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Declaration of Irrevocable Trust
This Declaration of Irrevocable Trust is made this _(1)_
day of ________(2)________, 19_(3)_, by and between _______(4)_______,
of ___________(5)______________, hereinafter called the Trustor,
and __________(6)__________, of ____________(7)______________,
hereinafter called the Trustee.
The Trustor hereby irrevocably assigns, conveys and gives
to the Trustee, in trust, the following property:
(Description of Property)
The Trustee shall receive and hold said property, together
with any additions thereto, in trust for the use and benefit
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.
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)______.
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.
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.
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.
No bond for the faithful performance of duties shall be required
of any Trustee appointed under this agreement.
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.
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.
The Trustee, by joining in the execution of this agreement,
hereby signifies his acceptance of this trust.
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.
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.
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 hereinabove-described
property and do give and grant my assent to the trust and
to the incorporation therein of said property.
Legal Spouse of Trustor
STATE OF ________(13)___________) ) ss: COUNTY OF _______(14)___________)
On this _(15)_ day of _______(16)________, 19_(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.
My Commission Expires: _________(21)___________
The information in this document is designed to provide an
outline that you can follow when formulating business or personal
plans. Due to the variances of many local, city, county and
state laws, we recommend that you seek professional legal
counseling before entering into any contract or agreement.
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