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3270.BLD
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1993-01-06
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#3270
@001 Enter the name of the SETTLOR (person making the trust)
@002 Name the initial TRUSTEE:
@320 Enter first line of address of SETTLOR:
@321 Enter second line of address of SETTLOR:
@323 Enter the third line of address of SETTLOR:
@324 Enter the first line of address of TRUSTEE:
@325 Enter the second line of address of TRUSTEE:
@326 Enter the third line of address of TRUSTEE:
@003 Name person to designate new trustees after death:
@004 Name alternate person to designate new trustee:
@327 Enter county of probate court for 2nd alternate appointment:
@328 Enter state of the court:
@329 Enter distribution of trust (or refer to exhibit):
@330 Enter amount of money for trust to be terminated:
@331 Enter governing law (state):
@332 Enter state where prepared:
@333 Enter county where prepared:
#end control section
#3270
/* Para. 3280 General form for a revocable simple trust */
REVOCABLE TRUST
@001, referred to herein as SETTLOR, and @002, referred to herein
as TRUSTEE, (the singular term "TRUSTEE" shall refer to multiple
TRUSTEES if multiple TRUSTEES are appointed) in consideration of
the covenants and undertakings herein agree:
ARTICLE I
CONVEYANCE OF PROPERTY TO THE TRUSTEE
SETTLOR herewith assigns and conveys to the TRUSTEE, the property
described in Exhibit "1" hereto. All of said property, together
with any income, accessions and additions herein, shall be held
by the TRUSTEE in trust for the purposes set forth in this
revocable living trust.
ARTICLE II
REVOCATION
SETTLOR hereby reserves the right to revoke this trust at any
time, by written instrument. Revocation shall be effective upon
mailing or delivery to the TRUSTEE of a notice of revocation.
TRUSTEE may resign upon 30 days prior written notice to the
SETTLOR. For purposes of this agreement, notices shall be
delivered as follows:
TO SETTLOR
@320
@321
@323
TO TRUSTEE
@324
@325
@326
ARTICLE III
SUCCESSORS TO THE TRUSTEE
ADDITIONAL TRUSTEES
The SETTLOR during his lifetime may from time to time add
additional TRUSTEES by notice to the then existing TRUSTEES. In
the event there are multiple TRUSTEES, the majority shall in any
matter in which the TRUSTEES disagree control. In the event that
the TRUSTEES are evenly divided in the actions to be taken, the
TRUSTEE with the longest tenure of service shall cast an
additional vote to determine the matter.
In the event that any TRUSTEE resigns or is unwilling or
incapable of acting, during the SETTLOR's lifetime, the SETTLOR
shall name additional or replacement TRUSTEES. After the SETTLORS
death, @003 shall name the replacements for any TRUSTEES who
resign or are unwilling or incapable of acting. If @003 is
unwilling or incapable of acting, @004 shall name the same. In
the event that @004 shall be unwilling or incapable of acting,
the Court having jurisdiction over estates and trusts, located in
@327 County, State of @328 shall name the successor TRUSTEES.
ARTICLE IV
WITHDRAWALS BY SETTLOR
The SETTLOR may from time to time withdraw any portion of the
corpus of the trust (whether capital or interest) by written
notice to the TRUSTEE. The TRUSTEE shall be acquitted of all
further responsibility for any assets so delivered upon receipt
by the SETTLOR.
ARTICLE V
POWERS OF THE TRUSTEE
The TRUSTEE shall have the power to do all acts, institute all
proceedings and exercise all rights, powers and privileges that
an absolute owner of the trust property would have, subject
always to the discharge of trustee's fiduciary responsibilities.
I further direct that the TRUSTEE shall act without bond.
Further, this TRUST shall be administered without the necessity
for an administration thereof to be through the court system.
No entity dealing with the TRUSTEE shall be required to
investigate or to confirm the TRUSTEE's authority to enter into
any transaction or to administer the application of the proceeds
of any transaction.
ARTICLE VI
COMPENSATION OF TRUSTEE
If the TRUSTEE is an individual, then the TRUSTEE shall serve
without compensation, but with reimbursement for reasonable and
ordinary expenses. Nevertheless, the TRUSTEE if an attorney shall
be entitled to compensation for legal services rendered to the
trust, or if an accountant, for accounting services rendered to
the trust.
If the TRUSTEE is a corporation or banking entity, it shall be
entitled to customary, reasonable and ordinary charges and
expenses incurred in rendering services to the estate.
ARTICLE VI
DISPOSITION OF TRUST PROCEEDS
After paying the necessary expenses incurred in the management
and investment of the trust estate, including compensation as
provided for herein, the TRUSTEE shall accumulate the same during
the lifetime of the SETTLOR.
After SETTLOR's death the TRUSTEE shall distribute the net income
of the TRUST the following manner:
@329
Should any beneficiary named above die, the TRUSTEE shall
distribute the net income to the lineal descendants of the
beneficiary. If any beneficiary dies and is not survived by
lineal descendants, the distributions from the TRUST shall be
adjusted to pro-rata increase all other shares.
ARTICLE VII
INVASION OF PRINCIPAL
After SETTLOR's death, the TRUSTEE may apply so much of the
principal of the trust for the use of the beneficiaries at such
time or times as in trustee's discretion TRUSTEE may deem
advisable for their health, education, support and maintenance.
Any amounts so applied to the use of any beneficiary shall be
charged against, or deducted from, the principal of any share
then or thereafter set apart for said beneficiary.
ARTICLE VIII
NON-ASSIGNABILITY OF THE TRUST PROCEEDS
The interest of the beneficiaries of this trust shall not be
assignable, and beneficiaries shall not have the right to pledge,
assign, convey, or otherwise transfer, lien or encumber any
portion of the income or principal of the trust. All payments
provided for by the beneficiaries herein shall be made directly
to them or their guardians as is provided herein.
ARTICLE VIII
DISTRIBUTIONS TO MINOR OR INCOMPETENT BENEFICIARIES
The TRUSTEE in his discretion may make payments of income or
principal to any minor or incompetent beneficiary by paying the
same to the minor or incompetent's guardian, or to the person
having control over the minor or incompetent, or by direct
expenditure for the benefit of the minor or incompetent. However,
the TRUSTEE may also pay an allowance in such amount as he may
fit from time to time to the minor or incompetent. Further, in
the discretion of the TRUSTEE the distributions for a minor or
incompetent beneficiary may be accumulated and shall thereupon be
paid to the minor or incompetent upon their disability being
removed. Any payment under this Section shall operate as a full
discharge of the TRUSTEE as to such payment.
ARTICLE VIII
ACCOUNTINGS
The TRUSTEE shall, after the death of the SETTLOR provide a semi-
annual accounting to all competent, adult beneficiaries detailing
the transactions, if any, of the trust. The same shall not be
required to be audited, although the TRUSTEE may, in his sole
discretion, may cause an audit to be performed from time to time.
ARTICLE IX
LIQUIDATION OF TRUST
If at any time the total of the principal and income of the trust
is less than $ @330, the TRUSTEE, may in his absolute discretion,
close out the trust by paying the proportionate shares of each
beneficiary to them. The TRUSTEE shall at that time deliver a
final accounting to each beneficiary. Upon payment, the TRUSTEE
shall be discharged from all further duties.
SECTION X
PERPETUITIES SAVINGS CLAUSE
Notwithstanding anything to the contrary herein contained, the
trust created by this agreement shall cease and terminate as is
provided in Section IX, 21 years after the death of the last
survivor of trustors and all issue of trustors living at the date
of this agreement.
SECTION XI
DISTRIBUTION OF DIVISION IN KIND
On any distribution from the trust, whether it be an ordinary
distribution or one of principal, or a final distribution, the
TRUSTEE may apportion and allocate the assets of the trust estate
in cash and partly in kind, in TRUSTEE's discretion. The
valuation, whether based on an appraisal, or not, made by the
TRUSTEE shall be binding on the beneficiaries.
SECTION XII
LITIGATION OR COMPROMISE OF CLAIMS
The TRUSTEE may compromise, or abandon, at TRUSTEE's option any
claim or claim against the trust, or subject the same to
arbitration. Or, the TRUSTEE, in his absolute discretion, may
litigate any claim in favor of or against the estate.
SECTION XIII
NOTICE OF EVENTS
Until the TRUSTEE receives notice of any death, birth, marriage,
or other event on which the right to receive distributions is
based, the TRUSTEE shall incur no liability for any disbursements
or distributions made in good faith. This clause shall not
prevent the TRUSTEE from seeking restitution of any payments made
in error in his discretion.
SECTION XIV
DEFINITIONS- GOVERNING LAW
The words "child", "children", "descendants" and "issue" shall
include children legally adopted and the lawful descendants of
such adoptees.
This trust shall be governed by the laws of @331.
SECTION XV
SEVERABILITY
If any provision herein are found by a court of competent
jurisdiction to be invalid, the remainder shall govern.
Dated: _______________________________
___________________________________________________
@001
STATE OF @332
COUNTY OF @333
@001, being duly sworn states that they executed this instrument
for the purposes stated herein.
___________________________________________________
Notary Public
My Commission Expires: ___________________