The document also outlines key details on how to properly handle a trust fund setup and illustrates the critical roles of a trustee. Moreover, it provides insights into the possible advantages of an irreversible trust benefits.
You can download, edit, and adapt this contract to cater to your specific needs or circumstances.
1. DECLARATION OF TRUST
I, [Your Full Legal Name], of [Your Address], declare this Will Trust which shall come into effect upon my demise and shall be governed by the laws of the state of [Your State]. This trust is for the benefit of my beneficiaries who are named hereinafter.
2. TRUST PROPERTY
I have assigned, transferred and conveyed all of my right, title and interest in the property described in Schedule A attached to this trust, to be held by the Trustee upon the terms and conditions herein contained. The Trust property shall also include any additions to the trust made by me or by anyone else.
3. TRUSTEE
I nominate [Trustee’s full legal name] as Trustee of this Will Trust. If [Trustee’s full legal name] predeceases me, is unable to serve or ceases to serve as Trustee for any reason, I nominate [Successor Trustee’s full legal name] as successor Trustee.
4. BENEFICIARIES
The beneficiaries of this Will Trust are [Beneficiary’s full legal name], born on [Beneficiary’s date of birth], and [Beneficiary’s full legal name], born on [Beneficiary’s date of birth]. If either beneficiary predeceases me, their share shall be divided in equal shares among their surviving issue, per stirpes.
5. TRUST PURPOSE
The purpose of this trust is to provide for the management, investment, and distribution of the trust property for the benefit of the beneficiaries, for their health, education, maintenance, and support.
6. DISTRIBUTIONS OF INCOME AND PRINCIPAL
The Trustee shall distribute the net income of the Trust to or for the benefit of the beneficiaries in equal shares, at least annually. The Trustee may also, at any time and from time to time, distribute to or for the benefit of any beneficiary any part or all of the principal of the Trust as the Trustee, in his or her sole discretion, deems necessary or advisable for the health, education, support, or maintenance of such beneficiary.
7. TRUSTEE POWERS
The Trustee shall have all powers as provided in this agreement and the laws of the state of [Your State], including but not limited to, the power to sell, lease, borrow against, and to invest and reinvest in any kind of property, real, personal, or mixed, and in any kind of investment, provided that the Trustee acts in the best interest of the beneficiaries.
8. REVOCATION OR AMENDMENT
This trust is irrevocable. I reserve no right or power to alter, amend, revoke, or terminate this trust or any of its provisions, except as specifically provided in this agreement.
9. TRUST TERMINATION
This trust shall terminate upon the death of the last surviving beneficiary. Upon termination of the trust, the trustee shall distribute the trust property to the then living descendants of the beneficiaries, per stirpes.
10. GOVERNING LAW
The validity, interpretation, and performance of this trust shall be governed by the laws of the state of [Your State].
Signed this [Day] day of [Month], [Year].
___________________________
[Your Full Legal Name]
___________________________
[Trustee’s Full Legal Name]
___________________________
[Successor Trustee’s Full Legal Name]
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Another document that you might want to consider is the Last Will and Testament with Trusts. This document ensures your assets are distributed according to your wishes and sets up trusts as needed. The Last Will and Testament with Trusts template can help in crafting this important piece of document.
Finally, if you want to ensure a seamless transition of property, then the Affidavit of Heirship can be indispensable. This legal document is used to establish who are the heirs of a person who has died without leaving a will. You can use the Affidavit of Heirship template to claim properties of a deceased relative and settle disputes among potential heirs.
All these templates have been designed with care and precision to make your process of estate planning as comfortable as possible.