policy covering them as Trustees, in
such amount as the Trustees may in their sole judgment deem advisable. Premium payments for
such policy may be made by the Trustees from trust funds and charged as an expenses against
the income of the trust. None of the provisions of this Article XVI shall apply to any corporate
Trustees.
ARTICLE XVII.
This Revocable Trust Agreement may be executed in any number of copies, each
of which shall be an original and no other copy need to be produced.
IN WITNESS WHEREOF, this Trust Agreement has been executed by the parties
thereto on the day and year first above written.
WITNESSES: GRANTOR:
__________________________________ ______________________________
Signature- Witness #1 Signature- Grantor
__________________________________ ______________________________
Name- Witness #1 Name- Grantor
__________________________________
__________________________________
Address- Witness#1
TRUSTEE:
__________________________________ _____________________________
Signature- Witness #2 Signature- Trustee
Revocable Trust Agreement, Page 16
__________________________________ _____________________________
Name- Witness #2 Name- Trustee
__________________________________
__________________________________
Address- Witness#2
STATE OF ___________
COUNTY OF ____________
PERSONALLY came and appeared before me, the undersigned authority at law in and for the
aforesaid jurisdiction, _________________, who acknowledged that he executed, signed and
delivered the above and foregoing Revocable Trust Agreement on the day and year therein
shown.
GIVEN UNDER MY HAND AND OFFICIAL SEAL, this the ____ day of
___________________, 20____.
______________________________
NOTARY PUBLIC
My Commission Expires:
_______________________
Revocable Trust Agreement, Page 17
STATE OF ___________
COUNTY OF _____________
PERSONALLY came and appeared before me, the undersigned authority at law in and for the
aforesaid jurisdiction, ________________, who acknowledged that he executed, signed and
delivered the above and foregoing Revocable Trust Agreement on the day and year therein
shown.
GIVEN UNDER MY HAND AND OFFICIAL SEAL, this the ____ day of
___________________, 20____.
_____________________________
NOTARY PUBLIC
My Commission Expires:
_______________________
Revocable Trust Agreement, Page 18
