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 of:
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
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
To initiate or defend, at his discretion, any litigation affecting
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
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
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.