Any excess income not distributed at the Grantor's death shall be added to the principal at the discretion of the Trustee.ġ6. The Grantor may change the amount of the payments at any time by providing written notice to the Trustee.ġ5. Such payments shall be made at least annually.ġ4. During the Grantor's lifetime, the Trustee shall pay all of the net income in this Trust, and also such sums from principal as the Grantor may request, to or for the benefit of the Grantor, or as the Grantor may designate.ġ3. PAYMENTS DURING THE GRANTOR'S LIFETIME.ġ2. No bond shall be required of any Trustee. The Trustee shall provide an accounting to the Beneficiary or Beneficiaries according to at least the following frequency: Annually.ġ1. Any successor Trustee appointed shall have all the rights conferred upon the original Trustee and shall be bound by the provisions of this Trust.ġ0. If the agreement of a majority of the beneficiaries cannot be successfully obtained within sixty days, a successor Trustee shall be appointed by the court having general jurisdiction over the trust. If the Trustee resigns or is for any reason unwilling or unable to serve as Trustee, and if the successor Trustee designated by the Grantor, if any, fails or ceases to serve as Trustee, then the adult beneficiaries to whom income is being distributed, together with the adult beneficiaries to whom principal would be distributed if the Trust were to then terminate, may by majority action in writing appoint a successor Trustee. Such resignation shall take effect on such date specified in the notice, but no earlier than thirty days after the date of delivery of such written resignation unless an earlier effective date is agreed upon by the income beneficiaries.ĩ. Any Trustee may resign by giving written notice to the beneficiaries to whom income is being distributed under the provisions of this Agreement. If at any time a Trustee is unable or unwilling to serve, _ is designated as the successor Trustee, to serve without bond.Ĩ. Such designee shall become the successor Trustee upon acceptance of the terms and conditions of this Agreement.ħ. If at any time the Grantor serves as the Trustee, the Grantor may appoint a successor Trustee, to become effective immediately or upon any stated contingency, by making such designation in writing. The Trustee shall manage and distribute the Trust assets for the benefit of the Grantor and the Grantor's successor(s) in interest in accordance with the terms of this Agreement.Ħ. Any such transfer may be evidenced by the receipt of the Trustee, and each such receipt shall be conclusive evidence of the consent of said Trustee to the transfer thereof.ĥ. Grantor, or any other person, with the consent of the Trustee, may at any time or from time to time deed, grant, devise, bequest, gift, or otherwise cause additional property to be transferred to and administered as a part of the trust estate created hereunder. Grantor has transferred, assigned, conveyed, and delivered and/or will transfer, assign, convey, and deliver to the Trustee the property described in Schedule A attached and made a part hereof and said property and any and all other property which may be hereafter assigned, conveyed, and delivered to said Trustee by the Grantor or another person as hereinafter provided, is intended to constitute the trust estate and to be held by the Trustee in trust for the uses and purposes and subject to the terms and conditions hereinafter set forth.Ĥ. The purpose of this Agreement is to create a Trust that will receive and manage the assets for the benefit of the Grantor during the Grantor's lifetime, and to then further manage and distribute the assets of the Trust upon the death of the Grantor.ģ. The trust hereby shall be known as the "Living Trust of _." The assets and dealings of the Trust may, however, be held and conducted in the name of the Trustee and, to the extent otherwise permitted herein, also in the name of a nominee.Ģ. In consideration of the mutual covenants and promises set forth in this Agreement, the Grantor and the Trustee agree to the following:ġ. This Living Trust Agreement (the "Agreement"), between _ (the "Grantor"), of _, and _ (the "Trustee"), of _.
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