Fill and Sign the Va Revocable Trust Form

THE ZZZ REVOCABLE LIVING TRUST JOINT DECLARATION OF TRUST We, XXX and YYY, declare ourselves Trustees (hereaf ter “Trustee”) of the property identified in the attach ed Schedule of Property. The trust property so identified, any pr operty added to the trust in accordance with the provisions of this instrument, and all investments and reinvestments thereof (“tru st principal”) 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 ZZZ REVOCABLE LIVING TRUST. ARTICLE II Commencing as of the date of this instrument and du ring our lives and the life of the survivor, the Trustee sha ll administer the trust principal and any net income thereof as f ollows: 2 A. The Trustee shall distribute to us or apply for our benefit such amounts of net income and principal, e ven to the extent of exhausting principal, as the Trustee beli eves desirable from time to time for our health, support in reason able comfort, best interests, and welfare, considering all circum stances and factors deemed pertinent by the Trustee. Any undis tributed 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 us o r others such amounts of net income and principal as either of us or both of us may from time to time direct in writing, except that if the Trustee believes that either of us is unable to manage our business affairs properly because of advanced age, illness, or other cause, the Trustee may, in the Trustee’s sole discretion, decide not to honor our written direction. ARTICLE III As of the date of death of the last of us to die, t he Trustee shall provide for payment out of the trust principa l, without seeking reimbursement or recovery from any person, of all (a) our legally enforceable debts, including debts owed by either of us to a Trustee individually, except debts which constitu te a lien or encumbrance on real property, (b) the expenses of t he last illness 3 and funeral, (c) the administration expenses payable by reason of death, and (d) the estate, inheritance, and other d eath taxes (including interest and penalties, if any, but excl uding any generation-skipping tax) payable in any jurisdictio n by reason of death (including those administration expenses and death taxes payable with respect to assets which do not pass un der this trust) other than that part of any such death taxes attrib utable to property in which either of us have a qualifying in come interest for life or over which either of us have a power of appointment and with respect to which the personal representati ve of the estate shall be authorized to seek reimbursement 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 the gross estate of either of us for federal estate tax purposes, nor any property derived originally from any such amoun t. 4 ARTICLE IV A. As of the date of death of the last of us to die, but after providing for the payments, if any, required by Article III of this instrument, the Trustee shall distribute the remaining trust principal (including property to which the Trustee may be entitled under any will of ours or from any other source), as follows to the following beneficiaries in the percentages listed: Beneficiary Percentage of Trust Principal 1. XYZ 33% 2. XYZ 33% 3. XYZ 33% 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 instru ment, the Trustee may elect to withhold any property otherwis e distributable under paragraph A of this Article of any beneficiar y who has not reached the age of twenty-one years and may retain the property for that beneficiary in a separate trust named for that 5 beneficiary in which his or her interest is indefeasibly vested, to be distributed to that beneficiary when he or sh e reaches the age of twenty-one years, or before then if the Trus tee so elects. The Trustee shall apply as much of the net income a nd principal of the trust so retained as the Trustee believes desir able for the health, support in reasonable comfort, education, b est interests, and welfare of the beneficiary for whom the trust i s named, considering all circumstances and factors deemed pe rtinent by the Trustee. Any undistributed net income shall be acc umulated and added to principal, as from time to time determined by the Trustee. If the beneficiary dies before complete d istribution of the trust, the Trustee shall distribute the remaini ng trust principal to the personal representative of the est ate of the beneficiary. ARTICLE V A. Any Trustee may resign at any time by giving pr ior written notice to the other Trustee, or to the bene ficiary or beneficiaries to whom the current trust income may or must then be distributed. B. Except as otherwise provided in paragraphs D an d E of this Article: 1. If we both cease to act as Trustee hereunder due to 6 death, then AAA and BBB and DDD, jointly (“Successor One”), shall immediately (without court appointment) assume the duties of co- Trustee (hereinafter, “Trustee”) and enter onto tho se duties without any formality other than the giving of writ ten notice to the beneficiaries that they are assuming the duties of Trustee hereunder. If either AAA or BBB or DDD does not as sume such duties, for any reason, then the other two remainin g Trustees shall serve together, jointly, without the third pa rty. If one of us should cease to act as Trustee hereunder for any reason, the other may continue to act as Trustee in his/her sol e capacity, or the one continuing as Trustee may appoint Successor One or Successor Two, in that order, to serve with him or her in the capacity of Trustee. No court appointment shall be necessary; provided, however, that the appointment to serve as Trustee must be made in writing. Upon the death of either of us serving in the capacity of Trustee with a successor Trustee, the s uccessor Trustee may carry out the duties of Trustee without the need of appointment of another person to serve with him/her . If at any time any successor Trustee named above, o r any beneficiary of this trust, should believe that eith er or both of us are unable to continue as Trustees due to senili ty, disability or incompetency, such person may remove the person believed to be unable to continue, by giving written notice of rem oval to such 7 person, together with a written certification by a licensed medical doctor that such person is unable to effect ively handle the duties of Trustee due to senility, disability o r incompetency. The written opinion of such licensed medical doctor shall state whether the condition causing such inability is tem porary or permanent, and if temporary, an estimate of the len gth of time such condition is likely to continue. The written opinion of such licensed medical doctor shall be deemed to raise a presumption of the fact of senility, disability or incompetency, b ut shall not, on its own, be conclusive on the issue; provided, h owever, that no person other than the person sought to be removed s hall have standing at any time to file any action in any cour t to challenge such removal, or to challenge the certification of the physician on which such removal was based. Any removal based on a temporary condition shall continue only as long as the condit ion. Once the facilities of the removed Trustee are restored, he/ she may re- enter upon the duties of Trustee by giving notice o f removal to any successor and to the beneficiaries. 2. If Successor One or any other successor Trustee appointed as hereinafter provided, ceases to act as Trustee hereunder for any reason, or is certified as unable to continue by any licensed medical doctor, then the person or persons indicated in paragraph F of this Article shall, by written 8 instrument, appoint any person, or any bank or trust company, within the 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 accounts had been approved by a court having jurisdiction of the subject 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 reorganized or reincorporated, the resulting or tra nsferee corporation shall become Trustee in place of its co rporate predecessor. E. Any substitute Trustee shall have all of the ti tle, powers, and discretion of the original Trustee. F. A successor Trustee may be appointed pursuant to paragraph B of this Article and the accounts of the Trustee may be approved pursuant to paragraph C of this Article by either of us, if then living, or after our deaths, by a majority i n number of the beneficiaries to whom the current trust income may or must then be distributed. If any person so entitled to act is then under legal disability, the instrument of appointme nt or approval may be signed on his or her behalf by (i) the duly appointed 9 guardian of his or her estate, (ii) either parent, or (iii) the guardian of the person (whether or not a court-appo inted guardian) of any person for whose estate no guardian has been appointed. G. No successor Trustee shall be personally liable f or any act or failure to act of a predecessor Trustee. Wi th the approval of the person or persons indicated in paragraph F o f this Article who may approve the accounts of the Trustee, a succ essor Trustee may accept the account furnished, if any, and the p roperty 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, we direc t that: A. The Trustee shall have no responsibility for pa yment of premiums or assessments on the policies, or respons ibility 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 a nd discharge any obligor for any payment made and shal l bind every 10 trust beneficiary hereunder; andC. The Trustee shall have no duty to bring suit for payment of any of the policies or plan benefits, unless the Trustee holds funds out of which the Trustee may be indemnified a gainst 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 incorporat ed herein by reference. The Trustee shall also have the followi ng powers, which are in addition to all common law and statuto ry powers, and in addition to all other powers granted to the Trus tee by this Trust, which shall continue after the termination o f any of the trusts created by this Trust for the purpose of the distribution of all or any portion of the trust property, and wh ich may be exercised at any time by the Trustee without approv al 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 mortg age, in such manner and on such terms as the Trustee in its sole discretion may deem advisable, any property, real or personal, whi ch at any time may constitute a part of the trust property. 11 B. To purchase any assets from each Settlor's estate 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 each Settlor's testamentary estate, upon such terms and in such amount 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 shar e 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 Settlors, the survivor o f them or to any other beneficiary, of a specified monthly or qu arterly amount payable from income dividends, capital gains distri butions, and, to the extent necessary, from the proceeds of liquid ation of shares of any mutual fund, to enter into any accumu lation plan with any mutual fund authorizing reinvestment of in come dividends and capital gains distributions and permitting furt her periodic or other investments in any mutual fund, to deposit sh ares of any mutual fund with a custodian or other agent, and to keep any or all securities constituting a part or all of the tr ust property in the name of a custodian or other agent pursuant to any withdrawal plan or accumulation plan. Neither the custodian n or 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 12 this subparagraph shall supersede any other provisions of this Trust. Neither the custodian, nor other agent, nor the fund, nor its transfer agent shall be required to see to the application of any payments made pursuant to any withdrawal plan, nor shall they assume the responsibility for the validity of this D eclaration 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 Settlors dur ing their 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 a ny committee formed to protect the securities and to participate in, consent to or carry out any reorganization, consolidation, mer ger, liquidation, readjustment of the financial structur e, or sale of the assets of any corporation or other organization and to exercise conversion and subscription rights, and ho ld any property received pursuant to any exchange, deposit, conversi on, or subscription as part 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 property, all without regard to general rules of la w, and specifically, but without limitation, to make that determination in regard to stock and cash dividend rights, and al l other 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 ag ainst the trust property, or the income of the trust property. 13 M. To employ attorneys, banks, brokers, custodians, investment counsel, and other agents, and to delega te to them duties, rights, and powers of the Trustee, includin g, among others, the right to vote on shares of stock consti tuting a part or all of the trust property, for periods and purpo ses as the Trustee in its sole discretion may deem advisable. Any agent shall be eligible to be so employed and to receive and retain reasonable compensation or commissions for services rendered, the same to be in addition to the compensation which su ch Trustee would otherwise be entitled to receive for services as a Trustee. N. To receive property in trust from the Settlors, or 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 pr operty with respect to the amortization, depreciation, or deple tion of any of the trust property, all without regard to the gener al rules of 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 proport ionate part of the principal and income of the common fund, and ch arging against each trust its proportionate part of the common exp enses, which expenses may be further apportioned between the inc ome and principal of each trust under subparagraphs (J) and (O). Q. To buy, sell, and trade in securities of any na ture, including short sales, on margin, and for such purp oses may maintain and operate margin accounts with brokers, and may pledge any securities held or purchased by them with such brokers as security for loans and advances. R. To allow the surviving spouse to occupy and use until his or her death, the home (or any interest therein) us ed by either or both Settlors as a principal residence at the time of the decedent Settlor’s death. The surviving spouse shall not be required to pay rent for such use of the home, and upon his or her direction, may have the Trustee sell such house and reinvest s uch proceeds as the surviving spouse so directs. 14 S. To elect the mode of payment which appears to be the most advantageous to the trust and beneficiaries, i f not previously elected, of any employee benefit plans o r retirement plans wherein the Trustee is named as beneficiary. T. To continue to participate in any business or oth er 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 either of the Settlors or any succ essor Trustee is acting as a Trustee, the sole signature of a Settlor or of a successor Trustee as a Trustee shall be suffic ient to execute proxies or powers of attorney, to vote any securiti es or other assets, to execute stock powers or other endorsemen ts of securities or any other negotiable instruments regi stered, issued or drawn in the name of or to the order of the Trus tee for the purpose of effecting assignment, transfer or delive ry, and to sign checks or orders to pay on deposits, accounts, or c redit balances of the Trustee with any bank, banker, broker, or tr ust 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 transaction. ARTICLE VIII A. We reserve to ourselves all rights now or hereafter 15 vested in us as owners of any life insurance policies made payable to the Trustee, including the rights to change bene ficiaries, to borrow money (from the issuing companies, the banki ng department of any corporate Trustee acting hereunder, or other s) using the policies as security, to surrender the policies for cash, to receive dividends and all other payments available to the owner, and to withdraw any policies held by the Trustee (i n which event the Trustee shall have no duty to seek their return ). B. We reserve the right from time to time during our lives, by written instrument delivered to the Trustee (or, if we are Trustee, by written instrument filed with the trust records), to amend or revoke this instrument in whole or in part ; provided, however, that no amendment may substantially increa se the duties of the Trustee or decrease Trustee compensation wit hout the written consent of the Trustee, and if this instrum ent is completely revoked, all trust property and policies of insurance held by the Trustee shall be transferred and delive red to us or as we may otherwise direct in writing. WITNESS our signatures and seals: Witness XXX 16 Settlor and Trustee Witness YYY Settlor and Trustee STATE OF VIRGINIA ) )ss CITY/COUNTY OF ___________________ ) The foregoing instrument was acknowledged before me this ____ day of __________________, 2006, by XXX and YYY. ________________________ 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 refe rred to in this Article as attachments, or in any other location, i t being the intention of the Settlors to transfer all, or subst antially all of their assets, present and future, to this Living Tr ust in order to have little or no probate estate. Either or both S ettlors may, however, leave a written memorandum with their othe r important papers devising specific items of personalty to certain beneficiaries. Any such memoranda shall be given e ffect. C. All life insurance policies on Settlors' lives, 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: 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. 19 DISPOSITION OF PERSONAL EFFECTSLetter of Instructions Pursuant to Article VIII B of THE ZZZ REVOCABLE LIVING TRUST, I, the undersigned XXX and YYY, hereby direct our Trustee(s) to distribute the below-listed personal effects and personal property to the below-named persons: Item Beneficiary Relationship______________________________________________________________________ _ ______________________________________________________________________ _ ______________________________________________________________________ _ ______________________________________________________________________ _ ______________________________________________________________________ _ ______________________________________________________________________ _ ____________________________ XXX ____________________________ YYY STATE OF VIRGINIA ) ) ss CITY/COUNTY OF ___________________ ) 20 The foregoing instrument was acknowledged before me this ____ day of ______________, 2006, by XXX and YYY. ___________________________ Notary Public My Commission Expires:_____________