This is a legal protection to cover both spouses … C. Exercise of Discretion. Employ and Compensate Agents, Etc. Receive Additional Property. 17. In addition to any other powers conferred by law, the Trustee (including any successor Trustee or Trustees) shall have the following powers with respect to each trust created under this instrument, exercisable in the discretion of the Trustee: 1. This instrument may be executed in one or more copies, and any copy so executed shall be considered an original. Disposition of Trust Property During My Lifetime, Distribution of Trust Property Upon My Death, Distributions to Beneficiaries Under Legal Age, REVOCABLE TRUST AGREEMENT Establishing The THOMAS V. SAMPLE LIVING TRUST. The preceding items shall be paid by the Trustee without seeking reimbursement, recovery, or contribution from any person. Download. Notwithstanding any other provision of this instrument to the contrary, no trusts created hereunder shall continue beyond twenty-one (21) years after the death of the last to die of those beneficiaries who were living at the time of my death; and, upon the expiration of such period, all trusts shall terminate and the Trustee shall distribute the principal and all accrued or undistributed net income of each such trust to the beneficiary or beneficiaries for whom the trust is named. Under Article 1, create a name for the Trust and check the box that applies to the type of document being created; amended or new. ARTICLE  V:  SEPARATE TRUSTS FOR SAMPLE CHILDREN. I further declare that I have two (2) children, namely: Robert A. In the event of the resignation or removal of ABC National Bank as Trustee hereunder, or in the event of its inability to serve as Trustee hereunder, I reserve the right to appoint a successor Trustee or Trustees. The Trustee may commingle the assets of several trusts for the same beneficiary, whether or not created by this agreement, and account for whole or fractional trust shares as a single estate, making the division thereof by appropriate entries in the books of account only, and to allocate to each whole or fractional trust … 3. FORM OF . C. Use of Words and Captions. Step 11 – The Grantor must appoint a Successor Trustee and a 2nd Successor Trustee. The Trustee shall deliver to me (or to the owner if owned by someone other than me) any policy or policies held hereunder upon my written request or the written request of such other owner, as the case may be. C.  Appointment of Successor Trustee. By using the website, you agree to our use of cookies to analyze website traffic and improve your experience on our website. If a child of mine dies before reaching the age of thirty (30) years, the separate trust held for that child under this Article V shall terminate and the Trustee shall distribute the remaining balance thereof, as it is then constituted, to or for the benefit of any one or more of the descendants of that child, in such proportions and amounts as that child may appoint to receive the same under a Last Will and Testament. 3. We will pay $50 to anyone who brings to our attention any form on our site that is not compliant with U.S. state law. A complex trust can take a $100 exemption. upon your death, or when the beneficiary reaches a certain age. FURTHERMORE, other itemized or assigned assets may be created and accepted from time-to-time. B. The person in charge of managing the Trust … Such statements shall be rendered by the Trustee within ninety (90) days after receipt by the Trustee of a written request for a periodic accounting, which request shall be made by a majority of the then income beneficiaries of any of the trusts created hereunder. He also needs to name a few beneficiaries for the trust. Step 18 – To grant the Grantor power to revoke or alter the Trust, signatures from the Trustee and Successor Trustee, along with the Grantor, must be provided under Article 22. Our support agents are standing by to assist you. M. Duration of powers. To cause any of the investments that may be delivered to or acquired by the Trustee to be issued, held or registered in the name of the Trustee, in negotiable form, in the name of a nominee, or in any form in which title will pass by delivery; and any corporation or its transfer agent may presume conclusively that the nominee is the actual owner of the securities submitted for transfer; 8. File Format. We believe wills should be affordable for every Washingtonian. 1. For record keeping purposes only, the initial property held by the Trustee under the John B. Doe Revocable Living Trust is as follows: © 2021 Living Trusts & Estate Planning - Living Trust Network  Contact Us, married person with young adult children and a modest estate, Last Will and Testament of Jacqueline Kennedy Onassis, Signatures on Bank Accounts and Documents. Any of the preceding items payable by the Trustee as a result of such certification may be paid by the Trustee either directly to the appropriate payee or to the personal representative of my probate estate, as the Trustee may deem advisable. This power of removal shall be a continuing power that may be exercised any number of times including further removal or change of location of property or situs of administration. I expressly reserve the power during my lifetime (i) to revoke this instrument, in whole or in part, at any time by an instrument in writing delivered to the Trustee, and (ii) to alter, amend, or modify this instrument at any time and from time to time by an instrument in writing without the consent of the Trustee or any beneficiary; provided, however, that in the event of an amendment or modification of this instrument, the duties, powers and liabilities of the Trustee shall not be substantially increased without the written consent of the Trustee. Enter the names of these individuals/organizations in the space provided. Step 17 – Under Article 21, the Grantor can choose to exclude certain individuals or organizations from benefiting from the Trust once they die. If any property is transferred to the trust during my lifetime, then I shall receive, hold and manage the same; shall invest and reinvest such property, other than life insurance policies; shall collect the income, if any, and the proceeds thereof; and shall distribute to myself or others so much of the net income and principal thereof as I, in my sole discretion, shall decide from time to time, provided I am not incapacitated within the meaning set forth in paragraph B of this Article II. Step 3 – Next, locate Article 4, Section A and create a list of property to be distributed after the Grantor’s death. Reservation of Power to Amend or Revoke. The Trustee shall distribute one such share to each of my then living children who has reached the age of thirty (30) years, outright and free of trust; (ii) distribute one such share to each separate trust held hereunder for the benefit of a child of mine who is under the age of thirty (30) years, the same to be held, administered and distributed in the same manner as provided for in this Article V with respect to the original property held hereunder; and (iii) distribute one such share to the then living descendants of each deceased child of mine, per stirpes, outright and free of trust. Except as otherwise provided by law, no power of appointment created hereunder shall be subject to involuntary exercise, and no interest of any beneficiary in the income or principal of any trust created hereunder shall be subject to assignment, alienation, pledge, attachment, or claims of creditors, including claims for alimony or support, until the same is distributed to such beneficiary or beneficiaries. 4. The Trustee, if named as the beneficiary of any such policy or policies, shall join in the execution of assignments thereof upon my written request or the written request of such other owner. Step 2 – The first page of the trust document must have the Grantor’s name at the top of the page with the date of creation below it. If the second checkbox was selected, enter the name of the Grantor’s Spouse. business-insurance.aon.com.au. The Trust provides for payment of income to the Grantor and the distribution of the remaining Trust assets once the Grantor dies. Removal of Trustees. Enter a number in the space provided and choose either “Months” or “Years.”. B. Step 5 – Article 4, Section C has to do with the care of the deceased Grantor’s pets. If the trust ends for this reason, the principal and income accumulated in the trust goes to whomever the young … This simple Trust Agreement contains the type of provisions often found in a revocable living trust for a married person with young adult children and a modest … americanmoneyservices.com. The forms provided are from a variety of sources and in a variety of formats. Revocable vs Irrevocable – A revocable trust is able to be edited or terminated by the Grantor and the Grantor can choose to name themselves Trustee. petition the court as allowed in this trust agreement, or by Oregon law. Mandatory Distributions. In disposing of the remaining balance of a deceased child's separate trust under this Article V, the Trustee shall be protected in relying upon an instrument admitted to probate in any jurisdiction as the Last Will and Testament of that child or in acting upon the assumption that the child died intestate if notice of the existence of a Last Will and Testament is not received by the Trustee within three (3) months after receiving notice of that child's death. Choosing a Trust Taxation Type. The Declaration of Trust Form establishes a new trust and appoints a trustee to oversee it. The Trustee shall not be under any duty to see to the application of the payments so made and the receipt by such person shall be full acquittance to the Trustee. It also maintains the privacy of this distribution from public record. Upon my death, the Trustee shall distribute the trust property as it is then constituted, together with all property distributable to the Trustee as a result of my death, whether under my will or otherwise, as follows: 1. 25. Notwithstanding any provision contained herein to the contrary, the Trustee (including any successor Trustee or Trustees) shall have the power to merge any trust created under this instrument with any other trust or trusts created by me if the terms of any such trust or trusts are substantially similar and held for the primary benefit of the same persons. Except as otherwise provided herein, the Trustee may take into consideration any other sources of income and/or assets available to a beneficiary in determining whether to make discretionary distributions of net income or principal to that beneficiary; the Trustee shall have no duty to equalize present or future distributions to, or among, beneficiaries; and the good faith decision of the Trustee with respect to any discretionary distributions of net income or principal shall fully protect the Trustee and shall be binding and conclusive upon all persons having an interest in any trust created hereunder. Step 6 – Continue to Part (ii) of Article 4, Section C to establish the type of funding the Pet Caretaker will receive. Trade inventory. Unless specified in the trust agreement, a joint trust is revocable. State of Alabama. With the approval of the individual or individuals indicated in this Article X who may approve the accounts of the Trustee, a successor Trustee may accept the account furnished, if any, and the property delivered by or for a predecessor Trustee without liability for so doing, and such acceptance shall be a full and complete discharge to the predecessor Trustee.