Living Trust Form 6
Living Trust Form 6
By
(“Name of person creating trust”)
I, , a resident of (City),
PART I – IDENTIFICATION
The Grantor is causing to be made payable to the Trustee the assets listed on the attached
Schedule “A”. Said Schedule may be revised at any time as assets are made payable to the
Trustee or transferred to the Trustee. Those assets, all additional property received by the Trustee
from any person by will or otherwise, and all investments and reinvestments thereof are herein
collectively referred to as the “Trust Estate”.
The Grantor reserves and shall have the exclusive right any time and from time to during
his/her lifetime by instrument in writing signed by the Grantor and delivered to the Trustee to
modify or alter this Agreement, in whole or in part, without the consent of the Trustee or any
beneficiary provided that the duties, powers and liabilities of the Trustee shall not be changed
without his/her consent; and the Grantor reserves and shall have the right during his/her lifetime,
by instrument in writing, signed by the Grantor and delivered to the Trustee, to cancel and annul
this Agreement without the consent of the Trustee or any beneficiary hereof. Grantor expressly
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reserves the right to appoint successor trustees, replace present trustees and change the
beneficiaries or the rights to property due any beneficiary.
1. The Trustee shall pay from the Trust Estate all expenses of Grantor’s legally enforceable
debts, costs of administration including ancillary costs, costs of safeguarding and delivering
legacies, other proper charges against Grantor’s estate, and estate and inheritance taxes
assessed by reason of Grantor’s death, except that the amount, if any, by which the estate and
inheritance taxes shall be increased as a result of the inclusion of property in which Grantor
may have a qualifying income interest for life or over which Grantor may have a power of
appointment shall be paid by the person holding or receiving that property. Interest and
penalties concerning any tax shall be paid and charged in the same manner as the tax.
Grantor waives for his estate all rights of reimbursement for any payments made pursuant to
this article.
2. The Trustee’s selection of assets to be sold to make the foregoing payments or to satisfy any
pecuniary legacies, and the tax effects thereof, shall not be subject to question by any
beneficiary.
3. The Trustee shall make such elections under the tax laws as the Trustee deems advisable,
without regard to the relative interests of the beneficiaries. No adjustment shall be made
between principal and income or in the relative interests of the beneficiaries to compensate
for the effect of elections under the tax laws made by the Trustee.
1. Income – During the lifetime of the Grantor, the Trustee may pay the income from the Trust
Estate in convenient installments to the Grantor or otherwise as he may from time to time
direct, and also such sums from principal as he may request at any time.
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2. Disability – If at any time the Grantor is unable to manage his affairs, the Trustee may use
such sums from the income and principal of the Trust Estate as the Trustee deems necessary
or advisable for the care, support, and comfort of the Grantor and any person dependant upon
him, or for any other purpose the Trustee considers to be for the Grantor’s best interest,
adding to principal any income not so used.
For purposes of this agreement, the Grantor shall be considered to be unable to manage his
affairs if he is under a legal disability or by reason of illness or mental or physical disability
is unable to give prompt and intelligent consideration to financial matters. The determination
as to Grantor’s inability at any time shall be made by two licensed physicians, not related to
the Grantor or any beneficiary of the trust created by this Declaration of Trust Agreement,
who certify that he has become legally incapacitated. At the time such a determination is
made, the Alternate Trustee shall become the Acting Trustee of this Living Trust. If the
Alternate Trustee shall serve during the lifetime of the Grantor, the Alternate Trustee shall
disburse from the Trust Estate such amounts as necessary for the Grantor’s complete care,
support, and maintenance.
1. Trust Estate – Upon the death of the Grantor, or the last surviving Grantor if more than one,
the remaining Trust assets shall be distributed to the beneficiaries in the proportionate or
allocable amounts as are specified in the schedule of beneficiaries, hereto annexed as
Schedule B, as may then be in force.
If any beneficiary and the Grantor should die under such circumstances as would render it
doubtful whether the beneficiary or the Grantor died first, then it shall be conclusively
presumed for the purposes of this Trust that said beneficiary predeceased the Grantor.
1. The following provisions shall apply to the Trust Estate and to each trust established under
this Living Trust.
2. The Trustee shall hold, manage, care for, and protect the Trust Estate and shall have the
following powers, except to the extent that they are inconsistent with those conferred by law:
a. To hold and retain any and all property, real, personal, or mixed, received from the
Grantor's estate, or from any other source, regardless of any law or rule of court relating
to diversification, or non-productivity, for such time as the Trustee shall deem best, and
to dispose of such property by sale, exchange, or otherwise, as and when they shall deem
advisable; not withstanding this provision or any other contained herein.
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b. To sell, assign, exchange, transfer, partition and convey, or otherwise dispose of, any
property, real, personal or mixed, which may be included in or may at any time become
part of the Trust Estate, upon such terms and conditions as deemed advisable, at either
public or private sale, including options and sales on credit and for the purpose of selling,
assigning, exchanging, transferring, partitioning or conveying the same, to make, execute,
acknowledge, and deliver any and all instruments of conveyance, deeds of trust, and
assignments in such form and with such warranties and covenants as they may deem
expedient and proper; and in the event of any sale, conveyance or other disposition of any
Trust Estate, the purchaser shall not be obligated in any way to see the application of the
purchase money or other consideration passing in connection therewith.
c. To lease or rent and manage any or all of the real estate, which may be included in or at
any time become a part of the Trust Estate, upon such terms and conditions deemed
advisable, irrespective of whether the term of the lease shall exceed the period permitted
by law or the probable period of any trust created hereby, and to review and modify such
leases; and for purpose of leasing said real estate, to make, execute, acknowledge and
deliver any and all instruments in such form and with such covenants and warranties as
they may deem expedient and proper; and to make repairs, replacements, and
improvements, structural and otherwise, of any property, and to charge the expense
thereof in an equitable manner to principal or income, as deemed proper.
d. To borrow money for any purpose in connection with said Trust created hereby, and to
execute promissory notes or other obligations for amounts so borrowed, and to secure the
payment of any such amounts by mortgage or pledge or any real or personal property,
and to renew or extend the time of payment of any obligation, secured or unsecured,
payable to or by any trust created hereby, for such periods of time as deemed advisable.
e. To invest and reinvest or leave temporarily uninvested any or all of the funds of the Trust
Estate as said Trustee in the Trustee's sole discretion may deem best, including
investments in stocks, common and preferred, and common trust fund, without being
restricted to those investments expressly approved by statute for investment by
fiduciaries, and to change investments from realty to personality, and vice versa.
f. To compromise, adjust, arbitrate, sue defend, abandon, or otherwise deal with and settle
claims, in favor of or against the Trust Estate as the Trustee shall deem best and the
Trustee's decision shall be conclusive.
g. To determine in a fair and reasonable manner whether any part of the Trust Estate, or any
addition or increment thereto be income or principal, or whether any cost, charge,
expense, tax, or assessment shall be charged against income or principal, or partially
against income and partially against principal.
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liability for any neglect, omission, misconduct, or default of any such agent or
professional representative, provided he or she was selected and retained with reasonable
care.
i. To vote any stock, bonds, or other securities held by the Trust an any meetings of
stockholders, bondholders, or other security holders and to delegate the power so to vote
to attorneys-in-fact or proxies under power of attorney, restricted or unrestricted, and to
join in or become a party to any organization, readjustment, voting trust, consideration or
exchange, and to deposit securities with any persons, and to pay any fees incurred in
connection therewith, and to charge the same to principal or income, as deemed proper,
and to exercise all of the rights with regard to such securities.
j. To purchase securities, real estate, or other property from the executor or other personal
representatives of the Grantor's estate, the executor or other personal representative of the
Grantor's spouse's estate, and the Trustee of any agreement or declaration executed by the
Grantor during his/her lifetime under his/her last will in case his/her executors or
Trustees are in need of cash, liquid assets, or income-producing assets with which to pay
taxes, claims, or other estate or trust indebtedness, or in case such executors or Trustees
are in need of such property to properly exercise and discharge their discretion with
respect to distributions to beneficiaries as provided for under such bills, declarations, or
agreements. Such purchase may be in cash or may be in exchange for other property of
this Trust, and the Trustees shall not be liable in any way for any loss resulting to the
Trust Estate by reason of the exercise of said authority.
k. To undertake such further acts as are incidental to any of the foregoing or are reasonably
required to carry out the tenor, purpose and intent of the Trust.
1. This Living Trust may be revoked, modified, or changed at any time during the lifetime of
the Grantor.
2. When applicable, pronouns and relative words shall be read as plural, feminine, or gender
neutral.
3. The headings used in this Living Trust are for identification and convenience only and are
not to be considered in interpretation of the Trust.
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4. This Trust shall be exempt from registration under the California Probate Code.
5. Lastly, Grantor hereby revokes any and all former Living Trusts previous made by him.
(“Signature”)
Printed Name
This instrument, consisting of pages, including this page and the page immediately
following, was signed, sealed, published, and declared by
(“Grantor’s Name”) as his/her Living Trust on the above date in our presence. At his request, in
his presence, and in the presence of each other, we have subscribed our names as witnesses and
Address: Address:
STATE OF CALIFORNIA )
) SS
COUNTY OF )
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undersigned Notary that the Grantor signed this instrument as his Living Trust and that he signed
voluntarily. We also declare that at the Grantor’s request, in his presence, and in the presence of
each other, the witnesses signed this instrument as the Grantor’s Living Trust and that to the best
(“Grantor’s Signature”)
(Witness’ Signature”)
(“Witness’ Signature”)
(“Notary Public”)
My Commission Expires:
ACCEPTANCE OF TRUSTEE
I hereby accept and will perform the duties of Trustee as outlined in the Living Trust of
, (“Grantor’s Name”).
(“Grantor’s Signature”)
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SCHEDULE A
Description of Property
The following assets are the Trust Estate of the Living Trust of ,
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SCHEDULE B
Description of Beneficiaries
The following assets are the Trust Estate of the Living Trust of ,
(“Insert a listing of the beneficiaries and for each beneficiary, note the proportionate or allocable
amount[s] each is to receive.”)
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