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Important
Note:
Forms are to be used as a guide only to assist you. No liability is assumed for errors in substance or form. It is your responsibility to revise the forms to meet current law
requirements and your particular situation. No liability is assumed for improper use of these forms.
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DECLARATION
OF REVOCABLE TRUST
This Declaration
of Revocable Trust is made this ____ day of __________________,
19____, by and
between ___________________, of ___________________________,
hereinafter
called the Trustor, and ______________________, of
____________________________,
hereinafter called the Trustee.
I.
The Trustor
hereby assigns, conveys and gives to the Trustee, in trust, the following
property:
(Description of
Property)
II
The Trustee
shall receive and hold said property, together with any additions thereto, in
trust for the
use and benefit of:
III
I reserve the
absolute right, during my life, by an instrument in writing signed by me, to
revoke, annul
and cancel this agreement and the trust created hereby; and to alter, modify or
amend this trust
in any and all aspects; and to withdraw at any time, and from time to time, any
and
all of the
aforesaid property; and to add thereto at any time, and from time to time, such
additional
property as I
may determine.
IV
This agreement
and the trust created hereby shall be administered, managed, governed
and regulated in
all respects according to applicable statutes of the State of ______________.
V
The Trustee, in
addition to all other powers granted by this agreement and by law, shall
have the
following additional powers with respect to the trust, to be exercised from time
to time at
the Trustee's
discretion:
Management of
the Trust
To invest and
reinvest, lease, rent, mortgage, insure, repair, improve or sell any of the real
and personal
property of the trust as he may deem advisable.
Business
Interests
To sell or
otherwise liquidate, or to continue to operate at his discretion, any
corporation,
partnership or
other business interest which may be received by the trust.
Mortgages,
Pledges and Deeds of Trust
To enforce any
and all mortgages, pledges and deeds of trust held by the trust and to
purchase at any
sale thereunder any such real estate or personal property subject to any
mortgage,
pledge or deed
of trust.
Litigation
To initiate or
defend, at his discretion, any litigation affecting the trust.
Attorneys,
Advisors and Agents
To employ and to
pay from the trust reasonable compensation to such attorneys,
accountants,
brokers, and investment, tax and other advisors as he shall deem advisable.
Adjustment of
Claims
To submit to
arbitration, to compromise or to release or otherwise adjust, with or without
compensation,
any and all claims affecting the trust estate.
VI
No bond for the
faithful performance of duties shall be required of any Trustee appointed
under this
agreement.
VII
The Trustee
shall receive reasonable compensation for the services performed by him, but
such
compensation shall not exceed the amount customarily received by corporate
fiduciaries in
the area for
like services.
VIII
No Trustee of
the trust created by this agreement shall at any time be held liable for any
action or
default of himself, or of his agent, or of any other person in connection with
the
administration
and management of this trust unless caused by his own gross negligence or by
commission of a
willful act of breach of trust.
IX
The Trustee, by
joining in the execution of this agreement, hereby signifies his acceptance
of this trust.
X
The Trustee
shall have sole authority to determine what shall be defined as income and
what shall be
defined as principal of the trust established by this agreement, and to
determine
which costs,
taxes and other expenses shall be paid out of income and which shall be paid out
of
principal.
XI
In the event
that any portion of this agreement or the trust created hereby shall be held
illegal, invalid
or otherwise inoperative, it is my intention that all of the other provisions
hereof shall
continue to be
fully effective and operative insofar as is possible and reasonable.
IN WITNESS
WHEREOF, the parties hereto have executed this agreement the day and
year first above
written.
_______________________________
_____________________________
Trustor
_______________________________
_______________________________
_____________________________
Trustee
_______________________________
I, the
undersigned spouse of the above-described Trustor, do hereby waive and
relinquish
any and all
claim to whatever community-property rights I may have in the
hereinabove-described
property and do
give and grant my assent to the trust and to the incorporation therein of said
property.
_______________________________
_____________________________
Legal Spouse of
Trustor
_______________________________
STATE OF
_____________________)
) ss:
COUNTY OF
____________________)
On this ____ day
of _________________, 19____, before me personally came and
appeared
______________________ and ______________________, known, and known to me,
to be the
individuals described in and who executed the foregoing instrument, and who duly
acknowledged to
me that they executed same for the purpose therein contained.
IN WITNESS
WHEREOF, I hereunto set my hand and official seal.
_____________________________
My Commission
Expires: ______________________
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