This Declaration of Irrevocable 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 irrevocably 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
This trust shall be irrevocable and unamendable.
I am aware of the consequences of establishing an
irrevocable trust and hereby affirm that the trust
created by this agreement shall be irrevocable by
me or by any other person, it being my intention to
make to the beneficiary/beneficiaries named herein
an absolute gift of the property described in paragraph
ONE, above.
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 ___________________, 20______,
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: ________________________
NOTICE
The information in this document is designed to
provide an outline that you can follow when formulating
business or personal plans. Due to the variances of
many local, city, county and state laws, we recommend
that you seek professional legal counseling before
entering into any contract or agreement.
