Sample Of Irrevocable Trust Agreement

Declaration and revocation of trust This revocation of trust occurs on (1) day of (2), 19 (3). whereas, on (4) the day of (2), 19 (3), I created by the written declaration of a revocable trust of which a copy is attached and which. D. The Directors may, at their discretion, lend funds to each party to pay the premiums of the Trust`s insurance policies. As security for the repayment of the amounts borrowed, the trustees may assign the policy or policies to the lender, secured, and enter into, at their discretion, any agreement regarding the assignment of security rights in the policy. Directors are not required to physically split the trust patrimony, unless this is necessary for the purposes of distribution, but they may, at their discretion, retain the trusts in one or more consolidated funds and that, for each consolidated fund, the distribution among the different units that make up that fund must be made only in the accounts of the directors. in which each trust is allocated its share of the capital and income of the Fund and debited from its proportionate share of the expenses of the Fund. The trust created here is a private trust and directors are not required to obtain an authorization order from a court for the exercise of the powers or discretion conferred therein. Trustees are not required to take out a loan as trustees, nor to return to a court a regular formal accounting of its management of the above-mentioned trust, but these administrators must submit financial statements to the beneficiary or beneficiaries of that trust. (b) to rent or lease the property of the trusts for the time and under the conditions and for the price or prices, which may appear fair and reasonable and in the best interests of the trusts and beneficiaries, at their discretion and judgment.

D. When the Licensor`s wife has died, if the Licensor`s oldest living child reaches the age of twenty-five (25 years), the Directors shall divide that trust into equal shares as there are beneficiary beneficiaries then living, and the deceased children of the Licensor surviving the issue, and each share shall be a separate trust. Thereafter, the directors shall distribute income and/or capital to the beneficiaries of each trust in accordance with the standards and rules set out in paragraphs A, B and C. Subsequently, when each child of the licensor reaches the age of twenty-five (25 years), the administrators distribute to that child, free and free of any confidence, half (1/2) of the estate of that beneficiary. Thereafter, when that beneficiary reaches the age of thirty (30), the directors distribute the remainder of his trust licence to the beneficiary and that beneficiary`s trust terminates.

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