Sample Documents
• Prenuptial Agreement
• Post-marital Agreement
• Living Trust
• Family Limited Partnership
• Irrevocable Trust
This DECLARATION OF TRUST (this “Declaration”) is made and executed on the date below by and between the herein-named grantor and trustee. This trust created herein will be known as The JOE DOE Living Trust (the “Trust”).
WITNESSETH:
1. FAMILY
At the time of executing this Trust, the Grantor, JOE DOE, is unmarried. JOE DOE does not have any children.
2. TRUST PROPERTY
The Grantor declares that he has set aside and caused the transfer of all of his right, title, and interest in and to the property described in Schedule A to the Trust (together with any other property added to the Trust, the “Trust Property”) for the use, benefit, and enjoyment of the beneficiaries named herein. At any time hereafter, the Grantor may transfer any other real or personal property to the Trust. The Trust may also receive property from any other source, including pursuant to the Grantor’s last will and testament. The Trust Property will be held, administered, and distributed as set forth in the Trust and any subsequent amendments to it.
3. AUTHORITY, POWER and RIGHTS OF GRANTOR
(a) Amend and Revoke. The Grantor has the authority, power, and right to amend, modify, or revoke the Trust. The Grantor is not required to give prior notice to or obtain the consent of any beneficiary or trustee hereunder before making such changes. All amendments, notices, or other documents and instruments affecting or furthering the purposes of this Declaration must be in a signed writing delivered to the trustee.
(b) Appointment of Trustee. The Grantor may at any time appoint, substitute, or otherwise change the person designated to act as trustee or successor trustee hereunder. The Grantor is not required to give notice to or obtain the consent of any such trustee, successor trustee, or beneficiary before making such changes.
(c) Right to Income and Principal. During lifetime, the Grantor will be exclusively entitled to all net income and as much principal from the Trust Property as the trustee determines is necessary for the Grantor’s health, education, maintenance, support, comfort, and welfare, and these amounts will be distributed at least annually.
(d) Homestead. The Grantor reserves the right to reside in any residential real property conveyed or transferred to the Trust rent-free and without charge (except for mortgage payments, taxes, insurance, maintenance, and other related expenses) during his lifetime, it being the intent of this provision to preserve the requisite beneficial interest and possessory right of the Grantor in and to such real property in accordance with the applicable provisions of state homestead or similar laws, and to ensure that the Grantor does not lose eligibility for a state homestead tax exemption for which he otherwise qualifies. (…)
Irrevocable Trust
JOE DOE, hereinafter called Trustee, does hereby declare that JOE DOE, hereinafter called Trustor, have or will convey or transfer to the Trustee without consideration all of their right, title and interest in the property described in Schedule “A” hereto attached and made a part hereof.
All property now or hereafter subject to this trust shall constitute the trust estate, and shall be held, managed, administered and distributed as hereinafter provided. The singular shall include the plural wherever necessary and one gender shall include any other gender wherever necessary. This trust shall be known as the "JOE DOE IRREVOCABLE TRUST AGREEMENT."
ARTICLE 1 - TRUSTEE APPOINTMENT
If I fail or cease to serve as Trustee of any trust created under this instrument, I appoint JOE DOE as sole Trustee of that trust.
ARTICLE 2 - TRUST FOR JOE DOE
All property in the trust estate shall be held by the Trustee to be administered as provided below for the benefit of JOHN SMITH.
2.1 Distributions During Beneficiary's Life. During the life of the beneficiary, the Trustee may distribute to the him/her so much or all of the income and principal of the child's trust (even though exhausting the trust) as the Trustee determines to be appropriate to provide for his continued health, maintenance, support, and education.
2.2 Power of Appointment. In addition, the beneficiary, during the lifetime of the beneficiary, shall have the absolute power, exercisable only by a written instrument (other than a Will) delivered to the Trustee during the lifetime of the beneficiary, to appoint any part of the principal and any undistributed net income of this trust:
Such appointment may only be in favor of the lawful issue of the Trustors, provided that such appointment may not be exercised in favor of the beneficiary, the creditors of the beneficiary, or the estate or the creditors of the estate of the beneficiary, or to satisfy any legal obligation of the beneficiary; and such appointment shall be effective only after the death of the beneficiary.
2.3 Distribution Upon Death of the Beneficiary. Upon the death of the beneficiary, and to the extent that the power of appointment described above has not been exercised, the Trustee shall distribute this trust, upon the principle of representation, to those individuals who are the then living lawful issue of the beneficiary, if any.
2.4 Contingent Distribution. Any property of this trust not effectively disposed of by the preceding provisions shall be distributed as to the then living heirs of the beneficiary as defined in Section 5.3 below.
ARTICLE 3 - TRUSTEE PROVISIONS
(….)