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Declaration Of Revocable Trust
This Declaration of Revocable Trust is made this _(1)_ day of
________(2)________, 19_(3)_, by and between ________(4)_________, of
___________(5)______________, hereinafter called the Trustor, and __________(6)__________,
of ____________(7)______________, hereinafter called the Trustee.
I
The Trustor hereby assigns, conveys and gives to the Trustee, in trust,
the following property:
(Description of Property)
II
The Trustee shall receive and hold said property, together with any
additions thereto, in trust for the use and benefit of:
III
I reserve the absolute right, during my life, by an instrument in
writing signed by me, to revoke, annul and cancel this agreement and the trust created
hereby; and to alter, modify or amend this trust in any and all aspects; and to withdraw
at any time, and from time to time, any and all of the aforesaid property; and to add
thereto at any time, and from time to time, such additional property as I may determine.
IV
This agreement and the trust created hereby shall be administered,
managed, governed and regulated in all respects according to applicable statutes of the
State of ______(8)______.
V
The Trustee, in addition to all other powers granted by this agreement
and by law, shall have the following additional powers with respect to the trust, to be
exercised from time to time at the Trustee's discretion:
Management of the Trust
To invest and reinvest, lease, rent, mortgage, insure, repair, improve
or sell any of the real and personal property of the trust as he may deem advisable.
Business Interests
To sell or otherwise liquidate, or to continue to operate at his
discretion, any corporation, partnership or other business interest which may be received
by the trust.
Mortgages, Pledges and Deeds of Trust
To enforce any and all mortgages, pledges and deeds of trust held by
the trust and to purchase at any sale thereunder any such real estate or personal property
subject to any mortgage, pledge or deed of trust.
Litigation
To initiate or defend, at his discretion, any litigation affecting the
trust.
Attorneys, Advisors and Agents
To employ and to pay from the trust reasonable compensation to such
attorneys, accountants, brokers, and investment, tax and other advisors as he shall deem
advisable.
Adjustment of Claims
To submit to arbitration, to compromise or to release or otherwise
adjust, with or without compensation, any and all claims affecting the trust estate.
VI
No bond for the faithful performance of duties shall be required of any
Trustee appointed under this agreement.
VII
The Trustee shall receive reasonable compensation for the services
performed by him, but such compensation shall not exceed the amount customarily received
by corporate fiduciaries in the area for like services.
VIII
No Trustee of the trust created by this agreement shall at any time be
held liable for any action or default of himself, or of his agent, or of any other person
in connection with the administration and management of this trust unless caused by his
own gross negligence or by commission of a willful act of breach of trust.
IX
The Trustee, by joining in the execution of this agreement, hereby
signifies his acceptance of this trust.
X
The Trustee shall have sole authority to determine what shall be
defined as income and what shall be defined as principal of the trust established by this
agreement, and to determine which costs, taxes and other expenses shall be paid out of
income and which shall be paid out of principal.
XI
In the event that any portion of this agreement or the trust created
hereby shall be held illegal, invalid or otherwise inoperative, it is my intention that
all of the other provisions hereof shall continue to be fully effective and operative
insofar as is possible and reasonable.
IN WITNESS WHEREOF, the parties hereto have executed this agreement the
day and year first above written.
____________(9)_________________ ____________(10)_______________
Trustor
____________(9)_________________
____________(9)_________________ ____________(11)_______________
Trustee
____________(9)_________________
I, the undersigned spouse of the above-described Trustor, do hereby
waive and relinquish any and all claim to whatever community-property rights I may have in
the hereinabove-described property and do give and grant my assent to the trust and to the
incorporation therein of said property.
____________(9)_________________ ____________(12)_______________
Legal Spouse of Trustor
____________(9)_________________
STATE OF ________(13)___________)
) ss:
COUNTY OF _______(14)___________)
On this _(15)_ day of _______(16)________, 19_(17)_, before me
personally came and appeared _________(18)___________ and _________(19)___________, known,
and known to me, to be the individuals described in and who executed the foregoing
instrument, and who duly acknowledged to me that they executed same for the purpose
therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
_____________(20)______________
My Commission Expires: _________(21)___________
NOTICE
The information in this document is designed to provide an outline that
you can follow when formulating business or personal plans. Due to the variances of many
local, city, county and state laws, we recommend that you seek professional legal
counseling before entering into any contract or agreement.
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