Revocable Living Trust Agreement for an Individual
This
Irrevocable Trust Agreement is made this _________ day of __________,
_______________,
Between
______________
s/o ________________ r/o __________________________, herein referred to as
Grantor,
AND
______________
s/o ________________ r/o __________________________ and __________________ s/o
_______________ r/o __________________________, herein jointly referred to as
Trustees.
WHEREAS,
Grantor is now the owner of the property described in Exhibit A attached hereto
and made a part hereof,
AND
WHEREAS, Grantor desires to make provision for the care and management of such
property, and the collection of the income there from, and the disposition of
both such income and such property in the manner herein provided:
Now,
therefore, for the reasons set forth above, and in consideration of the mutual
covenants set forth herein, Grantor and Trustees agree as follows:
1. That the Grantor, in
consideration of the acceptance by trustee of the trust herein created, hereby
convey, transfer, assign, and delivers to Trustees their successors in trust
and assigns, the property described in Exhibit A attached hereto and made a
part hereof, by this reference, which property, together with all other
property that may from time to time be held by Trustees hereunder, is herein
referred to as "Trust Estate".
2. That the Grantor, and
any other persons shall have the right at any time to add property acceptable
to Trustees to this trust and such property, when received and accepted by
Trustees, shall become part of the Trust Estate.
3. That the Trustees
shall care for and manage the trust estate and collect the income derived there
from, and, after the payment of all taxes and assessments thereon and all
charges incident to the management thereof, dispose of the net income there
from and corpus thereof, as follows
4. During the lifetime
of Grantor the Trustees may pay income of the trust estate and such portions of
the principal as the Grantor from time to time may direct to the Grantor, or otherwise
as he/she directs during his/her life. After the death of the Grantor the
successor trustee shall distribute the trust estate to the following
beneficiary or beneficiaries who shall survive me:
a. ____________ (Name
& address)
b. ____________ (Name
& address)
c. ____________ (Name
& address)
5. The share of any
beneficiary who shall be under the age of (____________) years shall not be
paid to such beneficiary but shall instead be held in trust to apply to his/her
use all the income thereof, and also such amounts of the principal, even to the
extent of all, as the trustee deems necessary or suitable for the support,
welfare, and education of such beneficiary; and when he/she attains the age of
(___________) years, to pay him/her the remaining principal, if any. If any
beneficiary for whom a share is held in trust should die before having received
all the principal thereof, then upon his/her death the remaining principal
shall be paid to his/her then living child or children, equally if more than
one, and in default thereof, to the then living descendants of the Grantor, per
stripes. No interest hereunder shall be transferable or assignable by any
beneficiary, or be subject during his or her life to the claims of his or her
creditors.
6. Notwithstanding
anything herein to the contrary, the trusts hereunder shall terminate not later
than twenty-one (21) years after the death of the last beneficiary name herein.
7. That the Grantor may,
by signed instrument delivered to the trustee, revoke the trusts hereunder, in
whole or in part, or amend this Agreement from time to time in any manner.
8. That in the event of
the death or incapacity of both Trustees, I hereby nominate and appoint as
successor trustee ______________ s/o _______________ r/o
__________________________. In the event the successor trustee does not serve I
appoint whoever shall at the time be the first designated beneficiary
hereunder. The Trustees and their successors shall serve without bond.
9. That this trust has
been accepted by Trustees and will be in India and its validity, construction,
and all rights there under shall be governed by the laws as in force in India.
In
Witness Whereof, Grantors and Trustees have executed this Agreement on the date
above written.
____________________________
Grantor
_____________________________
________________________________
Co-Trustee
_____________________________
________________________________
Witnesses
1.
2.
Sworn
to and subscribed before me this (day) of (month), (year).
Notary
Public
___________________
Date
Schedule
A (List of property included in this agreement)
_______________________________________________________
________________________________________________________
_________________________________________________________
