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Revocable Trust Agreement

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Revocable Trust Agreement

File Type: Word        Price: $9.99        

                                                                 

Summary: A revocable trust, also known as a "living trust" that may be altered or terminated during the grantor's lifetime. Since the trust may be altered at any time until the grantor's death, it is considered part of the grantor's estate and is subject to taxation. The property is passed on to the beneficiaries only after the grantor's death, and the revocable trust then becomes irrevocable. This document allows you to setup a revocable trust to meet your needs.

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THE (name of trust) REVOCABLE TRUST

      I, __________________ of ______________ County, State of ____________, herein referred to as "Grantor," do hereby create this Trust with the Trustees named herein, on this _____ day of _____, 20xx, which Trust shall be known as the  “__________________." 

      ARTICLE I.

      DEFINITIONS AND RELATED PROVISIONS

      1.1. Trustee.

      A. Definition.  The word "Trustee" and its related pronouns, when used herein, includes the masculine, feminine, and neuter genders, as well as the singular and plural, and shall apply to all individuals or institutions serving in such capacity hereunder, including successor trustees.

      B. Initial Trustees.  __________________ and __________________ shall serve as initial Co-Trustees of this Trust.  In the event that either __________________ or __________________ is unable to serve as Trustee for any reason, then the other spouse shall serve as sole Trustee.  The signature of only one of the initial Trustees of the __________________ shall be required for all Trust transactions.  

      C. Successor Trustee.  In the event that neither __________________ nor __________________ is able to serve as Trustee, __________________ shall serve as successor Trustee.  In the event __________________ is unable to so serve, shall serve as successor Trustee.

      D. Delegation.  By written instrument delivered to the other Trustee, any Co-Trustee may from time to time delegate to the other Trustee, any or all of the former's rights, powers, duties and discretions. 

      E. Family Trust.  The Trustee of the __________________ FAMILY TRUST created hereunder shall be __________________. In the event that __________________ is unable to so serve, __________________ shall serve as successor Trustee thereof.  In the event that __________________ is unable to so serve,  shall serve as successor Trustee thereof.  

      F. Marital Trust.  In the event the __________________ MARITAL TRUST is created hereunder, __________________ shall serve as successor Trustee thereof

 G. Bond.  No Trustee shall be obligated to furnish a bond or to examine the accounts or actions of any previous Trustee, nor shall any Trustee be responsible in any way for any acts or omissions of any previous Trustee.

      H. Reliance.  Any person or corporation dealing with any Trustee of this Trust may rely solely on the statement of authority of such Trustee without further evidence thereof.  The successor Trustee's receipt shall be effective to release any person or corporation delivering property to the successor Trustee and shall be binding upon every beneficiary thereof.

      I. Resignation and Removal. 

      (1) Removal.  During the existence and duration of the __________________ during the Grantor's lifetime, and so long as the Grantor is competent, the Grantor shall have the absolute right to replace the Trustee, with or without cause. 

      (2) Resignation.  Each Trustee hereunder (whether originally designated herein or appointed as successor) shall have the right to resign at any time by

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