Any individual Trustee acting hereunder may authorize, at any time and from time to time, by revocable power of attorney in writing filed with the corporate Trustee, or, if there is no corporate Trustee then serving, with all of the other Trustees then serving, any one or more of such other Trustees to perform on his or her behalf, as Trustee, all acts or specific acts in relation to the administration of any trust created hereunder, whether or not such act involves the exercise of discretion.
Every individual or entity dealing with a Trustee who is acting under a power of attorney shall be protected in relying upon such power of attorney. The revocation of any such power of attorney shall be in writing and delivered to the corporate Trustee or to all such other Trustees, as the case may be.
Signatures on Bank Accounts and Documents. If two or more Trustees are acting hereunder, the following provisions shall apply:. The Trustees may establish bank accounts and may authorize that checks or drafts may be drawn on, or withdrawal made from, any such account on the individual signature of any one or more of the Trustees, as the Trustees may determine.
The Trustees may execute documents by jointly signing one document or separately signing concurrent counterpart documents. Compensation of Trustees. The Trustee of any trusts created under this instrument, including any successor or successors thereto, shall be entitled to reasonable compensation for services rendered hereunder.
No bond or other security shall be required of any Trustee named herein or of any successor Trustee. If any beneficiary under this instrument fails to survive me by thirty 30 days, it shall be deemed for all purposes of this instrument that such beneficiary did not survive me.
References in this instrument to a "child" or "children" shall mean descendants in the first degree of the parent designated, and references to a "grandchild" or "grandchildren" shall mean descendants in the second degree of the ancestor designated, and references to "descendants" or "issue" shall mean descendants in the first, second, or any other degree of the ancestor designated. All references to child, children, grandchild, grandchildren, descendants or issue shall include children in gestation and adopted children, provided that such adoption occurred when the individual adopted was a minor in the jurisdiction in which the adoption took place.
An adopted child, and such adopted child's descendants, shall be considered in this instrument as descendants of the adopting parent or parents and of anyone who is, by blood or adoption, an ancestor of the adopting parent, or of either of the adopting parents, and shall not be considered descendants of the adopted child's natural parents; except where a child is adopted by a spouse of one of his or her natural parents, such child shall be considered a descendant of such natural parent as well as a descendant of the adopting parent.
The term "person" shall mean and include an individual, a corporation, a partnership, an association, a trust, an estate, or any other legal entity or organization. The term "Trustee" shall mean any one of the original or successor Trustees under this instrument, and the term "Trustees" shall mean all of the Trustees collectively if there is more than one Trustee serving at any one time under this instrument.
The term "trust property" shall mean all assets and property, whether real, personal or mixed, that are received and held by the Trustee under this instrument and which constitute or form a part of the trust created hereunder from time to time or at any given time.
Reservation of Power to Amend or Revoke. I expressly reserve the power during my lifetime i to revoke this instrument, in whole or in part, at any time by an instrument in writing delivered to the Trustee, and ii to alter, amend, or modify this instrument at any time and from time to time by an instrument in writing without the consent of the Trustee or any beneficiary; provided, however, that in the event of an amendment or modification of this instrument, the duties, powers and liabilities of the Trustee shall not be substantially increased without the written consent of the Trustee.
The powers reserved to me under this paragraph are personal to me and shall not be assignable or extend to any other person, including the personal representative of my estate or any beneficiary named herein.
Upon my death, this instrument shall become irrevocable. Use of Words and Captions. Wherever the context so requires, words used herein in one gender shall be applicable to all genders, words used in the singular shall include the plural, and words used in the plural shall include the singular. The use of captions are for reference only and are not meant to govern or affect the interpretation of any part of this instrument.
Savings Clause. If it is determined that any provision contained in this instrument violates any applicable law, then such determination shall not impair the validity of the remaining provisions of this instrument. This instrument may be executed in one or more copies, and any copy so executed shall be considered an original. Moreover, anyone may rely upon a copy, certified by a notary public, to be a true copy of this instrument and of the writings, if any, endorsed thereon or attached thereto to the same effect as if it were an original copy, and anyone may rely upon any statement of fact certified by a Trustee hereunder.
Governing Law. Effective Date. This Trust shall be effective as of the date this instrument is signed. Personally appeared John B. Doe, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same, both as Grantor and as Trustee, for the purposes therein contained.
For record keeping purposes only, the initial property held by the Trustee under the John B. Doe Revocable Living Trust is as follows:. Toggle Navigation. Simple Declaration of Trust 1. Back to Table of Contents. Notwithstanding the above, during any period in which I am determined to be incapacitated within the meaning of this Article II, the successor Trustees shall have the right during my lifetime to: 1.
Back to Table of Contents ARTICLE III: PAYMENT OF DEBTS, EXPENSES AND TAXES Following my death, to the extent possible, the successor Trustees shall pay out of that portion of the trust property not qualifying for the marital or charitable deductions 1 all of my legally enforceable debts, funeral expenses and estate administration expenses, except that any debt or expense secured by a mortgage, pledge or similar encumbrance on trust property need not be paid by the successor Trustees, but such property may pass subject to such mortgage, pledge or similar encumbrance, and 2 all estate, inheritance, legacy, transfer, succession and other death taxes or duties together with interest and penalties thereon, if any that are levied or assessed upon or with respect to any property included as part of my gross estate, whether such property passes under the provisions of this instrument or otherwise.
In addition to any other powers conferred by law, the Trustee including any successor Trustee or Trustees shall have the following powers with respect to each trust created under this instrument, exercisable in the discretion of the Trustee: 1. To retain for such time as the Trustee shall deem advisable any property, real, personal or mixed, that the Trustee may receive, even though the retention of such property by reason of its character, amount, proportion to the total trust estate or otherwise would not be appropriate for the Trustee apart from this provision; 2.
To sell, exchange, alter, assign, transfer, grant options to buy, sign real estate listing agreements; to convey, pledge, hypothecate; and to mortgage, lease and sublease, even beyond the period of the trust; to partition or otherwise dispose of any property or interest therein; to do any of such acts without a court order, at public or private sale or otherwise, upon such terms and conditions, including credit, and for such consideration as the Trustee shall deem advisable; to transfer and convey the property, or any interest therein, in fee simple absolute or otherwise free of all trusts; 3.
To borrow money and to assume indebtedness for such periods of time and upon such terms and conditions as to rates, maturities, renewals, and security as the Trustee shall deem advisable, including the powers of a corporate trustee to borrow from its own banking department, for the purpose of paying debts, taxes, administration expenses, or other charges against any trust created hereunder, or any part thereof, and to mortgage, pledge or otherwise encumber such portion of any such trust as may be required to secure such loan or loans, and to renew existing loans either as maker or as endorser; 5.
To make distributions of assets of any trust created hereunder in cash or in kind, or partially in cash and partially in kind, in divided or undivided interests, provided shares may be composed differently and specific property may be allocated to particular distributions; to make such distribution either upon final determination or during one or more preliminary distributions, at the then current values, as the Trustee may find to be most practicable and for the best interest of the beneficiaries; and to make reasonable determinations of said values for the purpose of making distribution if there is more than one beneficiary thereof, which determination shall be binding upon the beneficiaries; 6.
To vote shares of stock owned by any trust created hereunder at shareholder's meetings in person or by special, limited, or general proxy, with or without power of substitution; 7. To cause any of the investments that may be delivered to or acquired by the Trustee to be issued, held or registered in the name of the Trustee, in negotiable form, in the name of a nominee, or in any form in which title will pass by delivery; and any corporation or its transfer agent may presume conclusively that the nominee is the actual owner of the securities submitted for transfer; 8.
To pay calls, assessments and any other sums chargeable or accruing against or on account of shares of stock, debentures or other corporate securities in the hands of the Trustee, whenever such payment may be legally enforceable against the Trustee or any property of any trust created hereunder, or if the Trustee shall deem such payments expedient and for the best interests of any such trust; to pay for repairs and other expenses incurred in the management, collection, care, administration and protection of any such trust including reasonable compensation to the Trustee and attorney's fees; 9.
When the grantor dies, this trust shall become irrevocable. It may not be amended or. It may be terminated only by. The trustee may pay out of trust property such amounts as necessary for payment of the. At the death of the grantor , the trustee shall distribute the trust property as follows:. Richard Jenkins shall be given Sheila Jenkins's interest in shares of Applied. Dynamics stock. If Richard Jenkins does not survive Sheila Jenkins, that property.
David Jenkins shall be given Sheila Jenkins's interest in the trust property not. If David Jenkins does not. Part 1 1. T erms of Pr operty Distribution. All distributions are subject to any provision in this Declaration of T rust that creates a. A beneficiary must survive the grantor for hours to receive property under this. As used in this Declaration of T rust, to survive means to be alive or.
All personal and real property left through this trust shall pass subject to any. If property is left to two or more beneficiaries to share, they shall share it equally unless. If any of them does not survive the grantor ,. T rust provides otherwise. Declaration of T rust — Page 5 of 7. Part Any property to which David Jenkins becomes entitled under Part 10 of this Declaration. Richard Jenkins is unable or ceases to serve as custodian, Ann Heron shall serve as.
If the grantor's principal residence is held in trust, the grantor has the right to possess and. This right is intended to give the grantor a beneficial. If any provision of this Declaration of T rust is ruled unenforceable, the remaining. I certify that I have read this Declaration of T rust and that it correctly states the terms and.
Sheila Jenkins, Grantor and T rustee. Declaration of T rust — Page 6 of 7. This form is for US residents only. A Pour Over Will is essential when putting estate assets in trust. Get yours today - you can download the form immediately after purchasing it.
Add to cart. Customer service. My account. To receive any property or gifts under this Agreement, a beneficiary must survive the Grantor by 30 thirty days. Beneficiaries of the Grantor's Trust residue will share in all of the Grantor's property and assets that have not been bequeathed via specific gifts or are otherwise required for the repayment of debts owed, including but not limited to burial or funeral expenses, expenses associated with probating this Will, payment of taxes, or any other expenses associated with administration of the Grantor's Trust.
The residue of the Grantor's Trust is to be distributed between the beneficiaries designated here with the beneficiaries each receiving a share of the residue of the Grantor's entire estate. All property distributed under this Agreement is subject to any encumbrances or liens attached to the property.
The Trustee shall distribute the residue of the Grantor's Trust in the following manner "Share Allocations" :. If a child of the Grantor does not survive the Grantor, such deceased child's share shall be distributed in equal shares to the children of such deceased child who survive the Grantor, by right of representation.
If a child of the Grantor does not survive the Grantor and has no children who survive the Grantor, such deceased child's share shall be distributed in equal shares to the Grantor's other children, if any, or to their respective children by right of representation. If no above named beneficiaries survive the Grantor, the residue of the Grantor's the Trust shall be distributed to the Grantor's heirs-at-law, their identities and respective shares to be determined by the intestacy laws of the State of Alabama.
The expression "the Grantor's Trustee" used throughout this Trust Agreement includes both the singular or plural, or the masculine or feminine gender, as appropriate and required by context;. To carry out the terms of the Grantor's Trust, the Trustee has the following powers to be used in his or her well-considered discretion at any time in the management of a trust created hereunder, namely:. To receive, hold, maintain, administer, collect, invest, and re-invest the trust assets, and collect and apply the income, profits, and principal of the Trust in accordance with the terms of this Agreement;.
To receive additional assets from other sources, including assets received under the Will of the Grantor or any other individual;. To make expenditures as necessary to carry out the intent and purpose of the trust;. Subject to Grantor's direction to the contrary, to sell, call in, and convert into money any trust property, including real property, that the Trustee, in his or her best judgment deems advisable;. Subject to Grantor's direction to the contrary, to mortgage trust property where the Trustee considers it prudent and advisable to do so;.
Subject to Grantor's direction to the contrary, to borrow money when the Trustee considers it advisable to do so;. Subject to Grantor's direction to the contrary, to lend money to the trust beneficiary if the Trustee considers it to be in the beneficiary's best interest to do so;. To make expenditures for the purpose of improving, repairing, or maintaining any property;. To exercise all rights and options of an owner of any securities held in trust;.
To lease trust property, including real estate, without limit as to term;. To make investments the Trustee considers prudent and advisable, without being limited to those investments authorized by law for trustees;. To receive additional property from any source and in any form of ownership;. To employ any third person or persons to conduct any business or perform any actions related to the trust, including the receipt and payment of money, without being liable for loss incurred;.
To settle, waive, or pursue any claims at any time due to or by the trust to the extent that the Trustee considers this to be in the best interest of the trust beneficiary, and to make agreements with any third party or parties or corporation in respect thereof, which shall be binding upon such beneficiary;. To pay him or herself a reasonable compensation out of the trust assets for the labor of managing the trust; and.
To employ and rely on advice and counsel given by any attorney, accountant, investment advisor, money manager, or other qualified professional to assist the Trustee in the administration of this trust and to compensate them from the trust assets.
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