Universal Trust Agreement
AB Living Trust Revocable / Irrevocable
Adapts to numerous future events and scenarios !
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Universal Trust Agreement ( Declaration of Trust )
( Adapts to numerous future events and scenarios ! )
 
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Table of Contents
DECLARATION OF TRUST
Page 2 Part 1.  Trust Name
Page 2 Part 2.  Declaration of Trust
Page 3 Part 3.  Character of Trust Property
Page 3 Part 4.  Adding Property to Any Trust
Page 4 Part 5.  Trust G and/or Trust B Grantors' Rights
Page 5 Part 6.  Trust G and/or Trust B Amendment and Revocation
Page 6 Part 7.  Homestead Rights
Page 6 Part 8.  Trustees
Page 7 Part 9.  Trustee's Powers and Duties
Page 10 Part 10.  Incapacity of Original Trustees, New Trustees, Successor Trustees
Page 13 Part 11.  Trust G Beneficiaries
Page 14 Part 12.  Division of Trust G Trust Property into Trust A and Trust B
Page 15 Part 13.  (Trust G) Terms of Trust A, the Bypass Trust
Page 16 Part 14.  (Trust G) Terms of Trust B, the Surviving Spouse's Trust
Page 18 Part 15.  Terms of Trust E
Page 19 Part 16.  Simultaneous Death (Trust G)
Page 19 Part 17.  Payment of Grantors' Debts and Taxes (Trust G)
Page 19 Part 18.  General Administrative Provisions
Page 21 Part 19.  Children's Subtrusts
Page 22 Part 20.  Beneficiaries
Page 26 Part 21.  Trust Property Distributions
Page 27 Part 22.  Duration and Termination
Page 28 Part 23.  Perpetuities
SCHEDULE A
SHARED PROPERTY placed in TRUST G.  Remainder later to TRUST B
SCHEDULE B
WIFE'S SEPARATE PROPERTY placed in TRUST G.  Remainder later to TRUST B
SCHEDULE C
HUSBAND'S SEPARATE PROPERTY placed in TRUST G.  Remainder later to TRUST B
SCHEDULE D
Copy of list of DISCLAIMED PROPERTY (shifted from TRUST G to TRUST A)
SCHEDULE E
PROPERTY placed in TRUST E
SCHEDULE G
WIFE’S SPECIFIC BENEFICIARIES of TRUST G, TRUST A, TRUST B, TRUST E
SCHEDULE H
HUSBAND’S SPECIFIC BENEFICIARIES of TRUST G, TRUST A, TRUST B, TRUST E
SCHEDULE J
WIFE’S FINAL BENEFICIARIES, of TRUST A if Wife dies first, or
of TRUST G if simultaneous death (use half), or
of TRUST B if Wife dies last (or if no TRUST A (use half)), or of TRUST E.
SCHEDULE K
HUSBAND’S FINAL BENEFICIARIES, of TRUST A if Husband dies first, or
of TRUST G if simultaneous death (use half), or
of TRUST B if Husband dies last (or if no TRUST A (use half)), or of TRUST E.

 

DECLARATION OF TRUST
(Trust Agreement)

This Trust is established under an
UNINCORPORATED ORGANIZATION CONTRACT
Between the Grantor(s) and the Trustee(s) Thereof

TRUST INDENTURE

This Trust Organization Contract shall be of the type known as a Pure Trust and shall be administered by legal persons holding title as joint tenants in fee simple and not as tenants in common, to act as trustees; acting under a life purpose and a religious belief as herein set forth, and according to the inalienable common law rights afforded man.

DECLARATION OF AUTHORITY

This Declaration of Trust shall serve as the trustees’ sufficient guide, supplemented from time to time by amendments or resolutions covering contingencies as they arise.  Such authority as awarded herein is possessed by the trustees of this Declaration of Trust, thus intending only to leave open for the courts, should occasion arise, the question of conscientious dealing of those persons.

Trustees shall have all the powers necessary, convenient, or appropriate to effectuate the purposes of this Declaration of Trust, and shall take any action which they deem necessary or desirable and proper to carry out such purposes, provided, however, those purposes and actions are not inconsistent with other provisions herein.  Any determination of the purposes of this Declaration of Trust, made by the trustees, in good faith, shall be conclusive.  In construing the provisions of this Declaration of Trust and any supplemental amendments or resolutions, the presumption shall be in favor of the grant of powers to the trustees.

NAME AND DOMICILE

This Trust Organization shall be domiciled in and shall be interpreted and construed under the laws of the state of _____________________________________; or shall be changed to and interpreted under the laws of any other location as shall be deemed prudent, wise, necessary, appropriate, or desirable by the trustees.

This Trust Organization is hereby authorized to operate under the name of:

_____________________________Happy Trails Trust dated: __________________________

Address:   ___________________________________________________________________

TRUSTEE  __________________________________________________________________

TRUSTEE  __________________________________________________________________

TRUSTEE  __________________________________________________________________

 
 

W I T N E S S E T H :

 WHEREAS, each grantor desires now to grant certain of their own assets to this trust; and

 WHEREAS, each trustee is willing to accept and administer such assets as trustee(s) under the terms of this Declaration of Trust,

 NOW THEREFORE, intending to be legally bound hereby, the grantor(s) and the trustee(s) do hereby covenant and agree as follows:

 

Part 1.  Trust Name

This trust shall be known as the _____________________________Happy Trails Trust.

This trust is created “by” this Declaration of Trust.  Within this Declaration of Trust, this trust is also referred to as (check one box below)
    |x|    Trust G, which is a revocable AB living trust
    |_|    Trust E, which is an irrevocable trust
(and not a corporation, partnership, or association).  (Any and all other trusts and subtrusts described herein are created “under” this Declaration of Trust.)

 

Part 2.  Declaration of Trust

A.  DoT abbreviation    The term “Declaration of Trust", sometimes abbreviated as “DoT”, includes any provisions added by valid amendment.

B.  Trust terms    The term “all trusts” includes all trusts and subtrusts created by or under this DoT.  The term “any trust” includes any one or more of all trusts.  Other uses of the term “trust”, such as “trust”, “the trust”, “a trust”, “this trust”, etc., refer to something defined in the local context.

C.  Grantor and Trustee terms    The singular "grantor" also includes the plural.  The plural “grantors” also includes the singular.  The terms “husband” and “wife” may be used to designate a specific “grantor”, if the local context is referring to a “grantor”.  The terms “deceased spouse” and “surviving spouse” may be used to designate a specific “grantor”, if the local context is referring to a “grantor”.

The term "trustee" includes successor trustees or alternate successor trustees serving as trustee of any trust.  The singular "trustee" also includes the plural.  The plural “trustees” also includes the singular.  A majority of the trustees shall be considered to be 50% or more of the trustees.

D.  Trust E is irrevocable    If Trust E was created by this DoT, then each grantor declares that they have been advised of the consequences of creating an irrevocable trust and does hereby declare that Trust E is not revocable by the grantor or any other person.

E.  Trust Property    Each grantor declares that they have set aside and placed in the trust created by this DoT all their interest in the property described on the attached Schedule A, Schedule B, Schedule C and Schedule E.  All of that property is called the "trust property."  The term “trust property” also includes trust income, purchases, assets, liabilities, additional property and gifts, less expenses, dispositions and distributions.  Net accumulated trust property is sometimes called corpus or principal.

Each trustee acknowledges receipt of the trust property and agrees to hold it in trust, according to this DoT.

Whenever a new or successor trustee is elected or appointed for any trust, the property of said trust shall be vested in them as joint tenants in fee simple without the need of any further act or conveyance.

The trust property shall be used for the benefit of the trust beneficiaries and shall be administered and distributed by the trustees in accordance with this DoT.

F.  Trust G has only 1 grantor    If Trust G was created by this DoT, and only one grantor signed this DoT, then for the purposes of this DoT, the first grantor to die (the deceased spouse) shall be presumed to have died, the signing grantor shall be presumed to be the surviving spouse, Trust B shall be immediately created under this DoT, and rather than all trust property placed under Trust G, all trust property shall be deemed placed under Trust B, except property also listed on Schedule D which shall be deemed placed under Trust A.

G.  Parent, Spouse, Child, Family terms    The term “parent” refers to either the natural (blood related) mother or father of the child.  The term “spouse” refers to the spouse of the (natural) parent, in which case said spouse may, or may not be the child’s (natural) parent.  The terms “spouse” and “family” refer to a marriage relationship between a husband and wife.

 

Part 3.  Character of Trust Property

A.  Trust G    If Trust G was created by this DoT, then while both grantors are alive, property transferred to Trust G by them shall retain its original character.  If Trust G is revoked, the trustee shall distribute the trust property to the grantors based on the same ownership rights they had before the property was held in trust.

B.  Trust E    If Trust E was created by this DoT, then under no circumstances shall any portion of the trust property revert to the grantor or to the grantor’s estate.  However, a grantor may receive distributions in their capacity as a beneficiary of any trust.

 

Part 4.  Adding Property to Any Trust

A.  Adding Property    Either grantor, or both, or any other individual or entity may add property to, or make gifts to, any trust at any time.

B.  Withdrawal by Beneficiary of Additional Transfer    The grantor or any other individual may make gifts to any trust that are designated for specific beneficiaries.  Each designated beneficiary or, during any period that a designated beneficiary lacks legal capacity, the legal guardian (or, if there is none, the natural or general guardian) of the designated beneficiary may demand in writing payment over to such beneficiary of his or her share of qualifying property transferred to said trust.
 The term “qualifying property” refers to a transfer to said trust with respect to which the trustee has received written notice from the transferor that the property transferred (or some specified portion of it) shall be subject to withdrawal under the provisions of this section.
 The term “designated beneficiary” refers to a beneficiary with respect to whom the trustee has received written notice from the transferor of additional property that such transferred property (or some specified portion of it) shall be subject to withdrawal by such beneficiary under the provisions of this section.
 Within thirty (30) days of receipt by the trustee of such qualifying property, the trustee shall give notice to the designated beneficiary or beneficiaries (or to the legal or natural or general guardian of the designated beneficiary) in writing and mailed by certified mail or hand delivered, return receipt requested or other written receipt, of the transfer of qualifying property and of the designated beneficiary’s right to make withdrawal from such qualifying property.
 Commencing from the date of receipt of notice given by the trustee, a designated beneficiary (or the legal or natural or general guardian of the designated beneficiary) shall have ninety (90) days, or until the end of November of the calendar year in which said trust received the qualifying property, whichever period is longer, within which to notify the trustee in writing of the beneficiary’s exercise of the withdrawal right granted a designated beneficiary under the provisions of this section.  Likewise, the trustee may be notified in writing of the beneficiary’s non-exercise of the withdrawal right, thus ending the exercise notification period.  This right shall be exercisable notwithstanding any other provision of said trust.
 The right of withdrawal of a designated beneficiary (or the legal or natural or general guardian of the designated beneficiary) shall be noncumulative and to the extent that the right of withdrawal has not been exercised by the end of the aforementioned period, it shall lapse.
 The trustee shall, at all times while any such withdrawal right is outstanding, retain from the qualifying property sufficient assets to satisfy all such withdrawal rights then outstanding.
 The trustee shall deliver assets withdrawn to the designated beneficiary within fifteen (15) days of receipt of notice of exercise of the withdrawal right or as soon as possible thereafter if assets must be liquidated to meet the withdrawal notice.
 If there is any disability on the part of a designated beneficiary on whose behalf such right of withdrawal has been exercised, which would make the beneficiary unable to hold the assets withdrawn, the trustee may make distribution to his or her legal guardian, or if no guardian has been appointed, to his or her natural or general guardian.  Alternatively, the trustee may, in his discretion, turn the assets over to a custodian under an applicable Uniform Gifts to Minors Act.  Assets received by any such guardian or custodian pursuant to the exercise of this withdrawal right shall be held by such guardian or custodian for the designated beneficiary’s use and benefit.  The receipt of such guardian or custodian shall be a complete discharge of the trustee.
 Any provision of this section to the contrary notwithstanding, no such right of withdrawal shall be effective to require the delivery over to a designated beneficiary of property of a value in excess of the maximum gift tax exclusion allowable under the Internal Revenue Code.

 

Part 5.  Trust G and/or Trust B Grantors' Rights

If Trust G was created by this DoT, then:

A.  Payments From Trust G During Grantors' Lifetime    The trustees shall pay to or use for the benefit of the grantors as much of the net income and principal of the Trust G trust property listed on Schedule A, Schedule B and Schedule C as the grantors request.  Income shall be paid to the grantors at least quarterly.  Income accruing in or paid to Trust G trust accounts shall be deemed to have been paid to the grantors.  (Note that after the death of one grantor, see Part 14 for Trust B.)

B.  Rights Retained by Trust G Grantors

  1.  Both Grantors    As long as both grantors are alive, both retain all rights to income, profits and control of the Trust G property listed on Schedule A.

  2.  Wife Grantor    As long as wife grantor is alive, she retains all rights to income, profits and control of any Trust G or Trust B property listed on Schedule B.  (Note that after the death of husband grantor, property remaining on Schedule B becomes Trust B property.)

  3.  Husband Grantor    As long as husband grantor is alive, he retains all rights to income, profits and control of any Trust G or Trust B property listed on Schedule C.  (Note that after the death of wife grantor, Trust G property remaining on Schedule C becomes Trust B property.)

 

Part 6.  Trust G and/or Trust B Amendment and Revocation

If Trust G was created by this DoT, then:

A.  Revocation by Grantor

  1.  Trust G    As long as both grantors are alive, either one may revoke Trust G at any time, without notifying any beneficiary.  Revocation may be in writing or any manner allowed by law.

  2.  Trust B    After the death of one grantor, the surviving spouse may revoke Trust B at any time, without notifying any beneficiary.  Revocation may be in writing or any manner allowed by law.

B.  Amendment by Grantor

  1.  Trust G    While both grantors are alive, this DoT may be amended only by both of them acting together.  All amendments must be in writing and signed by both grantors.

  2.  Trust B    After the death of one grantor, the surviving spouse may amend his or her revocable living trust, Trust B, the Surviving Spouse's Trust, as defined in Part 14.

C.  Amendment or Revocation of Trust G and/or Trust B by Other Person    The power to revoke or amend Trust G and/or Trust B is personal to the grantors.  A conservator, guardian or other person may not exercise it on behalf of either grantor unless the grantor specifically grants the power to revoke or amend Trust G and/or Trust B in a Durable Power of Attorney.

 

Part 7.  Homestead Rights

A.  Homestead exemption for non-Trustees    If the grantors' principal residence, or any current beneficiary’s principal residence, or the surviving spouse’s principal residence of any deceased beneficiary who was (immediately prior to death) a current beneficiary provided they were married to each other at the time of said beneficiary’s death, is held in any trust, said grantors and/or said beneficiary and/or said spouse have the right to possess and occupy their principal residence for life, rent-free and without charge, except for taxes, insurance, maintenance and related costs and expenses.

Furthermore, for the purpose of homestead exemptions from taxes and no other purpose, said grantors and/or said beneficiary and/or said spouse are hereby deemed to have the legal title or beneficial title in equity to, and been or are hereby granted a beneficial interest for life in, said principal residence real property placed in or owned by any trust, and said grantors and/or said beneficiary and/or said spouse shall have the right to occupy, to reside thereon, to make same their permanent residence, or the permanent residence of another or others legally or naturally dependent upon said grantors and/or said beneficiary and/or said spouse, and to treat as their homestead said principal residence real property placed in or owned by any trust.

This right is intended to give said grantors and/or said beneficiary and/or said spouse a beneficial interest in said property and to ensure that said grantors, or either of them, or said beneficiary, or said spouse, do not lose eligibility for a state homestead tax exemption for which either grantor, or beneficiary, or spouse, otherwise qualifies.

B.  Homestead exemption for Trustees    If the provisions of section A above do not qualify anyone for homestead exemption of a particular residence real property placed in or owned by any trust, then for the purpose of homestead exemptions from taxes and no other purpose, trustee(s) who are current final beneficiaries of any trust are hereby deemed to have the legal title or beneficial title in equity to, and been or are hereby granted a beneficial interest for life in, said particular residence real property placed in or owned by any trust, and said trustee(s) shall have the right to occupy, to reside thereon, to make same their permanent residence, or the permanent residence of another or others legally or naturally dependent upon said trustee(s), and to treat as their homestead said particular residence real property placed in or owned by any trust.

C.  Sale of Homestead    If the grantors' principal residence, or any current beneficiary’s principal residence, or the surviving spouse’s principal residence of any deceased beneficiary who was (immediately prior to death) a current beneficiary provided they were married to each other at the time of said beneficiary’s death, is held in any trust, then said principal residence shall not be sold, or otherwise disposed of, without the written consent of said principal residence’s said grantors or said beneficiary or said spouse.  Said principal residence shall only include a minimum size parcel of land, if it is on a parcel of land equal to twice the minimum size or greater.

 

Part 8.  Trustees

A.  Original Trustees    The original trustees whose signatures appear at the end of this DoT are the original trustees of the trust created by this DoT and any trust or child's subtrust created under this DoT.  Either original trustee alone may act for and represent the trust in any transaction.

B.  Trustee at Death of Original Trustee    When one original trustee dies, the other shall serve as sole trustee.

C.  Successor Trustee at Death of Both Original Trustees    When both original trustees have died, one or more successor trustees shall be selected to serve as trustees in conformance with the selection criteria of Part 10.

D.  Trustee's Responsibility    The trustee in office shall serve as trustee of all trusts, including any child's subtrust, created under this DoT.

E.  Terminology    See Part 2.C.

F.  Resignation of Trustee    Any trustee in office may resign at any time by signing a notice of resignation.  The resignation shall be delivered to the person or institution who is either named in this DoT, or appointed by the trustee under Section G of this Part, to next serve as the trustee.

G.  Power to Appoint Successor Trustee    See Part 10.

H.  Bond    See Part 9.O.

I.  Compensation    See Part 9.N.

J.  Liability of Trustee    With respect to the exercise or non-exercise of discretionary powers granted by this DoT, the trustee shall not be liable for actions taken in good faith.  Such actions shall be binding on all persons interested in the trust property.

 

Part 9.  Trustee's Powers and Duties

A.  Power Under Governing Law    To carry out the provisions of this DoT, the trustee shall have all authority and powers allowed or conferred under the governing law in which any trust is domiciled, subject to the trustee's fiduciary duty to the grantors and the beneficiaries.  (See Part 18.A.)

B.  Any act legal for an individual    The trustee may do anything and perform any act that would be legal for an individual, without being required to make application for more specific authority to any court of law or equity, subject only to the restrictions of applicable law and the provisions contained in this DoT; and that by their resolutions the trustees may set forth their own general powers and authority as conferred upon them in this DoT.

C.  Specified Powers    The trustee's powers include, but are not limited to:

  1.  The power to sell trust property, and to borrow money and to encumber trust property, including trust real estate, by mortgage, deed of trust or other method.

  2.  The power to manage trust real estate as if the trustee were the absolute owner of it, including the power to sell, lease (even if the lease term may extend beyond the period of any trust) or grant options to lease the property, to make repairs or alterations and to insure against loss.

  3.  The power to sell or grant options for the sale or exchange of any trust property, including stocks, bonds, debentures and any other form of security or security account, at public or private sale for cash or on credit.

  4.  The power to invest trust property in every kind of property and every kind of investment, including but not limited to bonds, debentures, notes, mortgages, stock options, futures and stocks, and including buying on margin.

  5.  The power to receive additional property from any source and add to any trust created by or under this DoT.

  6.  The power to employ and pay reasonable fees to accountants, lawyers, investment experts or other professionals for information or advice relating to the trust.

  7.  The power to deposit and hold trust funds in both interest-bearing and non-interest-bearing accounts.

  8.  The power to deposit funds in bank or other accounts, whether or not they are insured by the FDIC.

  9.  The power to enter into electronic fund transfers or safe deposit arrangements with financial institutions.

  10.  If Trust G was created by this DoT, then the power to continue any business of either grantor.

  11.  The power to institute or defend legal actions concerning any trust, plus, if Trust G was created by this DoT, then also the grantors' affairs.

  12.  The power to execute any documents necessary to administer any trust.

  13.  The power to diversify investments, including authority to decide that some or all of the trust property need not produce income.

D.  Manage the trust corpus    The trustee shall have the right and the power at their own discretion to manage the trust corpus for the benefit of the beneficiaries in whatever manner to them seems most desirable and beneficial, regardless of whether such investments are considered legal for trust funds; to collect the income therefrom; to buy, sell, convey, exchange, assign, lease, mortgage, pledge, or borrow upon, invest, and reinvest in property of any character, real or personal, legal or equitable, tangible or intangible, foreign or domestic, present or futures, options or buying on margin, and disburse income or corpus; to pay all costs of operation, to rent or lease personal or real property, to pay administrative expenditures, and reasonable fees for consultant services and expenses incidental to the performance of such services.

E.  General Powers    The trustee shall have power to lend money or to borrow funds, using trust assets as collateral; that they may also make any investments desirable, and available to an individual under existing law; including, but not limited to, duties and powers that are such as those awarded by a Testator to an Executor of an Estate or a Testamentary Trust.

F.  DoT is official guide    This DoT shall serve as the complete and official guide for the trustee in the pursuit and performance of their duties hereunder; and that they shall have only such authority, powers, and duties as are conferred herein and hereunder.

G.  Accounts    The trustee shall establish separate accounts as needed for any trust, in which its funds shall be deposited; and shall determine the authority by which current payments may be disbursed or withdrawals made from accounts belonging to any trust.

H.  Majority and Adverse Trustee    No decision of the trustee or any disbursement of funds shall be effective and binding unless it is authorized by a majority (50% or more) of the trustees, including an adverse trustee where applicable.  If there is only one trustee, that trustee shall be considered to be an adverse trustee.

I.  Grantor benefits approved by Adverse Trustee    No compensation shall be paid to grantor without the approval of an adverse trustee; nor may any fund be accumulated for or disbursed to or used for the benefit of the grantor or the spouse of grantor without the approval of an adverse trustee.

J.  Grantor obligations approved by Adverse Trustee    Any financial disbursement to satisfy a legal obligation of the grantor or any transferor or spouse of the aforementioned is specifically prohibited without the approval of an adverse trustee, to wit:
  1.  Lending trust funds without adequate consideration or interest;
  2.  Investing trust funds in a controlled corporation;
  3.  Substituting other property to reacquire items of trust corpus;
  4.  Voting securities in controlled corporations; and/or
  5.  Being beneficiaries of, or insuring the life of, the grantor or any transferor or spouse of such individuals.

K.  Trustee can unanimously construe    If any provision of this DoT shall be unclear or the subject of dispute among the parties to any trust, the trustee shall be fully authorized to unanimously construe such provision, and any such unanimous determination by the trustee shall be final and binding upon all such parties.

L.  DoT is private and confidential    The trustees are specifically instructed by the grantor to maintain the privacy and confidentiality of this DoT and any trust created by or under; and are in no circumstances to divulge its terms to any probate or other court or other public agency with the exception of a tax authority.

M.  Trustees Certificate    A certificate signed by a majority (50% or more) of the trustees hereunder and acknowledged before a notary public shall be conclusive evidence upon all persons and for all purposes of the facts stated in said certificate respecting the terms of this DoT and of the text thereof and of who are from time to time the trustees hereunder.

N.  Trustees and Contractees Compensation

  1.  Any individual trustee of any trust shall not receive compensation for acting as such.  Any corporate trustee shall receive compensation equal to the commissions to which a sole testamentary trustee would be entitled from time to time, to be payable without judicial authorization.  Trustees of any trust are entitled to be reimbursed for reasonable expenses incurred by them in connection with services they perform for any trust.  The compensation of any individual, agent, or contractee shall be fixed and paid at the discretion of the trustee.  Such compensation is to be that usually paid for such work.

  2.  The trustee shall normally hire no one on a salaried basis; no services shall be performed for any trust except on a contractual basis, unless such an arrangement is unlawful or impossible.

  3.  The trustee may reimburse anyone reasonably for the performance of any necessary functions performed by any one incidental to the operation of any trust.

O.  Bond    No bond or other security shall be required of any trustee.  No individual trustee acting hereunder shall be liable or responsible for any trust debt, obligation, or mistake or error of judgment in the administration of any trust resulting in loss to any trust by reason of investments or otherwise, save only for fraud or grossly willful default.

 

Part 10.  Incapacity of Original Trustees, New Trustees, Successor Trustees

A.  Incapacity of One Original Trustee    While both original trustees are alive, if one of them becomes physically or mentally incapacitated, as stated in writing by a licensed physician, whether or not a court has declared the trustee incompetent or in need of a conservator or guardian, the other original trustee shall serve as sole trustee until the incapacitated trustee dies or until a licensed physician states in writing that the formerly incapacitated original trustee is no longer incapacitated.

B.  Incapacity of Both Original Trustees    If both original trustees become physically or mentally incapacitated, as stated in writing by a licensed physician, one or more new trustees shall be selected to serve as trustees in conformance with the selection criteria of this Part.

  1.  Trust G    If Trust G was created by this DoT, then the new trustee shall pay trust income at least quarterly to, or for the benefit of, the grantors.  Income accruing in or paid to trust accounts shall be deemed to have been paid to the grantors.  The trustee may also spend any amount of trust principal necessary, in the trustee's discretion, for the health, education, support, comfort, welfare and maintenance of the grantors, in accordance with their accustomed standard of living, until a licensed physician states in writing that at least one grantor is no longer incapacitated and said original grantor resumes serving as trustee, or until the grantors' deaths.

  2.  Trust E    If Trust E was created by this DoT, then the new trustee shall pay trust income at least quarterly to, or for the benefit of, the life beneficiary(s).  Income accruing in or paid to trust accounts shall be deemed to have been paid to the life beneficiary(s).  The trustee may also spend any amount of trust principal necessary, in the trustee's discretion, for the health, education, support, comfort, welfare and maintenance of the life beneficiary(s), in accordance with their accustomed standard of living, until a licensed physician states in writing that at least one original trustee is no longer incapacitated and said original trustee resumes serving as trustee, or until the original trustees' deaths.

C.  Incapacity of Surviving Spouse (Trust G, Trust A, Trust B)    If Trust G was created by this DoT, then:

  1.  If, after the death of one spouse, the surviving spouse becomes physically or mentally incapacitated, as stated in writing by a licensed physician, the new trustee selected in conformance with the selection criteria of this Part shall serve as trustee of Trust A and Trust B and of any other trusts created under this DoT.  The new trustee shall serve as trustee until the death of the surviving spouse, or until a licensed physician states in writing that the surviving spouse is no longer incapacitated and said surviving spouse resumes serving as trustee.

D.  New Trustees, General    In the event of a trustee’s physical or mental incapacity, death, resignation, or removal for extreme cause, a new trustee shall be selected in conformance with the selection criteria of this Part, who shall have the same powers and authority as an original trustee.  There shall always be at least 1 trustee, but not more than the maximum number of trustees as provided for in this Part, who shall each be legal persons.

E.  Trustees to be Descendants    To the extent possible, each new or successor trustee shall be selected from a group composed of the then living descendants of the original final beneficiaries named in this DoT who are then 28 years of age or older.  If the current final beneficiaries of all trusts are overwhelmingly deceased parents’ siblings and/or their descendants, then such new or successor trustee shall also be selected so that with his or her selection, each said sibling who is a current final beneficiary of any trust or who has one or more descendants who are current final beneficiaries of any trust, is either equally or more equally represented by their descendants as trustees.

F.  Automatic Resignation of certain Trustees    If because of non-availability of a candidate who possesses the required or optimum qualifications, a trustee is selected or appointed who does not meet the optimum selection criteria of this Part, and subsequently a prospective trustee meeting the optimum selection criteria becomes available and desires to be a trustee, the resignation of the trustee not meeting the optimum selection criteria shall be automatic without notice if the number of trustees is currently at the maximum number, and the prospective trustee meeting the optimum selection criteria shall be the new trustee.  Any trustee not meeting the optimum selection criteria is selected or appointed subject to these provisions and is hereby put on notice concerning these provisions.

G.  New Trustee, Successor Trustee selection    While 1 or more trustees who are not appointees are still alive, they may each select the individual who will be their successor trustee in conformance with the selection criteria of this Part.  If a trustee is an appointee, then the non-appointed trustee or beneficiary that appointed said appointee may also appoint the successor trustee of said appointed trustee.  Said selected successor trustee shall become the new trustee when their predecessor trustee is no longer serving as trustee.  If a trustee vacancy occurs, and there is no said selected successor trustee to fill said vacancy, then the subsequent steps here shall be followed to select a new trustee.  The remaining trustee(s) who are not appointees shall select a new trustee in conformance with the selection criteria of this Part.  If there are no remaining trustees who are not appointees, then the individuals who meet the selection criteria of this Part shall step forward and decide among themselves which one shall be the new trustee in conformance with the selection criteria of this Part.  To select a new trustee, select the first situation that applies below (to select a successor trustee, select the first situation that will apply when the selecting trustee is no longer serving as trustee):

  1.  One Final Beneficiary    If the current final beneficiaries of all trusts include only one person, then the new trustee shall be said person, or if said new trustee is age 28 or more their appointee.  In this case there shall be only 1 trustee.  If said new trustee is under the age of 28, then proceed as provided below in section H to appoint an interim trustee for said new trustee.

  2.  Husband & Wife and their descendants, Beneficiaries    If the current final beneficiaries of all trusts were related at one time as either a parent, a spouse, and/or a child of a single family unit, and/or a blood descendant of said parent or spouse, then the new trustees shall be said parent and/or spouse who are current final beneficiaries of any trust and who are age 28 or older, or if said new trustee is age 28 or older their appointee.  In this case there may be 1 or 2 trustees.  If both said new trustees are under the age of 28, then proceed as provided below in section H to appoint an interim trustee for said new trustees, and in this case there shall be only 1 trustee.

  3.  Husband or Wife and their descendants, Beneficiaries    If the current final beneficiaries of all trusts were related at one time as either a parent, a spouse, and/or a child of a single family unit, and/or a blood descendant of said parent or spouse, but only one said parent or spouse is a current final beneficiary of any trust, then the new trustee shall be said one parent and/or spouse who is a current final beneficiary of any trust, or if said new trustee is age 28 or older their appointee.  In this case there shall be only 1 trustee.  If said new trustee is under the age of 28, then proceed as provided below in section H to appoint an interim trustee for said new trustee.

  4.  One child & descendants Final Beneficiaries    If the current final beneficiaries of all trusts consist of only one child and others who are all blood descendants of said child’s parent or parent’s spouse, but not siblings of said child, then the new trustee shall be said child, or if said new trustee is age 28 or older their appointee.  In this case there shall be only 1 trustee.  If said new trustee is under the age of 28, then proceed as provided below in section H to appoint an interim trustee for said new trustee.

  5.  More than One child & descendants Final Beneficiaries    If most of the older current final beneficiaries of all trusts consist of siblings and others of any age who are all blood descendants of said siblings’s parent or parent’s spouse, then the new trustees shall be each one of said siblings who are current final beneficiaries of any trust, or if said new trustee is age 28 or older their appointee.  In this case there shall be a number of trustees equal to the number of said siblings who are current final beneficiaries of any trust.  If said new trustee is under the age of 28, then proceed as provided below in section H to appoint an interim trustee for said new trustee.

  6.  Oldest Final Beneficiary    If none of the above conditions apply, then the oldest current final beneficiary of any trust shall be the new trustee, or if said new trustee is age 28 or older their appointee.  If said oldest person and their spouse (who is at least 28 years old) are both current final beneficiaries of any trust, then said spouse may also be a new trustee, or their appointee.  In this case there may be 1 or 2 trustees.  If said new trustee is under the age of 28, then proceed as provided below in section H to appoint an interim trustee for said new trustee.

H.  Selected New Trustee under the age of 28    If the new trustee selected above is under the age of 28 years old, then the appointed interim trustee, until said new trustee reaches the age of 28, shall be the first person from the list below who is willing and capacitated to serve:

  1.  Said new trustee’s mother or father who is also a current final beneficiary of any trust.

  2.  Said new trustee’s parent

  3.  Said new trustee’s parent’s spouse, provided they are currently married to each other, or were married to each other at the time of the other’s death, and have not remarried.

  4.  One of said new trustee’s uncles or aunts who are new trustee’s blood relatives.

  5.  If none of the above persons will serve as the appointed interim trustee, then said new trustee shall become the new trustee when they are at least 21 years old.

  6.  One of the oldest blood relatives of said new trustee.

  7.  One of the oldest relatives of said new trustee.

I.  If no living competent Trustee    If at any time circumstances should arise such that there is then no living competent trustee or interim trustee, the majority of the adult (of legal age) final beneficiaries of all trusts, or if there are no adult final beneficiaries, the parents or guardians of the minor final beneficiaries of all trusts, or if none, the parents or guardians of the prospective replacement current final beneficiaries of any trust, may appoint one trustee, having the required qualifications, and such trustee shall then appoint an additional trustee, or trustees in accordance with the selection criteria of this Part.

J.  Beneficiaries may be Trustees    Any trust shall not terminate or be held to have terminated upon any theory of merger based on the fact that the same persons are, by the terms of this DoT, made sole beneficiaries and trustees; and said beneficiaries are expressly given the right and privilege to participate in the property and business and the profits, dividends, earnings, and increase thereof, without regard to the relation as trustee which such beneficiaries may bear to any trust.

K.  Affidavit naming Trustee or Successor Trustee    All selections or appointments of a new trustee, or successor trustee shall be made by means of a written, witnessed, and notarized document, suitable for filing with the County Recorder.

 

Part 11.  Trust G Beneficiaries

If Trust G was created by this DoT, then:

A.  Wife's Beneficiaries    At the death of wife grantor, the trustee shall distribute her share of the trust property listed on Schedule A and any separate property listed on Schedule B, as specified in this section.

  1.  Any trust property listed on Schedule G shall be distributed to wife’s specific beneficiaries in accordance with Schedule G.

  2.  If wife grantor is the first grantor to die, her remaining trust property shall go to husband grantor.  The trustee shall dispose of that property under the terms of Part 12.  (Note that if Trust A is established, then Trust A property is distributed to her final beneficiaries under the terms of Part 13.)

  3.  If wife grantor is the second grantor to die, her remaining trust property shall be distributed to her final beneficiaries under the terms of Part 14.  (Note: via Trust B.)

B.  Husband's Beneficiaries    At the death of husband grantor, the trustee shall distribute his share of the trust property listed on Schedule A and any separate property listed on Schedule C, as specified in this section.

  1.  Any trust property listed on Schedule H shall be distributed to husband’s specific beneficiaries in accordance with Schedule H.

  2.  If husband grantor is the first grantor to die, his remaining trust property shall go to wife grantor.  The trustee shall dispose of that property under the terms of Part 12.  (Note that if Trust A is established, then Trust A property is distributed to his final beneficiaries under the terms of Part 13.)

  3.  If husband grantor is the second grantor to die, his remaining trust property shall be distributed to his final beneficiaries under the terms of Part 14.  (Note: via Trust B.)

 

Part 12.  Division of Trust G Trust Property into Trust A and Trust B

If Trust G was created by this DoT, then:

A.  Division of Trust Assets    After the death of the first grantor to die, the trustee shall divide the trust assets into three shares, called the Survivor's Share, the Marital Deduction Share, and the Bypass Trust Share.

  1.  Survivor's Share    This share consists of trust assets that are the surviving grantor's separate property and one-half of the trust assets that the surviving grantor owned jointly with the deceased spouse.

  2.  Marital Deduction Share    This share consists of assets that pass to the surviving grantor under this DoT that are not disclaimed by the surviving grantor within nine months of the deceased grantor's death.  These assets shall be held in and administered as part of Trust B, the Surviving Spouse's Trust.

  3.  The Bypass Trust Share    This share consists of assets that pass to the surviving grantor under this DoT that are disclaimed by the surviving grantor.  These assets shall be held in and administered as part of Trust A, the Bypass Trust.

B.  Disclaimer of Trust Assets    The surviving grantor is not required to disclaim any trust assets.  If the surviving grantor chooses to disclaim property, he or she shall do so within nine months after the deceased spouse's death.  Any property that is disclaimed by the surviving grantor, up to the amount that may pass without federal estate tax liability to the estate of the deceased grantor, shall be held and administered according to the terms of Trust A, the Bypass Trust, in Part 13.  A copy of the list of disclaimed trust assets, if any, shall be added to this DoT as Schedule D.

C.  Establishing the Bypass Trust    The trustee, after obtaining competent tax advice, may decide whether or not to establish Trust A, the Bypass Trust.  The trustee is not required to establish Trust A if to do so would, for example, fail to substantially reduce taxes at the surviving grantor's death or would place an undue burden on the surviving grantor.

The trustee does not need to physically segregate the assets to divide them between Trust A and Trust B.  The trustee shall exclusively determine what records, documents and actions are required to establish and maintain Trust A and Trust B.

D.  Assets in Trust A, the Bypass Trust    If the trustee does establish Trust A, the Bypass Trust, the trust shall contain all trust assets disclaimed by the surviving grantor, up to the amount that may pass without federal estate tax liability to the estate of the deceased grantor.

E.  Assets in Trust B, the Surviving Spouse's Trust    Trust assets not distributed to Trust A, the Bypass Trust, shall be held by the trustee of Trust B, the Surviving Spouse's Trust, according to the terms of that trust.  The surviving spouse's trust shall contain the Survivor's Share and the Marital Deduction Share, as described above.

F.  Deferral of Distribution or Division of Trust Assets    The trustee may, at the trustee's discretion, defer the distribution or division of assets after the first grantor's death until six months after the grantor's death.

 

Part 13.  (Trust G) Terms of Trust A, the Bypass Trust

If Trust G was created by this DoT, then all property held in Trust A shall be administered as follows:

A.  Revocation    Trust A is irrevocable.

B.  Life Beneficiary    The surviving spouse is the life beneficiary of Trust A.

C.  Payments From Trust A    The trustee shall pay to or spend for the benefit of the surviving spouse the net income of Trust A at least quarterly.  Income accruing in or paid to trust accounts shall be deemed to have been distributed to the surviving spouse.  The trustee shall also pay to or spend for the benefit of the surviving spouse any sums from the principal of Trust A necessary, in the trustee's discretion, for the surviving spouse's health, education, support and maintenance, in accordance with his or her accustomed manner of living.  Any income not spent for the benefit of the surviving spouse shall be accumulated and added to Trust A.

D.  Trustee's Responsibilities    The trustee has the rights and responsibilities set out in Part 8, Part 9, Part 10, and other Parts of this DoT.

The trustee is not required to make any accounting or report to any trust beneficiaries.

E.  Wife's Beneficiaries

  1.  (Note that if wife grantor is the first grantor to die, her specific gifts are distributed as provided for in Part 11.A.1.)  At the death of wife grantor, any Trust A property listed on Schedule G shall be distributed to wife’s specific beneficiaries by the trustee in accordance with Schedule G.

  2.  If wife grantor is the first grantor to die, then at the death of the life beneficiary (the second grantor to die), the trustee shall distribute the remaining property of Trust A, the Bypass Trust, to the final beneficiaries of the deceased spouse (the first grantor to die, in this case the wife grantor) in accordance with Schedule J under the terms of Part 21.

  3.  (Note that if wife grantor is the second grantor to die, her remaining trust property is distributed to her final beneficiaries under the terms of Part 14 via Trust B.)

F.  Husband's Beneficiaries

  1.  (Note that if husband grantor is the first grantor to die, his specific gifts are distributed as provided for in Part 11.B.1.)  At the death of husband grantor, any Trust A property listed on Schedule H shall be distributed to husband’s specific beneficiaries by the trustee in accordance with Schedule H.

  2.  If husband grantor is the first grantor to die, then at the death of the life beneficiary (the second grantor to die), the trustee shall distribute the remaining property of Trust A, the Bypass Trust, to the final beneficiaries of the deceased spouse (the first grantor to die, in this case the husband grantor) in accordance with Schedule K under the terms of Part 21.

  3.  (Note that if husband grantor is the second grantor to die, his remaining trust property is distributed to his final beneficiaries under the terms of Part 14 via Trust B.)

G.  100% Total    The sum of the fraction shares of the current final beneficiaries on Schedule J shall not exceed 1.00 (100%), and on Schedule K shall not exceed 1.00 (100%).

 

Part 14.  (Trust G) Terms of Trust B, the Surviving Spouse's Trust

If Trust G was created by this DoT, then:

A.  Surviving Spouse's Rights

  1.  During his or her life, the surviving spouse retains all rights to all income, profits and control of the property in Trust B.

  2.  The trustee shall pay income from Trust B at least quarterly to, or for the benefit of, the surviving spouse.  The trustee may also spend any amount of Trust B principal necessary, in the trustee's discretion, for the proper health, education, support, comfort, welfare and maintenance of the surviving spouse, in accordance with his or her accustomed standard of living.

  3.  Any income not spent for the benefit of the surviving spouse shall be accumulated and added to Trust B.

B.  Trustee's Responsibilities    The trustee has the rights and responsibilities set out in Part 8, Part 9, Part 10, and other Parts of this DoT.

The trustee is not required to make any accounting or report to any trust beneficiaries.

C.  Amendment and Revocation    The surviving spouse may amend or revoke Trust B at any time during his or her lifetime, without notifying any beneficiary.  If Trust B is revoked, the trustee shall distribute the trust property to the surviving spouse.  Trust B becomes irrevocable at the death of the surviving spouse.

D.  Wife's Beneficiaries

  1.  (Note that if wife grantor is the first grantor to die, her specific gifts are distributed as provided for in Part 11.A.1.)  At the death of wife grantor, any Trust B property listed on Schedule G shall be distributed to wife’s specific beneficiaries by the trustee in accordance with Schedule G.

  2.  (Note that if wife grantor is the first grantor to die, her remaining trust property is distributed to her final beneficiaries under the terms of Part 13 via Trust A if established, otherwise here via half of Trust B.)  If wife grantor is the second grantor to die, then at the death of wife grantor the trustee shall distribute the remaining property of Trust B, the Surviving Spouse’s Trust, to the final beneficiaries of the surviving spouse (the second grantor to die, in this case the wife grantor) in accordance with Schedule J under the terms of Part 21 if Trust A was established; otherwise, if Trust A was not established, half of the remaining property of Trust B shall be distributed to wife’s final beneficiaries in accordance with Schedule J under the terms of Part 21 and half of the remaining property of Trust B shall be distributed to husband’s final beneficiaries in accordance with Schedule K under the terms of Part 21 (this shall be accomplished by always dividing each “fraction share” on Schedule J and Schedule K by 2 when a distribution is made, so that the sum of the fraction share of all current final beneficiaries is always 1.00 when a distribution is made).

E.  Husband's Beneficiaries

  1.  (Note that if husband grantor is the first grantor to die, his specific gifts are distributed as provided for in Part 11.B.1.)  At the death of husband grantor, any Trust B property listed on Schedule H shall be distributed to husband’s specific beneficiaries by the trustee in accordance with Schedule H.

  2.  (Note that if husband grantor is the first grantor to die, his remaining trust property is distributed to his final beneficiaries under the terms of Part 13 via Trust A if established, otherwise here via half of Trust B.)  If husband grantor is the second grantor to die, then at the death of husband grantor the trustee shall distribute the remaining property of Trust B, the Surviving Spouse’s Trust, to the final beneficiaries of the surviving spouse (the second grantor to die, in this case the husband grantor) in accordance with Schedule K under the terms of Part 21 if Trust A was established; otherwise, if Trust A was not established, half of the remaining property of Trust B shall be distributed to husband’s final beneficiaries in accordance with Schedule K under the terms of Part 21 and half of the remaining property of Trust B shall be distributed to wife’s final beneficiaries in accordance with Schedule J under the terms of Part 21 (this shall be accomplished by always dividing each “fraction share” on Schedule J and Schedule K by 2 when a distribution is made, so that the sum of the fraction share of all current final beneficiaries is always 1.00 when a distribution is made).

F.  100% Total    The sum of the fraction shares of the current final beneficiaries on Schedule J shall not exceed 1.00 (100%), and on Schedule K shall not exceed 1.00 (100%).

G.  200% Total    The sum of the fraction shares of the current final beneficiaries on Schedule J and Schedule K (the combined sum of both) shall not exceed 2.00 (200%).  Therefore, if Trust A was not established, then by dividing each “fraction share” by 2, any distributions to the current final beneficiaries will add up to 100% of what is being distributed, even though the final beneficiaries are spread across two schedules (Schedule J and Schedule K).

 

Part 15.  Terms of Trust E

All property held in Trust E shall be administered as follows:

A.  Revocation    Trust E is irrevocable.

B.  Life Beneficiary    See Part 20 for any life beneficiary or life beneficiaries of Trust E.

C.  Payments From Trust E    The trustee shall pay to or spend for the benefit of the life beneficiaries the net income of Trust E at least quarterly.  Income accruing in or paid to trust accounts shall be deemed to have been distributed to the life beneficiaries.  The trustee shall also pay to or spend for the benefit of each life beneficiary any sums from any trust principal necessary, in the trustee's discretion, for the life beneficiary's health, education, support and maintenance, in accordance with his or her accustomed manner of living.  Any income not spent for the benefit of the surviving spouse shall be accumulated and added to Trust E.

D.  Trustee's Responsibilities    The trustee has the rights and responsibilities set out in Part 8, Part 9, Part 10, and other Parts of this DoT.

The trustee is not required to make any accounting or report to any trust beneficiaries.

E.  Wife's Beneficiaries

  1.  At the death of wife grantor, any trust property listed on Schedule G shall be distributed to wife’s specific beneficiaries in accordance with Schedule G.

  2.  Wife grantor’s remaining trust property shall be distributed to wife’s final beneficiaries in accordance with Schedule J under the terms of Part 21.

F.  Husband's Beneficiaries

  1.  At the death of husband grantor, any trust property listed on Schedule H shall be distributed to husband’s specific beneficiaries in accordance with Schedule H.

  2.  Husband grantor’s remaining trust property shall be distributed to husband’s final beneficiaries in accordance with Schedule K under the terms of Part 21.

G.  100% Total    The sum of the fraction shares of the current final beneficiaries on Schedule J and Schedule K (the combined sum of both) shall not exceed 1.00 (100%).  Therefore, any distributions to the current final beneficiaries will add up to 100% of what is being distributed, even though the final beneficiaries are spread across two schedules (Schedule J and Schedule K).

 

Part 16.  Simultaneous Death (Trust G)

If Trust G was created by this DoT, then if both grantors die simultaneously, or under such circumstances as to render it difficult or impossible to determine who predeceased the other, for purposes of this living trust it shall be conclusively presumed that both died at the same moment, and neither survived the other.  Trust G shall be deemed irrevocable.  Trust A and Trust B shall not be created under this DoT.  The trustee shall make any specific gifts provided for in Part 11.A.1 and Part 11.B.1., and then distribute all remaining Trust G property to each spouse's final beneficiaries as follows:

A.  Wife's Beneficiaries    Half of the remaining property of Trust G shall be distributed to wife’s final beneficiaries in accordance with Schedule J under the terms of Part 21.  This shall be accomplished by always dividing each “fraction share” on Schedule J by 2 when a distribution is made, so that the sum of the fraction share of all wife’s current final beneficiaries is always 0.50 when a distribution is made.

B.  Husband's Beneficiaries    Half of the remaining property of Trust G shall be distributed to husband’s final beneficiaries in accordance with Schedule K under the terms of Part 21.  This shall be accomplished by always dividing each “fraction share” on Schedule K by 2 when a distribution is made, so that the sum of the fraction share of all husband’s current final beneficiaries is always 0.50 when a distribution is made.

C.  200% Total    The sum of the fraction shares of the current final beneficiaries on Schedule J and Schedule K (the combined sum of both) shall not exceed 2.00 (200%).  Therefore by dividing each “fraction share” by 2, any distributions to the current final beneficiaries will add up to 100% of what is being distributed, even though the final beneficiaries are spread across two schedules (Schedule J and Schedule K).

 

Part 17.  Payment of Grantors' Debts and Taxes (Trust G)

If Trust G was created by this DoT, then the trustee may pay out of trust property such amounts as necessary for payment of debts, estate taxes and expenses of the last illness and funeral of either spouse.

 

Part 18.  General Administrative Provisions

A.  Governing Law    Any trust shall be domiciled in, and subject to the laws of, the State of _____Florida_______________; or shall be changed to and interpreted under the laws of any other location as shall be deemed prudent, wise, necessary, appropriate, or desirable by the trustee; wherever such laws are pertinent or applicable to the operation of any trust, without reference to its conflicts of laws rules.

B.  Severability of Clauses    If any provision of any trust is ruled unenforceable, the remaining provisions shall nevertheless remain in effect.

C.  Limited Liability

  1.  No demand for accounting    No beneficiary, as such, shall be empowered to enforce a demand for any accounting or report from the trustee relating to the management of any trust in any manner, including, but not limited to, the disbursement of its income or corpus, or any decision in regard to investments, reinvestments, sales, leases, rentals, conversion of assets into other forms of investment, or any other action taken or performed by trustee in their capacity as trustee.

  2.  Responsible only for its own obligations    Since any trust confers limited liability upon the trustee, grantor, and beneficiaries thereto, a statement declaratory of such limited liability shall be printed clearly on all contracts made by and between the trustee or a representative thereof and any third party or parties to such contract.  Furthermore, any trust shall be responsible only for its own obligations and never for those of any grantor, trustee, or beneficiary.

  3.  Look only to Trust, never personally    Even though the trustee has the power to bind any trust, all persons, companies, partnerships, corporations, or entities doing business of any kind with any trust shall look only to said trust for settlement, payment, or reimbursement for any debt or obligation due them and never personally to any grantor, trustee, or beneficiary.

  4.  Trust separate from individuals    Any trust created herein is a separate and independent entity and, as such, cannot be held legally responsible for any debt or obligation incurred personally as an individual by the grantor, or any trustee, or beneficiary thereof.

  5.  Trust not affected    Neither the death, nor the insolvency or bankruptcy of any trustee or holder of any beneficial interest in any trust shall in any way affect the operation or continuity of any trust.

D.  Spendthrift Provisions    All interests of a beneficiary hereunder shall be inalienable and free from anticipation, assignment, attachment, alienation, pledge, or control by creditors, or a present or former spouse of such beneficiary in any proceedings at law or in equity.

E.  Third Parties not Obligated

  1.  All trusts are created upon the understanding that the issuer, custodian, or transfer agent for the issuer, of any securities held hereunder shall be under no liability whatsoever to see to the proper administration of any trust, and that upon the transfer of any right, title, and interest in and to any shares or plan for the acquisition of any shares or any other trust property, said issuer, custodian, or transfer agent for such issuer shall conclusively treat the transferee as the sole owner of such shares, plan, or trust property and shall be under no liability to see to the proper application of the proceeds of such transfer, or of any partial or complete withdrawal under any such shares or plan, or of any distribution hereunder.

  2.  No person dealing with the trustee shall be under any obligation to see to the application of any money paid to the trustee, or to inquire into the validity or propriety of any act of the trustee or into any of the provisions of this DoT.  Neither shall any person dealing with the trustee, have a right to, or be privileged to inquire into the terms of any trust.

F.  Conflicts with Laws    Should any of the provisions of any trust be found to be in conflict with any present or future laws or regulations, and should said conflict be of such nature that if uncorrected it would result in any trust established hereby losing significant income and/or assets, which would be to the detriment of all beneficiaries of said trust, becoming inoperative, or becoming void, the trustee shall have the power to, and shall, modify such conflicting provisions of any trust to the extent necessary to comply with such laws or regulations.  Such modifications shall be made in such a manner that, to the maximum extent practical, the basic objectives of any trust may be carried out.

 

Part 19.  Children's Subtrusts

A.  Subtrust Beneficiaries and Age Limits    If any beneficiary becomes entitled to any trust property of any trust before reaching the age of 28, that trust property shall be, at the discretion of the trustee, either:

  1.  Parent or Guardian    Transferred to and held in custody by a parent or the guardian of said beneficiary, until it is transferred to said beneficiary upon reaching the age of 28.  Said parent or guardian may distribute as much of the net income or principal of said trust property as said parent or guardian deems necessary for the beneficiary's health, support, maintenance, education, or cultural progress, and later to aid in the establishment and development of the family and estate of said beneficiary.  Education includes, but is not limited to, elementary, high school, college, graduate, postgraduate and vocational studies, and reasonably related living expenses.  OR,

  2.  Subtrust    Kept in a separate subtrust, under the provisions of this Part.  The subtrust shall end when said beneficiary reaches the age of 28.

B.  Powers and Duties of Subtrust Trustee    The trustee may distribute as much of the net income or principal of the child's subtrust as the trustee deems necessary for the beneficiary's health, support, maintenance, education, or cultural progress, and later to aid in the establishment and development of the family and estate of said beneficiary.  Education includes, but is not limited to, elementary, high school, college, graduate, postgraduate and vocational studies, and reasonably related living expenses.

In deciding whether or not to make a distribution to the beneficiary, the trustee may take into account the beneficiary's other income, resources and sources of support.

Any subtrust income that is not distributed by the trustee shall be accumulated and added to the principal of the subtrust.

The trustee is not required to make any accounting or report to the subtrust beneficiary.

C.  Assignment of Subtrust Assets    The interests of the beneficiary are not transferable by voluntary or involuntary assignment or by operation of law before actual receipt by the beneficiary.  These interests shall be free from the claims of creditors and from attachments, execution, bankruptcy or other legal process to the fullest extent permitted by law.

D.  Compensation of Trustee    Any corporate trustee of a child's subtrust created under this DoT is entitled to reasonable compensation, without court approval, out of the subtrust assets for ordinary and extraordinary services, and for all services in connection with the termination of any subtrust.

E.  Termination of Subtrust    A child's subtrust shall end when any of the following events occurs:

  1.  The beneficiary reaches the age specified in Section A of this Part.  If the subtrust ends for this reason, the remaining principal and accumulated income of the subtrust shall be given outright to the beneficiary.

  2.  The beneficiary dies.  If the subtrust ends for this reason, the subtrust property shall pass to the beneficiary's heirs.  If the beneficiary left no will, then the subtrust property shall pass to beneficiary’s descendants, or if deceased or none, to beneficiary’s parents, or if deceased, to beneficiary’s siblings, or if deceased or none, to the descendants of beneficiary’s siblings, or if deceased or none, to beneficiary’s blood relatives at the discretion of trustee.

  3.  The trustee distributes all subtrust property under the provisions of this DoT.

 

Part 20.  Beneficiaries

A.  Life Beneficiary    Once a person qualifies as a life beneficiary, that person remains a life beneficiary until their death unless provided for otherwise under the provision of this DoT.

  1.  Original Trustees    The original trustees who’s signatures appear below, are each a life beneficiary.

  2.  Only 1 Beneficiary    If the current final beneficiaries of all trusts include only 1 person, then that person is a life beneficiary.

  3.  Only Spouse Beneficiaries    If the current final beneficiaries of all trusts include only a husband and a wife, then they are each a life beneficiary.

  4.  Parents    If the current final beneficiaries of all trusts were related at one time as either a parent, a spouse, and/or a child of a single family unit, and/or a blood descendant of said parent or spouse, then each said parent and/or said spouse, who is a current final beneficiary of any trust, is a life beneficiary.

  5.  No other Siblings    If the oldest current final beneficiary of all trusts has no other siblings or siblings’ descendants as current final beneficiaries of any trust, then said oldest beneficiary is a life beneficiary.

  6.  Parent who is not a Final Beneficiary    If certain persons were related and lived together at one time as a single family unit with a parent who is not a final beneficiary of any trust, a deceased spouse who was (immediately prior to death) a current final beneficiary of any trust, and at least one child of said parent, or said child’s descendants, is a current or prior final beneficiary of any trust, and if the other current final beneficiaries of all trusts are either, a child of said parent or said spouse, and/or a blood descendant of said parent or spouse, and said parent was married to said spouse at the time said spouse died, and said parent has not remarried, then said parent, who is not a final beneficiary of any trust, shall be a life beneficiary until said parent remarries.

  7.  Spouse who is not a final beneficiary    If certain persons were related and lived together at one time as a single family unit with a spouse who is not a final beneficiary of any trust and a deceased spouse who was (immediately prior to death) a current final beneficiary of any trust, and if the other current final beneficiaries of all trusts are either, a child of either said spouse, or a descendant of either said spouse, and said spouses were only married to each other (no other spouses for either spouse), including at the time said spouse died, and said living spouse has not remarried, then said spouse, who is not a final beneficiary of any trust, shall be a life beneficiary until said spouse remarries.

B.  Termination of Beneficiary’s Beneficial Interest    All of beneficiary’s beneficial interest in all trusts is terminated, changing their classification from a current beneficiary and/or life beneficiary to a prior beneficiary, when any one of the following events occurs:

  1.  The Beneficiary dies, Replacement Beneficiaries     If a beneficiary dies, and the deceased beneficiary was (immediately prior to death) a current final beneficiary of any trust, then all of said deceased beneficiary’s beneficial interest shares in all trusts shall become null and void and shall immediately revert to the trustee, who shall thereupon name a replacement current final beneficiary or beneficiaries and issue them the replacement shares as follows:

   a.  Surviving Spouse    If the deceased beneficiary died leaving a surviving spouse who is already a current final beneficiary of any trust, then all of deceased beneficiary’s beneficial interest shares in all trusts shall be issued to said surviving spouse.

Upon the death of said surviving spouse, these replacement shares shall be issued to the replacement current final beneficiary or beneficiaries as if the earlier deceased beneficiary had died leaving no surviving spouse.

   b.  Only 1 child is a Final Beneficiary    If (a) above does not apply, then if the deceased beneficiary has (or had) a child (or that child’s descendant(s)) who is a current final beneficiary of any trust, and no other sibling of said child (or said sibling’s descendant(s)) is a current final beneficiary of any trust, then all of deceased beneficiary’s beneficial interest shares in all trusts shall be issued to said child, or, if said child is deceased, then issued equally to said child’s children who are already current final beneficiaries of any trust, or if none are already, then issued equally to said child’s children, per stirpes, or, if applicable, continue in this manner with said child’s descendant(s).

   c.  More than 1 child (or none) is a Final Beneficiary    If (a) and (b) above do not apply, then if the deceased beneficiary has (or had) more than one child (or that child’s descendant(s)) who is a current final beneficiary of any trust, then all of deceased beneficiary’s beneficial interest shares in all trusts shall be issued equally to each said child, per stirpes who (including only each said child and each of their descendant(s) who) already is a current final beneficiary of any trust, or if none are already, then issued equally to said child’s children, per stirpes, or, if applicable, continue in this manner with said child’s descendant(s).

   d.  Summary and extension of (a) and (c) above    The replacement current final beneficiary or beneficiaries shall consist of; the deceased beneficiary’s surviving spouse, provided said surviving spouse was already a current final beneficiary of any trust (then upon the death of said surviving spouse, these replacement shares shall be issued to the replacement current final beneficiary or beneficiaries as if the earlier deceased beneficiary had died leaving no surviving spouse), or, if the deceased beneficiary died leaving no such surviving spouse and beneficiary; the deceased beneficiary’s issue, per stirpes, or, if the deceased beneficiary died leaving no surviving issue; the deceased beneficiary’s brothers and sisters, who are lineal descendants of the grantor, in equal shares (excluding any who die leaving no surviving issue), per stirpes, or, if none are such descendants or if they all should die leaving no surviving issue; the deceased beneficiary’s nieces and nephews who are lineal descendants of the grantor in equal shares (excluding any who die leaving no surviving issue), per stirpes, or, if the deceased beneficiary died leaving no such nieces and nephews; the original beneficiaries in equal shares (excluding any who die), or, if the deceased beneficiary died leaving no surviving original beneficiaries; the lineal descendants of the grantor in equal shares (excluding any who die leaving no surviving issue), per stirpes, or, if they all should die leaving no surviving issue; the deceased beneficiary’s first cousins in equal shares (excluding any who die leaving no surviving issue), per stirpes.

   e.  Grantor has no vote    The grantor shall have no voice or vote in determining who shall be a replacement current final beneficiary in the event that any beneficiary dies leaving no first cousins or other complication in selecting replacement current final beneficiaries.

  2.  All Distributed    All of beneficiary’s beneficial interest in all trusts is distributed to the beneficiary.

  3.  All Exchanged    All of beneficiary’s beneficial interest in all trusts is exchanged, such that the beneficiary no longer has any remaining beneficial interest in any trust.

  4.  All Disclaimed    The beneficiary, age 28 or older, makes a written, notarized, irrevocable, and unqualified statement refusing and disclaiming all of beneficiary’s beneficial interest in all trusts, and delivers this document to the trustee.

  5.  Files a lawsuit    Any beneficiary of any trust that files a lawsuit against any trust, and/or against any individual trustee (who is not a corporate trustee) in their capacity as a trustee of any trust, and upon written notice of this provision does not immediately withdraw said lawsuit, shall be deemed to have disclaimed and surrendered any and all of their beneficial interest and beneficial interest shares in all trusts (such that said beneficiary no longer has any remaining beneficial interest in any trust).

C.  Assignment of Beneficial Interest    The interests of a beneficiary are not transferable by voluntary or involuntary assignment or by operation of law before actual receipt by the beneficiary, except as provided for in this DoT.  These interests shall be free from the claims of creditors and from attachments, execution, bankruptcy or other legal process to the fullest extent permitted by law.

D.  Changes between Beneficiaries    Current or prior age-28-or-older capacitated beneficiaries may mutually agree in writing to exchange their beneficial interest shares (all or part) they hold in any trust (herein) with each other, provided that all current final and life beneficiaries of said any trust who are adults and capacitated, consent in writing to this exchange.

(Note:  A person is considered to be capacitated unless they have become physically or mentally incapacitated, as stated in writing by a licensed physician, whether or not a court has declared them incompetent or in need of a conservator or guardian.  This incapacitated condition exists until a licensed physician states in writing that the formerly incapacitated person is no longer incapacitated.)

E.  Exchanges of Beneficial Interest    Age-28-or-older siblings may mutually agree in writing to exchange their beneficial interest shares (all or part) they hold in any trust (herein) with beneficial interest shares (all or part) they hold in any other trust (herein or otherwise), provided that either:

  a)  both siblings are current or prior beneficiaries of both trusts, or

  b)  at least one of their parents is a current or prior beneficiary
       (including a grantor of a revocable trust) of both trusts.

All of siblings’ parents who are alive and capacitated, and who are current or prior beneficiaries of either trust, must consent in writing to this exchange.

F.  Additions of Beneficial Interest for all children    If the current final beneficiaries of all trusts includes only one person, then the trustee, at the request of and with the written consent of said person, shall issue a portion of the beneficial interest shares of any trust to the children of said person in equal shares.  Said person shall surrender the necessary portion of beneficial interest shares needed to accomplish this issue.

G.  Additions of Beneficial Interest for an additional child, descendant    If the current final beneficiaries of all trusts were related at one time as either a parent, a spouse, and/or a child of a single family unit, and/or a  blood descendant of said parent or spouse, then the trustee, at the request of and with the written consent of both/all said parents and/or said spouse who are alive and capacitated, shall issue a portion of the beneficial interest shares of any trust to a child of said family, or a blood descendant of said family, if said child or descendant is not already a current final beneficiary of any trust.  The portion of beneficial interest shares issued shall be less than or equal to the maximum number of shares currently held by another child of said family, or grandchild, or great-grandchild, etc., respectively, who is also a current beneficiary of any trust.  Said parents and/or spouses, shall surrender the necessary portion of beneficial interest shares needed to accomplish this issue.

H.  Additions of Beneficial Interest to better equalize children, descendants    If the current final beneficiaries of all trusts were related at one time as either a parent, a spouse, and/or a child of a single family unit, and/or a  blood descendant of said parent or spouse, then the trustee, at the request of and with the written consent of both/all said parents and/or said spouse who are alive and capacitated, shall issue a portion of the beneficial interest shares of any trust to a child of said family, or a blood descendant of said family, to better equalize the number of shares held by members of the same generation who are already a current final beneficiary of any trust.  Said parents and/or spouses, shall surrender the necessary portion of beneficial interest shares needed to accomplish this issue.

 

Part 21.  Trust Property Distributions

A.  Terms of Property Distributions

  1.  Distributions to Minors    All distributions are subject to any provision in this DoT that creates a child's subtrust or a custodianship under the Uniform Transfers to Minors Act.

  2.  Beneficiary must survive Grantor    If Trust G was created by this DoT, then a beneficiary must survive the grantor for 120 hours to receive property under this DoT.  In this case if any of them does not survive the grantor, the others shall take that beneficiary's share, to share equally, unless this DoT provides otherwise.  As used in this DoT, to survive means to be alive or in existence as an organization.

  3.  Share Equally    If property is left to two or more beneficiaries to share, they shall share it equally unless this DoT provides otherwise.

  4.  Distributions of Net Income and Corpus    The trustee may disburse all or none or any portion of the net income of any trust at trustee’s discretion and also a portion of the currently existing trust corpus, not exceeding ten per cent in any one year, to the current final beneficiaries hereunder, always in direct ratio to the fraction share held by each of them.  Also, when a final distribution of trust corpus is made at the termination of any trust, such distribution shall be in direct ratio to the fraction share held by each current final beneficiary hereunder.

  5.  Allocation to less than 100% outstanding    If the sum of beneficial interest fraction shares, held by current final beneficiaries of any trust, is less than 1.00 (100%), then any distribution to said beneficial interest shares, shall be allocated on a prorated basis to the beneficial interest fraction shares, held by said current final beneficiaries of any trust.

  6.  Disclaimers    Any beneficiary is authorized to disclaim, in whole or in part, any interests passing to him or her as the result of any trust.  Any interests so disclaimed are hereby given or returned to the trustee to be added to the trust corpus, or distributed to life beneficiaries or current final beneficiaries selected by the trustee, and in amounts selected by the trustee.

  7.  Encumbrances    All personal and real property left through any trust shall pass subject to any encumbrances or liens placed on the property as security for the repayment of a loan or debt.

  8.  Unforeseen Estate Taxes    Prior to termination of any trust the corpus of any trust shall not be taxable to the estate of any person, except as provided for in this DoT.  If however, prior to termination, for any reason, all or part of the undistributed income or corpus of any trust is determined or is judged to be taxable to the estate of any participant in any trust, then to the extent that the corpus of any trust is included in the estate of said participant, the trustee may, at their option, pay out of the corpus of any trust all or part of a ratable share of the taxes; but not to exceed a ratable share of the taxes determined by the proportion which the included portion of the corpus of any trust bears to the net taxable estate of said participant, after exemptions and credits are taken as determined for estate tax purposes by the authority assessing the tax.

  9.  Property related to beneficiary    If a current final beneficiary of any trust is also either, a current beneficiary of another trust that has trust property related to property of any trust, or the owner of property related to property of any trust (example: a house in this trust, and the land that it is on is either, in another trust also having a beneficiary of this trust or already owned by a beneficiary of this trust), then to the maximum extent possible, the trustee shall distribute said related trust property to the current final beneficiary of any trust with said relationship, with the consent of said beneficiary.

B.  Annual Income Allocation    The trustee shall allocate the current year’s net taxable income of any trust into 3 separate categories.

  1.  Allocation to trust corpus    Category 1:  Income that is to be added to the trust corpus.  This income is typically taxable to the trust if the trust is irrevocable, otherwise to the grantor.

  2.  Allocation to final beneficiaries    Category 2:  Income that is to be distributed to the current final beneficiaries of any trust in proportion to the shares of beneficial interest they each hold.  This income is typically taxable to the current final beneficiary of any trust.  The after tax balance of each such distributed amount is to be retained by the current final beneficiary of any trust.

  3.  Deemed Allocation to life beneficiaries    Category 3:  Income that is to be deemed distributions to current final beneficiaries of any trust selected by the trustee, and in amounts selected by the trustee.  This income is typically taxable to the current final beneficiary of any trust.  The trust shall make an actual distribution to each such current final beneficiary of any trust to cover the cost of the marginal taxes to be paid by the current final beneficiary of any trust for this income.  The after tax balance of each deemed distribution shall likewise be deemed to be a gift from each such current final beneficiary of any trust, and/or their spouse, to the life beneficiaries, and/or their spouse.  The trust shall automatically transfer these deemed distribution balances and deemed gifts directly to the life beneficiaries.

 

Part 22.  Duration and Termination

A.  Termination Unanimous    Provided the maximum number of trustees are currently serving, the trustees may, by their unanimous decision and their discretion because of good and sufficient reasons, terminate and dissolve any trust.  Should such action be taken, then any remaining distributions to specific beneficiaries shall be made, and then all remaining trust property shall be distributed to the current final beneficiaries hereunder on a pro-rata shares basis.

B.  Minors at Termination    Should any beneficiary of any trust not have attained the age of 18 years at the time any trust is terminated, the trustee shall deliver, pay over, transfer, and distribute such beneficiary’s share of the trust property to such beneficiary’s parents or guardian as trustee for such beneficiary until such beneficiary has attained the age of 18, absolutely.

C.  Affidavit of Trust Termination    At the time any trust is terminated, the trustee shall, by means of a written, witnessed, and notarized document, suitable for filing with the County Recorder, make a statement that any trust is being terminated and dissolved and that its properties are being distributed.  Thereupon, such trustee shall automatically be discharged from further duty or activity as trustee, provided that such trustee shall have performed their duties in accordance with the provisions of any trust and all applicable law.

 

Part 23.  Perpetuities

 A.  Notwithstanding any provision of this DoT to the contrary, all future interests created herein shall vest and all trusts shall terminate within twenty-one (21) years after the death of the last survivor of a group composed of the original final beneficiaries of all trusts and their siblings and their first and second cousins and all their descendants living at the time of the execution of this DoT.  If because of this provision a future interest is deemed to vest instead at a time other than the time it would have vested under the other provisions of this DoT, the future interest shall then be deemed to vest in the life beneficiary living at that time and presumptively entitled to the future interest.

 

Certification of Grantors and Trustees

We certify that we have read this Declaration of Trust and that it correctly states the terms and conditions under which the trust property is to be held, managed and disposed of by the trustee(s), and we approve the Declaration of Trust.

The trustee(s) hereof agree to hold legal title, in Trust, as joint tenants in fee simple and not as tenants in common, who collectively shall compose the trustees for the purpose of conducting the business of this Declaration of Trust.  Each grantor hereby appoints and constitutes the designated trustee(s), to be in fact, the trustee(s) of the Unincorporated Trust Organization hereby created and established.

 

IN WITNESS WHEREOF, this AGREEMENT, CONVEYANCE, and ACCEPTANCE is made and

entered into on this _________ day of _____________________, 20 _____ by and between the grantor(s) and trustee(s) hereof who have hereunder, and to a duplicate hereof, set their hands and seals.

 
 

Statement of Witnesses for Grantor(s)
On this day the grantor(s) whose signature(s) appear below declared to us, the undersigned witnesses, that this Declaration of Trust was theirs and requested us to act as witnesses to it.
The grantor(s) then signed this Declaration of Trust in our presence.  We now, at their request, in their presence, subscribe our names as witnesses and declare we understand this to be their Declaration of Trust.
We declare that the foregoing is true and correct, on this day.

 

______________________________________  Grantor
Witness's signature for Grantor(s)

______________________________________  _________________________________
Witness's printed name                                                        John E. Doe

______________________________________  Grantor
Witness's signature for Grantor(s)

______________________________________  _________________________________
Witness's printed name                                                        Jane E. Doe

 

CERTIFICATE of ACKNOWLEDGMENT of NOTARY PUBLIC for GRANTOR(S)

State of Florida         ) ss.
County of _______________________________ )

On ___________________, _______ before me, ________________________, a notary public

for said state, personally appeared ______________John E. Doe___________________________

and _________________Jane E. Doe____________________, personally known to me (or proved on the basis of satisfactory evidence) to be the person/persons whose name/names is/are subscribed to the within instrument, and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity/capacities and that by his/her/their signature/signatures on the instrument the person/persons, or the entity upon behalf of which the person/persons acted, executed the instrument.

       WITNESS my hand and official seal.

       ______________________________________
       Notary Public for the State of Florida

 [NOTARIAL SEAL]   My commission expires: _____________________

 

______________________________________  Trustee
Witness's signature for Trustee(s)

______________________________________  _________________________________
Witness's printed name                                                        John E. Doe, Trustee

______________________________________  Trustee
Witness's signature for Trustee(s)

______________________________________  _________________________________
Witness's printed name                                                        Jane E. Doe, Trustee

 

CERTIFICATE of ACKNOWLEDGMENT of NOTARY PUBLIC for TRUSTEE(S)

State of Florida         ) ss.
County of _______________________________ )

On ___________________, _______ before me, ________________________, a notary public

for said state, personally appeared ___________John E. Doe, Trustee___________________

and _______________Jane E. Doe, Trustee_______________, personally known to me (or proved on the basis of satisfactory evidence) to be the person/persons whose name/names is/are subscribed to the within instrument, and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity/capacities and that by his/her/their signature/signatures on the instrument the person/persons, or the entity upon behalf of which the person/persons acted, executed the instrument.

       WITNESS my hand and official seal.

       ______________________________________
       Notary Public for the State of Florida

 [NOTARIAL SEAL]   My commission expires: _____________________

 
 

SCHEDULE A
SHARED PROPERTY placed in TRUST G.  Remainder later to TRUST B

All grantor's/grantors’ interest in the following property:

1.  The amount of $20.00 in cash.

 
 

SCHEDULE B
WIFE'S SEPARATE PROPERTY placed in TRUST G.  Remainder later to TRUST B

All wife grantor’s interest in the following property:

1.  None.

 
 

SCHEDULE C
HUSBAND'S SEPARATE PROPERTY placed in TRUST G.  Remainder later to TRUST B

All husband grantor's interest in the following property:

1.  None.

 
 

SCHEDULE D
Copy of list of DISCLAIMED PROPERTY (shifted from TRUST G to TRUST A)

 
 

SCHEDULE E
PROPERTY placed in TRUST E

All grantor's/grantors’ interest in the following property:

1. None.

 
 

SCHEDULE G
WIFE’S SPECIFIC BENEFICIARIES of TRUST G, TRUST A, TRUST B, TRUST E

 A.  Wife’s Specific Beneficiaries    At the death of wife grantor, the trustee shall distribute her share of the trust property listed on Schedule A and any separate property listed on Schedule B as specified in this schedule.

  1.  None.

 
 

SCHEDULE H
HUSBAND’S SPECIFIC BENEFICIARIES of TRUST G, TRUST A, TRUST B, TRUST E

 B.  Husband's Specific Beneficiaries    At the death of husband grantor, the trustee shall distribute his share of the trust property listed on Schedule A and any separate property listed on Schedule C as specified in this schedule.

  1.  None.

 
 

SCHEDULE J
WIFE’S FINAL BENEFICIARIES, of TRUST A if Wife dies first, or
of TRUST G if simultaneous death (use half), or
of TRUST B if Wife dies last (or if no TRUST A (use half)), or of TRUST E.

                                                                         * “Blank” = current, “Prior” = prior

                                                                                                   Fraction
Name of Final Beneficiary     Designation or Relationship     Share     Status*

John E. Doe                            Life Beneficiary (LB)                15/100

Jane E. Doe                            Life Beneficiary (LB)                16/100

William E. Doe                       Son of LB                                   23/100

Janet N. Doe                           Daughter of LB                         23/100

Robert K. Doe                        Son of LB                                   23/100

 
 

SCHEDULE K
HUSBAND’S FINAL BENEFICIARIES, of TRUST A if Husband dies first, or
of TRUST G if simultaneous death (use half), or
of TRUST B if Husband dies last (or if no TRUST A (use half)), or of TRUST E.

                                                                        * “Blank” = current, “Prior” = prior

                                                                                                   Fraction
Name of Final Beneficiary     Designation or Relationship     Share     Status*

John E. Doe                            Life Beneficiary (LB)                15/100

Jane E. Doe                            Life Beneficiary (LB)                16/100

William E. Doe                       Son of LB                                   23/100

Janet N. Doe                           Daughter of LB                         23/100

Robert K. Doe                        Son of LB                                   23/100

 
 
 
 
Insights into this Trust Agreement
 
Almost all of the good points of Quicken WillMaker Plus 2008 AB Living Trust,
and several other trusts over the years, have been incorporated into this trust.
 
However, once assets are in a trust, the goal is generally to leave them there.
Hence, this trust is structured with flexibility for the long haul,
while still retaining quick distribution and dissolution options.
 
Since each revocable trust ultimately becomes irrevocable (at death),
this trust includes the option of being irrevocable from its beginning (check box for: Trust E).
 
This trust adapts to numerous future events and scenarios.  Consequently, it is longer than most trusts,
because of all the adaptive wording (about 40 pages, including schedules).
 
 
 
Additional Assistance  ( WillMaker )
 
For help in understanding, and for additional forms related to, revocable AB Living Trusts, consider purchasing:
Quicken WillMaker Plus 2008 Edition: Estate Planning Essentials (Book with CD-ROM) (Paperback)
(This book CD-ROM combo *DOES* include the full version of Quicken WillMaker Plus 2008.
This book CD-ROM bundle is both cheaper ($31.49) and more helpful.)                  Available from:
 
http://www.amazon.com (then, search for "Quicken WillMaker Plus 2008 Essentials", then click on book icon)
 
As an additional step, run out an AB trust using WillMaker, and compare it with this trust.
( Of course, WillMaker has no option to create an irrevocable trust. )
 
WillMaker is primarily a trust substitute for a will, whereas, this trust gives the trustees the option, and flexibility, to continue this trust for their descendants' lifetimes, and possibly longer (see Part 22 A.  Termination Unanimous).
 
This additional step will also enable you to pick up on any state specific clauses that you may want to include in this trust  (see word of caution on Trust Primer page), or at least be aware of.
 
 
 
Registering the Trust   (Note:  Not normally a good idea.)
 
Some states (Alaska, Colorado, Florida, Hawaii, Idaho, Maine, Michigan, Missouri, Nebraska and North Dakota) have laws requiring that you register your living trust document with the local court.  But there are no legal consequences or penalties if you don't.  (Note:  Trusts are supposed to be kept private.)
 
 
 
 Disclaimer
 
This Trust should work (no guarantees) in all states (except Louisiana, where the estate planning documents created by most software won't be legal due to that state's specific drafting requirements).
 
Please note that this website is not a law firm, does not act as your attorney, and is not a substitute for the advice of an attorney.  Rather, it helps you represent yourself in your own legal matters, by providing samples of forms and documents others have used.  Use any forms and documents such as these at your own risk.  No one assumes any liability for damages, or consequential damages.
 
Read this trust through to make sure you are comfortable with what it says, and the approaches it takes.
 
If you seek representation, are involved in litigation or have complex legal issues that cannot be resolved on your own, you may want to consider other alternatives, including consulting an attorney.  Only you can tell whether or not a form or document is right for you, given your circumstances.  If you want advice geared to your specific situation, consult an expert.  No general legal form or document is a substitute for personalized advice from a knowledgeable lawyer licensed to practice law in your state.
 
This website contains the ideas and opinions of the author.  This website does not contain specific investment, legal, tax or any other form of professional advice.  If specific advice is needed, it should be sought from an appropriate professional.  Any liability, responsibility or warranty for the results of the application of principles contained in the website, insights, hints, sample forms and documents, either directly or indirectly, are expressly disclaimed by the author.
 
 
 
Inputs:  If you find phrases, and/or paragraphs that you feel better describe or illustrate certain trust details,
or should be included in this trust agreement, please forward them to:  trust-inputs@AbesAlerts.com
 
 
AbesAlerts.com
 
Trust Updated  Mar. 10, 2008 ( revision "-i" )
This Page Updated  Mar. 10, 2008
 
 
Universal Trust Agreement
AB Living Trust Revocable / Irrevocable
Adapts to numerous future events and scenarios !
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