An Inter Vivos Trust is a trust that is created by a writing which commences while the
trustor is still alive. This trust is sometimes called a ?living trust.? The trust distribution
may be given to the beneficiary while the trustor is still alive, during the trustor’s death,
or during both. This document in its draft form contains numerous of the standard
clauses commonly used in this type of trust; however, additional language may be
added to allow for customization to ensure the specific terms of the parties’ agreement
are addressed. Use this document to avoid the lengthy and expensive probate process,
and to ensure trustor’s wishes are honored.
[FOR SINGLE INDIVIDUALS WITH ADULT CHILDREN]
IRREVOCABLE INTERVIVOS TRUST
THIS INTER-VIVOS IRREVOCABLE TRUST (this “Instrument”) is made this ____
day of _________, _____, by______________ [NAME] of County of
___________________, State of ___________________, as Settlor, and [NAME], as
Trustee.
RECITALS
WHEREAS, Settlor is a individual and Settlor has one or more children who are alive;
WHEREAS, Settlor has _____ (__) children, referred to herein in as “child” or
“children,” all of them adults, namely: (1) _______________, who resides at
___________________ in the of County of ___________________, State of
___________________; (2) ___________________, who resides at ________________
in the County of ___________________, State of ___________________; and (3)
___________________, who resides at ________________ in the County of
___________________, State of ___________________;
WHEREAS, Settlor has no children who are deceased, [or, Settlor has ___ deceased
children, named _________________________, _______________________,
and________________;
;
WHEREAS, Settlor declares that Settlor has transferred to the Trustee the property
described in Schedule “A” attached to this Instrument;
WHEREAS, Trustee hereby agrees to hold such property and any other property
included in the trust estate, in trust, on the terms and conditions set forth herein;
WHEREAS, Settlor wishes, by this Instrument, to create an inter vivos irrevocable trust
in accordance with the laws of the State of ___________________ whereby Settlor’s
separate property will be held in trust and managed for Settlor’s benefit during Settlor’s
lifetime and distributed to the beneficiaries named herein upon Settlor’s death;
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TERMS
ARTICLE I.
TRUST ESTATE
A. TRUST ESTATE
All property subject to this Instrument is referred to as the “trust estate” and shall be held,
administered, and distributed according to terms and conditions set forth in this
Instrument.
B. TRUST PROPERTY
1. The trust estate consists of the property (plus the undistributed income and proceeds
generated by such property) listed in Schedule “A” and hereafter transferred to the
trust by the Settlor or Settlor’s will as insurance proceeds or pension benefits, or
from any other person or source.
2. The Settlor’s property, listed in Schedule “A” or subsequently added to the trust
estate, is the separate estate of Settlor.
ARTICLE II.
INCOME AND PRINCIPAL DISTRIBUTIONS DURING LIFE
During the Settlor’s lifetime, the Trustee shall pay to or apply for the benefit of Settlor
the net income of Settlor’s separate property in quarter-annual or more frequent
installments. The Trustee shall pay to or apply for the benefit of said Settlor as much of
the principal as the Settlor directs or as is necessary in the Trustee’s discretion for the
proper health, education, support, maintenance, comfort and welfare of the Settlor in
accordance with Settlor’s accustomed manner of living at the date of this instrument.
ARTICLE III.
SHOULD SETTLOR BECOME INCAPACITATED
A. PAYMENTS FOR BENEFIT OF INCAPACITATED SETTLOR
1. If at any time, Settlor’s physician or, if such Settlor has no attending physician, two
licensed physicians, not related by blood or marriage to Settlor or any beneficiary of
this trust, certifies in writing that Settlor has become incapacitated, whether or not a
court of competent jurisdiction has declared Settlor incompetent or mentally ill or
has appointed a conservator, the Trustee shall take the ste