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Fillable Printable Living Trust Template

Fillable Printable Living Trust Template

Living Trust Template

Living Trust Template

Declaration of Trust
Part 1. Trust Name
This revocable living trust shall be known as the Sheila Jenkins Revocable Living Trust.
Part 2. Declaration of Trust
Sheila Jenkins, called the grantor, declares that she has transferred and delivered to the
trustee all her interest in the property described in Schedule A attached to this Declaration
of Trust. All of that property is called the "trust property." The trustee hereby
acknowledges receipt of the trust property and agrees to hold the trust property in trust,
according to this Declaration of Trust.
The grantor may add property to the trust.
Part 3. Terminology
The term "this Declaration of Trust" includes any provisions added by valid amendment.
Part 4. Amendment and Revocation
A. Amendment or Revocation by Grantor
The grantor may amend or revoke this trust at any time, without notifying any
beneficiary. An amendment must be made in writing and signed by the grantor.
Revocation may be in writing or any manner allowed by law.
B. Amendment or Revocation by Other Person
The power to revoke or amend this trust is personal to the grantor. A conservator,
guardian or other person shall not exercise it on behalf of the grantor, unless the
grantor specifically grants a power to revoke or amend this trust in a Durable Power of
Attorney.
Part 5. Payments From Trust During Grantor's Lifetime
The trustee shall pay to or use for the benefit of the grantor as much of the net income
and principal of the trust property as the grantor requests. Income shall be paid to the
grantor at least annually. Income accruing in or paid to trust accounts shall be deemed to
have been paid to the grantor.
Part 6. Trustees
A. Trustee
Sheila Jenkins shall be the trustee of this trust.
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Declaration of Trust — Page 1 of 7
B. Trustee's Responsibilities
The trustee in office shall serve as trustee of all trusts created under this Declaration of
Trust, including children's subtrusts.
C. Terminology
In this Declaration of Trust, the term "trustee" includes successor trustees or alternate
successor trustees serving as trustee of this trust. The singular "trustee" also includes
the plural.
D. Successor Trustee
Upon the death or incapacity of Sheila Jenkins, the trustee of this trust and of any
children's subtrusts created by it shall be Richard Jenkins. If Richard Jenkins is unable
or unwilling to serve as successor trustee, Ann Heron shall serve as trustee.
E. Resignation of Trustee
Any trustee in office may resign at any time by signing a notice of resignation. The
resignation shall be delivered to the person or institution who is either named in this
Declaration of Trust, or appointed by the trustee under Section F of this Part, to next
serve as the trustee.
F. Power to Appoint Successor Trustee
If no one named in this Declaration of Trust as a successor trustee or alternate
successor trustee is willing or able to serve as trustee, the last acting trustee may
appoint a successor trustee and may require the posting of a reasonable bond, to be
paid for from the trust property. The appointment must be made in writing, signed by
the trustee and notarized.
G. Bond
No bond shall be required for any trustee named in this Declaration of Trust.
H. Compensation
No trustee shall receive any compensation for serving as trustee, unless the trustee
serves as a trustee of a child's subtrust created by this Declaration of Trust.
I. Liability of Trustee
With respect to the exercise or non-exercise of discretionary powers granted by this
Declaration of Trust, the trustee shall not be liable for actions taken in good faith.
Such actions shall be binding on all persons interested in the trust property.
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Declaration of Trust — Page 2 of 7
Part 7. Trustee's Management Powers and Duties
A. Powers Under State Law
The trustee shall have all authority and powers allowed or conferred on a trustee under
Arizona law, subject to the trustee's fiduciary duty to the grantors and the
beneficiaries.
B. Specified Powers
The trustee's powers include, but are not limited to:
1. The power to sell trust property, and to borrow money and to encumber trust
property, including trust real estate, by mortgage, deed of trust or other method.
2. The power to manage trust real estate as if the trustee were the absolute owner of
it, including the power to lease (even if the lease term may extend beyond the
period of any trust) or grant options to lease the property, to make repairs or
alterations and to insure against loss.
3. The power to sell or grant options for the sale or exchange of any trust property,
including stocks, bonds, debentures and any other form of security or security
account, at public or private sale for cash or on credit.
4. The power to invest trust property in every kind of property and every kind of
investment, including but not limited to bonds, debentures, notes, mortgages, stock
options, futures and stocks, and including buying on margin.
5. The power to receive additional property from any source and add it to any trust
created by this Declaration of Trust.
6. The power to employ and pay reasonable fees to accountants, lawyers or
investment experts for information or advice relating to the trust.
7. The power to deposit and hold trust funds in both interest-bearing and non-
interest bearing accounts.
8. The power to deposit funds in bank or other accounts, whether or not they are
insured by the FDIC.
9. The power to enter into electronic fund transfers or safe deposit arrangements
with financial institutions.
10. The power to continue any business of the grantor.
Declaration of Trust — Page 3 of 7
11. The power to institute or defend legal actions concerning this trust or the
grantor's affairs.
12. The power to execute any documents necessary to administer any trust created
by this Declaration of Trust.
13. The power to diversify investments, including authority to decide that some or
all of the trust property need not produce income.
Part 8. Incapacity of Grantor
If the grantor becomes physically or mentally incapacitated, whether or not a court has
declared the grantor incompetent or in need of a conservator or guardian, the successor
trustee named in Part 6 shall be trustee.
The determination of the grantor's capacity to manage this trust shall be made by Patricia
Jenkins. The successor trustee shall, if necessary, ask Patricia Jenkins to state, in writing,
an opinion as to whether or not the grantor is able to continue serving as trustee. The
successor trustee may rely on that written opinion when determining whether or not to
begin serving as trustee.
If the successor trustee is unable, after making reasonable efforts, to obtain a written
opinion from Patricia Jenkins, the successor trustee may request an opinion from Eric
Workman and may rely on that opinion.
If the successor trustee is also unable, after making reasonable efforts, to obtain a written
opinion from Eric Workman, the successor trustee may request an opinion from Delia
Holt and may rely on that opinion.
If the successor trustee is unable, after making reasonable efforts, to obtain a written
opinion from Patricia Jenkins, Eric Workman or Delia Holt, the successor trustee may
request an opinion from a physician who examines the grantor, and may rely on that
opinion.
The trustee shall use any amount of trust income or trust property necessary for the
grantor's proper health care, support, maintenance, comfort and welfare, in accordance
with the grantor's accustomed manner of living. Any income not spent for the benefit of
the grantor shall be accumulated and added to the trust property. Income shall be paid to
the grantor at least annually. Income accruing in or paid to trust accounts shall be deemed
to have been paid to the grantor.
The successor trustee shall manage the trust until the grantor is again able to manage her
Declaration of Trust — Page 4 of 7
affairs. The determination of the grantor's capacity to again manage this trust shall be
made in the manner specified just above.
Part 9. Death of a Grantor
When the grantor dies, this trust shall become irrevocable. It may not be amended or
altered except as provided for by this Declaration of Trust. It may be terminated only by
the distributions authorized by this Declaration of Trust.
The trustee may pay out of trust property such amounts as necessary for payment of the
grantor's debts, estate taxes and expenses of the grantor's last illness and funeral.
Part 10. Beneficiaries
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 100 shares of Applied
Dynamics stock. If Richard Jenkins does not survive Sheila Jenkins, that property
shall be given to Patricia Jenkins.
David Jenkins shall be given Sheila Jenkins's interest in the trust property not
otherwise specifically and validly disposed of by this Part. If David Jenkins does not
survive Sheila Jenkins, that property shall be given to Richard Jenkins.
Part 11. Terms of Property Distribution
All distributions are subject to any provision in this Declaration of Trust that creates a
child's subtrust or a custodianship under the Uniform Transfers to Minors Act.
A beneficiary must survive the grantor for 120 hours to receive property under this
Declaration of Trust. As used in this Declaration of Trust, to survive means to be alive or
in existence as an organization.
All personal and real property left through this trust shall pass subject to any
encumbrances or liens placed on the property as security for the repayment of a loan or
debt.
If property is left to two or more beneficiaries to share, they shall share it equally unless
this Declaration of Trust provides otherwise. If any of them does not survive the grantor,
the others shall take that beneficiary's share, to share equally, unless this Declaration of
Trust provides otherwise.
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Declaration of Trust — Page 5 of 7
Part 12. Custodianships Under the Uniform Transfers to Minors Act
Any property to which David Jenkins becomes entitled under Part 10 of this Declaration
of Trust shall be given to Richard Jenkins, as custodian for David Jenkins under the
Arizona Uniform Transfers to Minors Act, until David Jenkins reaches the age of 21. If
Richard Jenkins is unable or ceases to serve as custodian, Ann Heron shall serve as
custodian.
Part 13. Homestead Rights
If the grantor's principal residence is held in trust, the grantor has the right to possess and
occupy it for life, rent-free and without charge except for taxes, insurance, maintenance
and related costs and expenses. This right is intended to give the grantor a beneficial
interest in the property and to ensure that the grantor does not lose eligibility for a state
homestead tax exemption for which she otherwise qualifies.
Part 14. Severability of Clauses
If any provision of this Declaration of Trust is ruled unenforceable, the remaining
provisions shall stay in effect.
Certification of Grantor
I certify that I have read this Declaration of Trust and that it correctly states the terms and
conditions under which the trust property is to be held, managed and disposed of by the
trustee, and I approve the Declaration of Trust.
_____________________________________Dated: ______________
Sheila Jenkins, Grantor and Trustee
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Declaration of Trust — Page 6 of 7
CERTIFICATE OF ACKNOWLEDGMENT OF NOTARY PUBLIC
State of ______________________)
) ss.
County of ____________________)
On ____________________, __________ before me, _____________________, a notary
public in and for said state, personally appeared
_________________________________, personally known to me (or proved on the
basis of satisfactory evidence) to be the person whose name is subscribed to the within
instrument, and acknowledged to me that she/he executed the same in her/his authorized
capacity, and that by her/his signature on the instrument the person, or the entity upon
behalf of which the person acted, executed the instrument.
WITNESS my hand and official seal.
Notary Public
[NOTARIAL SEAL]My commission expires:
Declaration of Trust — Page 7 of 7
SCHEDULE A
Property Placed in Trust
1. 100 shares of Applied Dynamics stock.
2. House at 2100 Fortuna Street, Phoenix, Arizona.
3. Condominium at 57-A Alpine Way, Tahoe City, California.
Schedule A — Page 1 of 1
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