Revocable Living Trust Agreement - Free Legal Form

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Revocable Living Trust Agreement

This Revocable Living Trust Agreement is made this (day) day of (month),(year), between (name) and (name), husband and wife, of (address), City of (city), State of (state), herein referred to as Grantors, and (name) and (name), of (address), City of (city), State of (state), herein referred to as Co-Trustees.

Whereas, grantors are now the owners of the property described in Exhibit A attached hereto and made a part hereof, and

Whereas, grantors desire to make provision for the care and management of such property, and the collection of the income therefrom, 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, grantors and trustees agree as follows:

1. Transfer of Property: Grantors, in consideration of the acceptance by co-trustees of the trust herein created, hereby convey, transfer, assign, and deliver to co-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 co-trustees hereunder, is herein referred to as Trust Estate. Grantors, 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.
2. Disposition of Income and Principal: Trustees shall care for and manage the trust estate and collect the income derived therefrom, and, after the payment of all taxes and assessments thereon and all charges incident to the management thereof, dispose of the net income therefrom and corpus thereof, as follows:
   1. During the lifetime of grantors, the trustees may pay income of the trust estate and such portions of the principal as the grantors from time to time may direct to the grantors, or otherwise as they direct during their lives. After the death of both grantors the successor trustee shall distribute the trust estate to the following beneficiary or beneficiaries who shall survive both grantors: (names and addresses).
   2. The share of any beneficiary who shall be under the age of (age) 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 trustees deem necessary or suitable for the support, welfare, and education of such beneficiary; and when he/she attains the age of (age) years, to pay him/her the remaining principal, if any.
   3. 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 grantors, per stirpes.
   4. No interest hereunder shall be transferrable or assignable by any beneficiary, or be subject during his or her life to the claims of his or her creditors. 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 named herein.
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