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. State of Alabama. Fill, sign and download Will and Trust Forms online on Handypdf.com The Trustee may, without the order of any court, compromise and adjust claims arising out of any policy or policies held hereunder with respect to any amounts payable to the Trustee upon such terms and conditions as the Trustee may deem reasonable, and the decision of the Trustee shall be binding and conclusive upon all interested persons. The following provisions shall apply to each trust created under this instrument, unless the context requires otherwise. By: _______________________________ Duly Authorized. Details. The decision as to whether I am incapacitated, for purposes of this instrument, shall be made by a majority of my wife and my children who are then of legal age, with the concurring opinion of at least one physician who has examined me during the two-month period immediately preceding the date on which the determination is being made. Details. Commingle Assets. . When a child of mine reaches the age of twenty-five (25) years, the Trustee shall distribute to that child fifty percent (50%) of the then remaining balance of that child's separate trust, outright and free of trust; and, when a child of mine reaches the age of thirty (30) years, that child's separate trust shall terminate and the Trustee shall distribute to that child one hundred percent (100%) of the then remaining balance of that child's separate trust, outright and free of trust; provided, however, that each child of mine shall have the right to defer any and all distributions and to have the same continued in trust hereunder. Reservation of Power to Amend or Revoke. Land Contract Agreement Form Download. 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. The person in charge of managing the Trust … Step 5 – Article 4, Section C has to do with the care of the deceased Grantor’s pets. After both of our deaths, a majority of the adult beneficiaries then entitled to income from any trust hereunder shall have the right to remove any Trustee of any such trust. Wherever the context so requires, words used herein in one gender shall be applicable to all genders, words used in the singular shall include the plural, and words used in the plural shall include the singular. I further declare that I have two (2) children, namely: Robert A. Step 8 – Article 4, Section D asks for the names, Social Security numbers, and addresses of up to four (4) Beneficiaries. By using the website, you agree to our use of cookies to analyze website traffic and improve your experience on our website. Completing the Declaration of Trust form is quite simple: Advertisements. E. Merging of Similar Trusts. If a child of mine dies without then living descendants, then the Trustee shall divide the remaining balance, which is not effectively appointed, into as many equal shares as there are children of mine either then living or deceased and represented by then living descendants. (d) carry out all repairs and improvements deemed necessary and correct for and on the real estate that is part of the trusts at all times. The trust instrument is called a "Trust Agreement" because a third party is serving as the trustee, which mandates that the grantor and the third-party trustee "agree" on the terms of the trust. Get the sample legal agreement templates for easy documentation of the trust. Download . Unless specified in the trust agreement, a joint trust is revocable. 5. 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. Primary Beneficiary. On the top line enter the name you would like to give the trust. A. Termination. The Trustee (including any successor Trustee or Trustees) shall use his best efforts to collect any sums due and payable under any insurance policy or policies held hereunder, but shall not be required to institute legal proceedings until indemnified. Mandatory Distributions. Notwithstanding the above, if a personal representative of my probate estate is appointed within six months after my death, then the Trustee shall pay the preceding items only to the extent my personal representative shall signify in writing to the Trustee that the value of the cash and readily marketable assets of my probate estate, as determined by my personal representative, is insufficient to pay those items. If my wife, Linda R. Sample, and I die simultaneously or under such circumstances that make it difficult to determine who survived whom, it shall be deemed for all purposes of this instrument that my wife did not survive me. Print. Like all trusts, the simple trust is governed by the trust agreement, which is basically a … If my wife does not survive me, then the Trustee shall distribute the remainder of the trust property, in equal shares to my children who survive me and the surviving descendants of any of my deceased children, per stirpes, outright and free of trust; provided, however, that if a child of mine has not reached the age of thirty (30) years at the time distribution is to be made under this Article IV, then the Trustee shall set apart his or her share as a separate trust for the benefit of such child, to be held, administered and distributed in accordance with the provisions of Article V of this instrument. To borrow money and to assume indebtedness for such periods of time and upon such terms and conditions as to rates, maturities, renewals, and security as the Trustee shall deem advisable, including the powers of a corporate trustee to borrow from its own banking department, for the purpose of paying debts, taxes, administration expenses, or other charges against any trust created hereunder, or any part thereof, and to mortgage, pledge or otherwise encumber such portion of any such trust as may be required to secure such loan or loans, and to renew existing loans either as maker or as endorser; 5. B. Distributions in Cash or in Kind. 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. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. The term "Trustee" shall mean the designated Trustee, its successors, assigns who shall serve under this agreement. Enter the names and addresses of both Successor Trustees. Any net income not expended hereunder shall be accumulated and added to principal, as determined by the Trustee from time to time. When spouses form a revocable trust together, they typically each act as successor trustee for the other when, and if, it becomes necessary. The Trustee shall distribute all tangible personal property, including my personal effects, jewelry, household furniture and furnishings, garden and lawn furnishings and equipment, books, silver, art objects, hobby equipment and collections, wearing apparel, automobiles, and other personal articles that are owned by the trust at the time of my death or are distributable to the Trustee as a result of my death under my will or otherwise, to my wife, Linda R. Sample, if she survives me, outright and free of trust. There are lots of different types of trusts (revocable, irrevocable, testamentary, asset protection, charitable, special needs, spendthrift, and so on), but when it comes to tax status, a trust is either a simple trust or a complex trust. SIMPLE TRUST AGREEMENT 1: 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 estate. Step 19 – On the Self-Proving Affidavit form, enter the State and County in which this Trust is being created. Simple Trust Agreement Form. Investment Management Trust Agreement - 57th Street General Acquisition Corp. and Continental Stock Transfer & Trust Co. (2010) AIG Credit Facility Trust Agreement - Federal Reserve Bank of New York and Jill M. Considine, Chester B. Feldberg and Douglas L. Foshee (Jan 16, 2009); Trust Agreement … G. Effective Date. If all the beneficiaries then entitled to income from any trust hereunder are minors, then a majority of the guardians of the estates of such minor beneficiaries shall have the right to remove any Trustee of any such trust. admin Thursday, December 17th, 2020 Leave a comment (n) determine how ancillary costs associated with trust management are distributed between corpus and revenues. Nevertheless, the Trustee shall be entitled to obtain a judicial settlement of Trustee accounts at all times. Trade inventory. As to each separate trust held for the benefit of a child of mine who is under the age of thirty (30) years, the Trustee shall pay to or apply for that child's benefit, from that child's separate trust only, as much of the net income and principal thereof, even to the extent of exhausting principal, as the Trustee, in its sole discretion, may deem reasonable or necessary for the health, maintenance, support and education of that child, in each case considering all the circumstances and factors deemed pertinent by the Trustee. How I Transformed My Kitchen Cabinets fo... Do you ever have that feeling with a certain area of your home that just irritates you? Some agreements state that the trust can be revoked only by the consent of both spouses. ARTICLE IV: DISTRIBUTION OF TRUST PROPERTY UPON MY DEATH. I declare that my wife, Linda R. Sample, is deceased and that I am a widower as of the date of this instrument. If at any time the Trustee, in his sole discretion, shall determine that the continuance of any trust created under this instrument is unwarranted in view of its size, the Trustee may terminate such trust and distribute the balance thereof to the beneficiary or beneficiaries for whom the trust is named. If neither my wife nor any of my children or their descendants survive me, then the Trustee shall distribute the remainder of the trust property, after compliance with the preceding provisions of this Article IV, as follows: (i) one-half (1/2) thereof to those persons who would have been entitled to receive my property under the laws of the State of _______________ in effect on the date of my death, and in the proportions determined under those laws, based upon the assumption that I died intestate while domiciled in the State of _______________, and that my wife and all of my descendants had predeceased me; and. Either the named Beneficiaries can receive the personal property or a specific individual (this option requires the name, address, and Social Security number of the individual). ARTICLE II: DISPOSITION OF TRUST PROPERTY DURING MY LIFETIME. Any person may resign as Trustee of any of the trusts created hereunder at any time by giving at least thirty (30) days prior written notice thereof, delivered personally or by certified mail to me, if living, or, if I am not then living, to the beneficiary or beneficiaries to whom the current income of any such trust may be distributed.
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