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Form #1573DECLARATION OF IRREVOCABLE TRUST
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DECLARATION OF IRREVOCABLE TRUST
This
Declaration of Irrevocable Trust is made this _(1)_ day of ________(2)________,
____(3)_,
by and between _______(4)_______, of ___________(5)______________, hereinafter
called
the Trustier, and __________(6)__________, of ____________(7)______________,
hereinafter
called the Trustee.
I
The
Trustor hereby irrevocably assigns, conveys and gives to the Trustee, in trust,
the
following
property:
(Description
of Property)
II
The
Trustee shall receive and hold said property, together with any additions
thereto, in
trust
for the use and benefit of:
III
This
trust shall be irrevocable and unamendable. I am aware of the consequences of
establishing
an irrevocable trust and hereby affirm that the trust created by this agreement
shall
be
irrevocable by me or by any other person, it being my intention to make to the
beneficiary/beneficiaries
named herein an absolute gift of the property described in paragraph
ONE,
above.
IV
This
agreement and the trust created hereby shall be administered, managed, governed
and
regulated in all respects according to applicable statutes of the State of
______(8)______.
V
The
Trustee, in addition to all other powers granted by this agreement and by law,
shall
have
the following additional powers with respect to the trust, to be exercised from
time to time at
the
Trustee's discretion:
Management
of the Trust
To
invest and reinvest, lease, rent, mortgage, insure, repair, improve or sell any
of the
real
and personal property of the trust as he may deem advisable.
Business
Interests
To
sell or otherwise liquidate, or to continue to operate at his discretion, any
corporation,
partnership
or other business interest which may be received by the trust.
Mortgages,
Pledges and Deeds of Trust
To
enforce any and all mortgages, pledges and deeds of trust held by the trust and
to
purchase
at any sale thereunder any such real estate or personal property subject to any
mortgage,
pledge or deed of trust.
Litigation
To
initiate or defend, at his discretion, any litigation affecting the trust.
Attorneys,
Advisors and Agents
To
employ and to pay from the trust reasonable compensation to such attorneys,
accountants,
brokers, and investment, tax and other advisors as he shall deem advisable.
Adjustment
of Claims
To
submit to arbitration, to compromise or to release or otherwise adjust, with or
without
compensation,
any and all claims affecting the trust estate.
VI
No
bond for the faithful performance of duties shall be required of any Trustee
appointed
under
this agreement.
VII
The
Trustee shall receive reasonable compensation for the services performed by
him,
but
such compensation shall not exceed the amount customarily received by corporate
fiduciaries
in
the area for like services.
VIII
No
Trustee of the trust created by this agreement shall at any time be held liable
for any
action
or default of himself, or of his agent, or of any other person in connection
with the
administration
and management of this trust unless caused by his own gross negligence or by
commission
of a willful act of breach of trust.
IX
The
Trustee, by joining in the execution of this agreement, hereby signifies his
acceptance
of this trust.
X
The
Trustee shall have sole authority to determine what shall be defined as income and
what
shall be defined as principal of the trust established by this agreement, and
to determine
which
costs, taxes and other expenses shall be paid out of income and which shall be
paid out of
principal.
XI
In
the event that any portion of this agreement or the trust created hereby shall
be held
illegal,
invalid or otherwise inoperative, it is my intention that all of the other
provisions hereof
shall
continue to be fully effective and operative insofar as is possible and
reasonable.
IN
WITNESS WHEREOF, the parties hereto have executed this agreement the day and
year
first above written.
____________(9)_________________
____________(10)_______________
Trustier
____________(9)_________________
____________(9)_________________
____________(11)_______________
Trustee
____________(9)_________________
I,
the undersigned spouse of the above-described Trustor, do hereby waive and
relinquish
any and all claim to whatever community-property rights I may have in the
herein
above-described
property and do give and grant my assent to the trust and to the
incorporation
therein of said property.
____________(9)_________________
____________(12)_______________
Legal
Spouse of Trustier
____________(9)_________________
STATE
OF ________(13)___________)
SS:
COUNTY
OF _______(14)___________)
On
this _(15)_ day of _______(16)________, ____(17)_, before me personally came
and
appeared
_________(18)___________ and _________(19)___________, known, and known to
me,
to be the individuals described in and who executed the foregoing instrument,
and who duly
acknowledged
to me that they executed same for the purpose therein contained.
IN
WITNESS WHEREOF, I hereunto set my hand and official seal.
_____________(20)______________
My
Commission Expires: _________(21)___________
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These downloadable forms are only for personal use. Retransmission, redistribution,
or any other commercial use is prohibited. This includes reposting forms from this
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form, and you agree to abide by these terms. It is highly recommended that you have
a licensed attorney review any legal documents for which you are searching in order
to make sure that your needs are being properly and completely satisfied.
Your use of this site constitutes your acceptance of our terms of use and your agreement
to hold this site, its officers, employees and any contributors to this site harmless
for any damage you might incur from your use of any submissions contained on this
site. If you do not agree to the above terms, please do not proceed.
These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
state. Also, agreements should relate specifically to the particular facts of each
situation. Therefore, it is important to consult legal counsel whenever utilizing
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