This is my Living Trust, dated ____________ ____, 1999, by ____________________________________, the Trustmaker, also known as _____________________________, and ____________________________ my initial Trustee.
My trust is a revocable living trust that contains my instructions for my own well-being and that of my loved ones. All references to “my trust” or “trust,” unless otherwise stated, shall refer to this Living Trust and the trusts created in it. All references to “Trustee” shall refer to my initial Trustee or Trustees, or their successor or successors in trust.
When the term “Trustmaker” is used in my trust, it shall have the same legal meaning as “Grantor,” Settlor,” “Trustor,” or any other term referring to the maker of a trust.
Notwithstanding anything in my trust to the contrary, when I am serving as a Trustee under my trust, I may act for and conduct business on behalf of my trust as a Trustee without the consent of any other Trustee.
For convenience, my trust shall be known as the:
____________________________ LIVING TRUST, dated __________________
For purposes of beneficiary designations and transfers directly to my trust, my trust shall be referred to as:
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__________________________, sole Trustee, or his successors in trust, under the _________________________ LIVING TRUST, dated ____________________________, and any amendments thereto.
In addition to the above descriptions, any description for referring to my trust shall be effective to transfer title to my trust or to designate my trust as a beneficiary as long as that description includes the date of my trust, the name of at least one initial or successor Trustee, and any reference that indicates that assets are to be held in a fiduciary capacity.
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Article Two
The name of my _________________ is ___________________.
I have no children, living or deceased.
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Article Three
I hereby transfer, assign, and convey all of my right, title, and interest in and to all of my property that is permitted by law to be held in trust, wherever situated, whether personal or real, tangible or intangible, to my Trustee to hold and administer for my benefit and for the benefit of my beneficiaries.
I will also initially fund my trust with $10 concurrent with its execution.
Upon presentation by my Trustee of this Article of my trust and a separate Affidavit of Trust stating the name and address of my Trustee, affirming that my trust is in full force and effect, and containing any pertinent provisions of my trust, all third parties shall rely on this transfer and follow all of my Trustee’s instructions without risk of incurring any liability to me, my Trustee, or my beneficiaries.
It is my intent that, from time to time and when necessary, specific items of property will be individually transferred and titled either directly in the name of my trust or in a nominee for the benefit of my trust.
Additional property interests of all kinds may be transferred to my trust by me or any other person in any manner. All property interests assigned, conveyed, or delivered to the Trustee must be acceptable to my Trustee.
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Article Four
during My Life
During my life, I shall have the express and total power to control and direct payment, add or remove trust property, and amend or revoke this trust.
My Trustee, during all periods of time when I am not disabled as defined in this Article, shall distribute or retain the principal and net income of the trust as I may direct, except that I shall have no power to direct my Trustee to make gifts of principal or income from the trust to a third party.
Any gift made directly by my Trustee to a third party in violation of this provision shall be construed as a distribution made directly to me, and then a gift from me to such third party.
Absent directions from me, my Trustee shall distribute the trust income to me at least monthly.
During my lifetime, except for any period of my incapacity, I reserve the right to specifically approve or disapprove each and every trust investment, purchase, or sale before it is made. My Trustee is relieved from all liability for loss which my result from the purchase or sale of trust property which has been directed by me.
I shall have the absolute right to add to the trust property at any time and the absolute right to remove property, or any interest therein,
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from the trust at any time. Both of these rights shall be exercised in writing.
I shall have the absolute right to amend or revoke my trust, in whole or in part, at any time. Any amendment or revocation must be delivered to my Trustee in writing.
This right to amend or revoke my trust is personal to me, and may not be exercised by any legal representative or agent acting on my behalf.
My disability, for purposes of this agreement, shall be defined as follows:
I shall be deemed disabled during any period when, in the opinion of two licensed physicians, I am incapacitated or disabled because of illness, age, or any other cause which results in my inability to effectively manage my property or financial affairs.
I shall also be deemed to be disabled upon the determination of a court of competent jurisdiction that I am incompetent, incapacitated, or otherwise legally unable to effectively manage my property or financial affairs.
I shall be deemed to be disabled upon my unexplained disappearance or absence, or if I am being detained under duress where I am unable to effectively manage my property or financial affairs.
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Section 3. Procedural Guidelines for My Disability
During any period of time when I am disabled, my Trustee shall apply the trust property, including its income, exclusively for my benefit and for my valid obligations by observing the following procedural guidelines:
My trustee shall provide as much of the principal and net income of my trust as is necessary or advisable, in its sole and absolute discretion, for my health, support, maintenance, and general welfare.
My Trustee may make the distributions called for in this Article directly to me or for my benefit.
My Trustee, in its sole and absolute discretion, shall distribute the principal and net income of my trust in such amounts as shall be necessary for the education, health, maintenance, and support of my dependent children and any other persons deemed by my Trustee to be dependent on me.
A dependent child for purposes of this Section, shall be a child who is under the age of 18 and living with me at the date of my disability, or who is deemed to be dependent on me in the sole and absolute discretion of my Trustee.
My Trustee, in its sole and absolute discretion, shall determine the standards for any other person to qualify as being a dependent.
My Trustee shall provide as much of the principal and net income of my trust as my Trustee, in its sole and absolute discretion, deems advisable for the payment of any of my valid obligations as confirmed by my Trustee.
My Trustee shall provide as much of the principal and net income of my trust as my Trustee deems advisable for the payment of insurance
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premiums on policies owned by me, either directly or beneficially, or my trust.
In making distributions under this Section, my Trustee shall, at all times, give primary consideration to my needs and thereafter to my dependent children and any other persons deemed by my Trustee to be dependent on me, in that order of priority.
My Trustee, in its sole and absolute discretion, may make distributions to any of the beneficiaries under this Section to the complete exclusion of the other beneficiaries, in equal or unequal shares, as their respective needs require. My Trustee shall made distributions based entirely on need, in the sole and absolute discretion of my Trustee. When making such distributions, my Trustee may consider other income and resources available to my beneficiaries.
A distribution made to a beneficiary pursuant to this Section shall not be charged against the ultimate share of such beneficiary which may be distributable under any other provision of this agreement.
Any net income which is not distributed under this Article shall be accumulated and added to principal.
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Article Five
During my life, I shall have the following rights, and my Trustee shall have the following duties, with respect to insurance policies or retirement plans owned by or made payable to my trust.
I reserve, and may exercise without the approval of my Trustee or any beneficiary, all of the rights, powers, options, and privileges with respect to any insurance policy, retirement plan, annuity, or any other third-party beneficiary contract made payable to my trust or deposited with my Trustee.
My Trustee shall deliver to me or my designee, upon my written request, any and all insurance policies, retirement plan documents, annuity contracts, and all other third-party beneficiary contracts, as well as all related documents, which are owned by or deposited with my Trustee pursuant to my trust. My Trustee shall not be under any obligation to have any or all of such documents returned.
My Trustee shall have no obligation to see that premiums or other sums that may be due and payable under any insurance policy, retirement plan, annuity contract, or any other third-party beneficiary contract are paid. Further, my Trustee shall have no obligation with respect to any insurance policy, retirement plan, annuity contract, or other third-party beneficiary contract, as well as any documents related thereto, deposited with my Trustee, other than to provide for their safekeeping.
No provision of this agreement shall be construed to impose any obligation on me to maintain any insurance policy, retirement plan,
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annuity contract, or any other third-party beneficiary contract in force.
Upon my death, my Trustee shall make all appropriate elections with respect to insurance policies, retirement plans, and other death benefits which are owned by or payable to my trust.
My Trustee shall make every reasonable effort to collect all sums made payable to my trust or my Trustee under all life insurance policies, or other nonretirement death benefit plans, which provide for death proceeds made payable to or owned by the trust.
In collecting policy or death benefit proceeds, my Trustee may, in its sole and absolute discretion, exercise any of the settlement options that may be available under the terms of a policy or any other third-party beneficiary contract.
My Trustee shall not be liable to any beneficiary for the settlement option ultimately selected.
My Trustee shall have the right, in its sole and absolute discretion, to elect to receive any retirement plan death proceeds, whether under a qualified pension, profit sharing, Keough, individual retirement account, or any other retirement plan, either in a lump sum or in any other manner permitted by the terms of the particular retirement plan. My Trustee shall not be liable to any beneficiary for the death benefit election ultimately selected.
Not withstanding any other provision in my trust to the contrary, my Trustee shall not use funds from any retirement plan assets, whether under a qualified pension, profit sharing, Keough, individual retirement account, or any other retirement plan, to pay any expenses
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of my estate except to the extent allowed by law in the absence of this provision.
My Trustee need not, except at its option, enter into or maintain any litigation or take action to enforce any payment until it has been indemnified to its satisfaction for all expenses and liabilities to which, in its sole judgment, it may be subjected.
My Trustee is expressly authorized, in its sole and absolute discretion, to adjust, settle, and compromise any and all claims that may arise from the collection of any death proceeds. The decisions of my Trustee shall be binding and conclusive on all beneficiaries.
No person or entity which pays insurance proceeds or other death proceeds to my Trustee as beneficiary shall be required to inquire into any of the provisions of this trust or to see to the application of any such proceeds by my Trustee.
The receipt of the proceeds by my Trustee shall relieve the payor of any further liability as a result of making such payment.
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Article Six
On my death, my Trustee is authorized, but not directed, to pay the following:
Expenses of my last illness, funeral, and burial, including memorials of all types and memorial services of such kind as my Trustee in its sole discretion shall approve.
Legally enforceable claims against me or my estate.
Expenses with regard to the administration of my estate.
Federal estate tax, applicable state inheritance’ or estate taxes, or any other taxes occasioned by my death.
Statutory or court-ordered allowances for qualifying family members.
The payments authorized under this Section are discretionary, and no claims or right to payment by third parties may be enforced against my trust by virtue of such discretionary authority.
My Trustee shall be idemnified from the trust property for any damages sustained by my Trustee as a result of its exercising, in good faith, the authority granted it under this Section.
The payments authorized under this Section shall be paid only to the extent that the property in my probate estate, if any (other than real estate, tangible personal property, or property that, in my Trustee’s judgment, is not readily marketable), is insufficient to make these payments.
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Section 2. Redemption of Treasury Bonds
If my trust holds United States Treasury Bonds which are eligible for redemption at par in payment of the federal estate tax, my Trustee shall redeem such bonds to the extent necessary to pay federal estate tax as a result of my death.
This Section shall be utilized to help facilitate the coordination between the personal representative of my probate estate and my Trustee with respect to any of my property owned outside of my trust at my death.
My Trustee, in its sole and absolute discretion, may elect to pay the payments authorized under this Article either directly to the appropriate persons or institutions or to my personal representative of my probate estate.
My Trustee may rely upon the written statements of my personal representative as to all material facts relating to these payments; my Trustee shall not have any duty to see to the application of such payments.
My Trustee is authorized to purchase and retain in the form received, as an addition to my trust, any property which is a part of my probate estate. In addition, my Trustee may make loans, with or without security, to my probate estate. My trustee shall not be liable for any loss suffered by my trust as a result of the exercise of the powers granted in this paragraph.
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My Trustee is authorized to accept distributions from my personal representative of my probate estate without audit and my Trustee shall be under no obligation to examine the records or accounts of my personal representative.
In making any payments pursuant to this Article, my Trustee shall not use any property to the extent it is not included in my gross estate for federal estate tax purposes.
However, if my Trustee makes the determination, in its sole and absolute discretion, that nonexempt property is not available for payments pursuant to this Article, or that it is not economically prudent to use nonexempt property for the payment of such expenses, it may then use such exempt property.
All expenses and claims and all estate, inheritance, and death taxes, excluding any generation-skipping transfer tax, resulting from my death shall be paid without apportionment and without reimbursement from any person, except as otherwise specifically provided in this trust.
Notwithstanding anything to the contrary in my trust, estate, inheritance, and death taxes assessed with regard to property passing outside of my trust or outside of my probate estate, but included in my gross estate for federal estate tax purposes, shall be chargeable against the persons receiving such property.
My Trustee may exercise any available elections with regard to state or federal income, inheritance, estate, succession, or gift tax law.
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a. Alternate Valuation Date
The authority granted my Trustee in this Section includes the right to elect any alternate valuation date for federal estate or state estate or inheritance tax purposes.
b. Deduction of Administration Expenses
The authority granted my Trustee in this Section shall include the right to elect whether all or any parts of the administration expenses of my estate are to be used as estate tax deductions or income tax deductions.
No compensating adjustments need be made between income and principal as a result of such elections unless my Trustee, in its sole and absolute discretion, shall determine otherwise, or unless required by law.
The authority granted my Trustee in this Section shall include the right to elect to defer payment of all or part of my estate taxes, pursuant to any law permitting deferral, and to enter into any agreement necessary to defer payment of estate taxes even if doing so extends the statute of limitations and regardless of whether sufficient funds are available to pay the estate taxes when due.
The authority granted to my Trustee in this Section shall include the right to elect to value qualified real property at its value based upon actual use rather than its fair market value and to enter into any agreement necessary to make such election as permitted under the Internal Revenue Code and its regulations.
My Trustee may also:
Sign tax returns.
Pay any taxes, interest, or penalties with regard to taxes.
Apply for and collect tax refunds and interest thereon.
Article Seven
Distribution of My Tangible Personal Property
and Specific Distributions
On my death, my Trustee shall distribute my nonbusiness tangible personal property held by my trust as follows:
My Trustee shall distribute the jewelry, clothing, household furniture, furnishings and fixtures, chinaware, silver, photographs, works of art, books, boats, automobiles, sporting goods, artifacts relating to my hobbies, and all other tangible articles of household or personal use in accordance with any written, signed, and dated memorandum left by me directing the distribution of such property.
Any memorandum written, dated, and signed by me disposing of my tangible personal property shall be incorporated by reference into this agreement.
Should I leave multiple written memoranda which conflict as to the disposition of any item of tangible personal property, that memorandum which is last dated shall control as to those items which are in conflict.
If my state law does not allow the use of a memorandum to distribute nonbusiness tangible personal property or, to the extent that my tangible personal property which is or becomes trust property is not disposed of by memorandum for any reason, then that nonbusiness tangible personal property shall be distributed under the terms of this trust agreement.
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Section 2. Business Tangible Personal Property
The disposition of my tangible personal property under this Article shall not include tangible personal property which my Trustee, in its sole and absolute discretion, determines to be part of, or used exclusively in, any business or profession in which I had an interest at the time of my death.
I do not wish to make any specific distributions of trust property.
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Article Eight
The trust property which has not been distributed under prior provisions of this agreement shall be disposed of by my Trustee under the terms of this Article.
If, at the creation of the Common Trust, my mother _________________________ is then living, all of the trust property shall be held in trust and distributed pursuant to the following terms:
My Trustee shall pay to or apply for the benefit of my mother, as much of the net income and principal of the trust property as my Trustee, in its sole and absolute discretion, determines to be necessary or advisable for her education, health, maintenance, and support.
Any net income not distributed under this Article shall be accumulated and added to principal.
In making distributions pursuant to this Section, my Trustee shall take into consideration, to the extent that my Trustee deems advisable in its sole and absolute discretion, any income or other resources available to my mother which are outside of this trust and are know to my Trustee.
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Section 3. Termination of the Common Trust
Upon the death of ___________________________, the Common Trust shall terminate and the principal and any accrued and undistributed net income shall be distributed under the Articles that follow.
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Article Nine
Distribution of My Trust Property
After the death of my mother, _________________________________, all the remaining trust property not previously distributed under the terms of my trust shall be divided as follows:
Beneficiary Relationship Share
______________________ _________________________ ___________
______________________ _________________________ ___________
The share of each beneficiary then living shall be distributed as follows:
The trust share for ___________________________ shall be held in trust and administered and distributed as follows:
My Trustee shall pay to or apply for ___________________________’s benefit, at least annually during her life, all of the net income from her trust share.
My Trustee shall pay to or apply for ________________________’s benefits such amounts from the principal of her trust share as she may at any time request in writing.
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No limitation shall be placed on ______________________________ as to either the amount of or the reason for such invasion of principal.
My Trustee may also distribute to or for __________________________’s benefit as much of the principal of her trust share as my Trustee, in its sole and absolute discretion, shall consider necessary or advisable for her education, health, maintenance, and support.
If _________________________________ should die before the complete distribution of her trust share, her trust shall terminate and my Trustee shall distribute the balance of the trust property to her living descendants, per stirpes.
If ______________________________ has no then living descendants, my Trustee shall distribute the balance of the trust property equally to the then living descendants of ___________________ and _______________, per stirpes.
If there are no living descendants of ________________ and __________________, my Trustee shall distribute the balance of the trust property as provided in Article Ten of this agreement.
Each share set aside for a deceased beneficiary, if any, who has then living descendants shall be divided, administered, and distributed as follows:
Each share set aside for a deceased beneficiary who has then living descendants shall be divided into as many equal shares as shall be
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necessary to create one equal share for the deceased beneficiary’s descendants, per stirpes.
If any descendant of a deceased beneficiary is over 21 years of age and is not legally incapacitated, my Trustee shall distribute that descendant’s share outright to that descendant.
If any descendant of a deceased beneficiary is under 21 years of age, or if any descendant of a deceased beneficiary is disabled or incapacitated as defined in Article Fifteen of this agreement, then my Trustee shall retain such share in trust under the provisions of Article Eleven.
Whenever a distribution is authorized or required to be made by a provision of this Article to any beneficiary, then that beneficiary may direct my Trustee in writing to retain such distribution in trust as follows:
My Trustee, during the lifetime of the beneficiary, shall pay to or apply for the benefit of the beneficiary from time to time and at the beneficiary’s written direction all of the net income from this trust.
My Trustee shall pay to or apply for the benefit of the beneficiary such amounts from the principal as the beneficiary may at any time request in writing.
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No limitation shall be placed on the beneficiary as to either the amount of or reason for such invasion of principal.
My Trustee may also distribute to or for the benefit of the beneficiary as much of the principal as much of the principal of the trust as my Trustee, in its sole and absolute discretion, shall consider necessary or advisable for the education, health, maintenance, and support of the beneficiary.
The beneficiary shall have the unlimited and unrestricted general power to appoint, by a valid last will and testament or trust agreement, the entire principal and any accrued and undistributed net income of the trust as it exists at the beneficiary’s death. In exercising this general power of appointment, the beneficiary shall specifically refer to this power.
The beneficiary shall have the sole and exclusive right to exercise the general power of appointment.
This general power of appointment specifically grants to the beneficiary the right to appoint property to the beneficiary’s own estate. It also specifically grants to the beneficiary the right to appoint the property among persons, corporations, or other entities in equal or unequal proportions, and on such terms and conditions, whether outright or in trust, as the beneficiary may elect.
Any property in the trust which is not distributed pursuant to the exercise of the general power of appointment shall be distributed to the beneficiary’s then living descendants, per stirpes.
If the beneficiary has no then living descendants, my Trustee shall distribute the remaining trust property as provided in Article Ten of this agreement.
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If at any time there is no person, corporation, or other entity entitled to receive all or any part of my property, then all the trust property shall be distributed to my the then living descendants of _____________________ and ________________________. If a person named as a beneficiary under this Article is not living at the date of distribution, that person’s share shall pass to his or her descendants, per stirpes. If a beneficiary does not have any descendants, per stirpes, or if a beneficiary cannot take a share for any other reason, then that beneficiary’s share shall pass to the other beneficiaries pro rata. If there are no beneficiaries under this Article, then all of the trust property shall be distributed to those persons who would be my heirs if I had died intestate owning such property.
The distribution of trust property, for purposes of this Article, shall be determined by the laws of descent and distribution for intestate estates in the State of Wyoming as such laws are in effect at the time of a distribution under this Article.
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Article Eleven
Methods of Distribution and Trust
Administration with Regard to
Minor and Disabled Beneficiaries
Whenever a distribution is authorized or required to be made by a provision of this agreement to any beneficiary who is disabled or incapacitated, such distribution may be made by my Trustee:
Without continuing court supervision or the intervention of a guardian, conservator, or any other legal representative.
Without giving or requiring any bond or surety on bond.
Pursuant to any of the methods authorized under this Article.
In making distributions under this Article, disability or incapacity shall include adjudicated mental incapacity by a court of competent jurisdiction, or incapacity because of age, illness or injury.
Before making any distributions to beneficiaries other than me under this Article, it is my desire that my Trustee, to the extent that it is both reasonable and possible:
Inquire into the ultimate disposition of the distributed funds.
Take into consideration the behavior of trust beneficiaries with regard to their disposition of prior distributions of trust property.
My Trustee shall obtain a receipt from the person, corporation or other entity receiving any distribution called for in this Article.
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Section 2. Methods of Payment
My Trustee may make the distributions called for in this Article in any one or more of the following ways:
Directly to a beneficiary.
To persons, corporations, or other entities for the use and benefit of the beneficiary.
To an account in a commercial bank or savings institution in the name of the beneficiary, or in a form reserving the title, management, and custody of the account to a suitable person, corporation, or other entity for the use and benefit of the beneficiary.
In any prudent form of annuity purchased for the use and benefit of the beneficiary.
To any person or duly licensed financial institution, including my Trustee, as a custodian under the Uniform Transfers to Minors Act, or any similar act, of any state, or in any manner allowed by any state statute dealing with gifts or distributions to minors or other individuals under a legal disability.
To any guardian, agent under a valid power of attorney, or other person deemed by my Trustee to be responsible, and who has assumed the responsibility for caring for the beneficiary.
If any trust property becomes distributable to a beneficiary when the beneficiary is under 21 years of age, or when the beneficiary is under any form of legal disability, as defined in Article Fifteen, my Trustee may retain that beneficiary’s share in a separate trust until he or she attains 21 years of age, or until his or her legal disability has ceased, as follows:
My Trustee shall apply to or for the benefit of the beneficiary as much of the net income and principal of the trust as my Trustee, in its
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sole and absolute discretion, deems necessary or advisable for the beneficiary’s education, health, maintenance, and support.
In making any distributions of income and principal under this Article, my Trustee shall be mindful of, and take into consideration to the extent it deems necessary, any additional sources of income and principal available to the beneficiary which arise outside of this agreement.
Any net income not distributed to a beneficiary shall be accumulated and added to principal.
My Trustee shall distribute the trust property to a beneficiary:
When he or she attains 21 years of age, or
When he or she ceases to be disabled.
If a beneficiary should die before the complete distribution of his or her trust, the trust shall terminate and all of the trust property shall be distributed to such persons, corporations, or other entities, including the beneficiary’s own estate, in the manner in which the beneficiary shall elect.
This general power of appointment must be exercised by the beneficiary by either a valid living trust or last will and testament, either of which specifically refers to this power of appointment.
To the extent this general power of appointment is not exercised, my Trustee shall distribute the remaining trust property to my then living descendants, per stirpes.
If the beneficiary has no then living descendants, my Trustee shall distribute the remaining trust property to my then living descendants, per stirpes.
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If I have no then living descendants, my Trustee shall distribute the remaining trust property as provided in Article Ten of this agreement.
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The Resignation, Replacement, and
Succession of My Trustees
Any Trustee may resign by giving thirty days’ written notice to me or to my legal representative. If I am not living, the notice shall be delivered to the Trustee, if any, and to all of the beneficiaries then eligible to receive mandatory or discretionary distributions of net income from any trust created under this agreement.
If a beneficiary is a minor or is legally incapacitated, the notice shall be delivered to that beneficiary’s guardian or other legal representative.
Any Trustee may be removed by me as follows:
I reserve the right to remove any Trustee at any time.
I need not give any Trustee being removed any reason, cause, or ground for such removal.
Notice of removal shall be effective when made in writing by either:
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Mailing notice in the United States mail to the last known address of the
Trustee by certified mail, return receipt requested.
Trustees shall be replaced in the following manner:
I may serve as a sole Trustee or I may name any number of Cotrustees to serve with me. If a Cotrustee subsequently dies, resigns, becomes legally incapacitated, or is otherwise unable or unwilling to serve as a Cotrustee, I may or may not fill the vacancy, as I choose.
During any period that I am disabled, ______________________________ acting as my disability Trustee shall replace my initial Trustee.
If the disability Trustee is unwilling or unable to serve, or cannot continue to serve for any other reason, then ___________________________ shall be named as successor disability Trustee.
On my death, ______________________________ acting as my death Trustee shall replace my initial Trustee, if he is then serving, or the disability Trustee, if she is then serving.
If the death Trustee is unwilling or unable to serve as a Trustee, or cannot continue to serve for any other reason, then _______________________ shall be named as successor death Trustee.
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If a successor Trustee is unwilling or unable to serve during the period in which I am disabled or after my death, the next following successor Trustee shall serve until the successor Trustees so named have been exhausted.
A Trustee may be listed more than once in this Section or an initial Trustee may also be named as a disability Trustee or a Trustee who will serve upon my death. Naming a Trustee more than once is done as a convenience only and is not to be construed as termination of that Trustee’s trusteeship.
In the event no named Trustees are available, a majority of the beneficiaries then eligible to receive mandatory or discretionary distributions of net income under this agreement shall forthwith name an independent trustee.
If a majority of the beneficiaries then eligible to receive mandatory or discretionary distributions of net income under this agreement cannot agree on a corporate fiduciary, any beneficiary can petition a court of competent jurisdiction, ex parte, to designate a corporate fiduciary as a Trustee.
The court that designates the successor Trustee shall not acquire any jurisdiction over any trust created under this agreement, except to the extent necessary to name a corporate fiduciary as a successor Trustee.
Any corporate fiduciary named in this trust agreement or appointed by a court of competent jurisdiction as a Trustee must be a bank or trust company situated in the United States having trust powers under applicable federal or state law.
Such fiduciary shall have a combined capital and surplus of at least 10 million dollars.
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Any successor Trustee, whether corporate or individual, shall have all of the rights, powers, and privileges, and be subject to all of the obligations and duties, both discretionary and ministerial, as given to the original Trustees.
Any successor Trustee shall be subject to any restrictions imposed on the original Trustees. No successor Trustee
be required to examine the accounts, records, and acts of any previous Trustees.
No successor Trustee shall in any way be responsible for any act or omission to act on the part of any previous Trustees.
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Article Thirteen
General Matters and Instructions
with Regard to the Trusteeship
As used throughout this agreement, the word “Trustee” shall refer to the initial Trustee as well as any single, additional, or successor Trustee. It shall also refer to any individual, corporation, or other entity acting as a replacement, substitute, or added Trustee.
My Trustee shall not be required to furnish any bond for the faithful performance of its duties.
If a bond is required by any law or court of competent jurisdiction, it is my desire that no surety be required on such bond.
All trusts created under this agreement shall be administered free from the active supervision of any court.
Any proceedings to seek judicial instructions or a judicial determination shall be initiated by my Trustee in the appropriate state court having original jurisdiction of those matters relating to the construction and administration of trusts.
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Section 4. My Trustee’s Responsibility to Make Information
Available to Beneficiaries
My Trustee shall report, at least semiannually, to the beneficiaries then eligible to receive mandatory or discretionary distributions of the net income from the various trusts created in this agreement all of the receipts, disbursements, and distributions occurring during the reporting period along with a complete statement of the trust property.
The trust’s books and records along with all trust documentation shall be available and open at all reasonable times to the inspection of the trust beneficiaries and their representatives. My Trustee shall not be required to furnish trust records or documentation to any individual, corporation, or other entity that is not a beneficiary, does not have the express written approval of a beneficiary, or is not requesting such pursuant to a court order.
Any Trustee may delegate to any other Trustee the power to exercise any or all powers granted my Trustee in this agreement, including those which are discretionary, if allowed by law.
My delegating Trustee may revoke any such delegation at will.
The delegation of any such power, as well as the revocation of any such delegation, shall be evidenced by an instrument in writing executed by the delegating Trustee.
As long as any such delegation is in effect, any of the delegated powers may be exercised by the Trustee receiving such delegation with the same force and effect as if the delegating Trustee had personally joined in the exercise of such power.
If any Trustee is unwilling or unable to act as to any trust property, my Trustee shall designate, in writing, an individual, bank trust department, or trust company to act as a substitute Trustee with regard to such property.
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The property being administered by the substitute Trustee, as well as the net income therefrom, shall be distributed or remitted as directed by the delegating Trustee consistent with the terms of this agreement.
Each substitute Trustee shall exercise all of the fiduciary powers granted by this agreement unless expressly limited by the delegating Trustee in the instrument appointing such substitute Trustee, or by any provision within this Section.
Any substitute Trustee may resign at any time by delivering written notice to my Trustee to that effect.
My Trustee shall be entitled to fair and reasonable compensation for the services it renders as a fiduciary. The amount of compensation shall be an amount equal to the customary and prevailing charges for services of a similar nature during the same period of time and in the same geographic locale.
My Trustee shall be reimbursed for the reasonable costs and expenses incurred in connection with its fiduciary duties under this agreement.
When more than two Trustees are acting, the concurrence and joinder of a majority of my Trustees shall control in all matters pertaining to the administration of any trust created under this agreement.
If only two Trustees are acting, the concurrence and joinder of both shall be required.
When more than two Trustees are acting, any dissenting or abstaining Trustee may be absolved from personal liability by registering a written dissent or abstention with the records of the trust; the dissenting trustee shall thereafter act with the other Trustees in any manner necessary or appropriate to effectuate the decision of the majority.
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If any bank or trust company ever succeeds to the trust business of any corporate fiduciary serving as a Trustee under this agreement, whether because of a name change or any other form of reorganization, or if such corporate fiduciary ever transfers all of its existing business to any other bank or trust company, the successor shall thereupon, without any action being required, succeed to the trusteeship as if originally named.
If my Trustee shall determine, in its sole and absolute discretion, that any trust created under this agreement has become uneconomical to administer due to the high cost of administration relative to the value of the trust property, my Trustee may terminate such trust or trusts and distribute the trust property, including any accrued but undistributed net income, in the following order:
To me if I am then living.
Equally among the beneficiaries then entitled to receive discretionary payments of income of the trust, per stirpes.
In order to minimize the impact of any generation-skipping tax that may be applied to any of the trusts created by this agreement or their beneficiaries, my Trustee, in its sole and absolute discretion, is authorized to take the following actions:
If any trust created under this agreement would be partially exempt from generation-skipping tax by reason of an allocation of a generation-skipping tax exemption to it, prior to such allocation my Trustee shall divide the total trust assets into two separate trust shares of equal or unequal value, to permit allocation of the exemption solely to one trust share (the “exempt trust”). The exempt trust shall consist of a fractional interest of the total trust assets in an amount
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necessary to cause the exempt trust to be entirely exempt from generation-skipping tax. The other trust share (the “nonexempt trust”) shall consist of the remaining fractional interest of the total trust assets. For purposes of this allocation, assets values as finally determined for federal estate tax purposes shall be used.
If a trust under this agreement, whether created under this Section or not, is entirely exempt or nonexempt from generation-skipping tax and adding property to it would partially subject the trust to generation-skipping tax, my Trustee may hold that property in a separate trust in lieu of making the addition.
If my Trustee divides a trust into two separate trust shares or creates a separate trust for additions, the trusts or trust shares that result shall have the same terms and conditions as the original trust. My Trustee shall not make discretionary distributions from the income or principal of the exempt trust to beneficiaries who are nonskip persons as long as any readily marketable assets remain in the nonexempt trust.
Upon division or distribution of an exempt trust and a nonexempt trust, my Trustee many allocate property from the exempt trust first to a share from which a generation-skipping transfer is more likely to occur.
If my Trustee considers that any distribution from a trust under this agreement, other than pursuant to a power to withdraw or appoint, is a taxable distribution subject to a generation-skipping tax payable by the beneficiary, my Trustee shall augment the distribution by an amount which my Trustee estimates to be sufficient to pay the tax and shall charge the same against the trust to which the tax relates.
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If my Trustee considers that any termination of an interest in trust property is a taxable termination subject to a generation-skipping tax, my Trustee shall pay the tax from the portion of the trust property to which the tax relates, without adjustment of the relative interests of the beneficiaries.
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My Trustee’s Administrative and
Investment Powers
Except as otherwise provided in this agreement, my Trustee shall have both the administrative and investment powers enumerated under this Article and any other powers granted by law with respect to the various trusts created by this agreement.
Section 2. Powers to Be Exercised in the Best Interests of the
Beneficiaries
My Trustee shall exercise the following administrative and investment powers without the order of any court, as my Trustee determines in its sole and absolute discretion to be in the best interests of the beneficiaries.
Not withstanding anything to the contrary in this agreement, my trustee shall not exercise any power in a manner inconsistent with the beneficiaries’ right to beneficial enjoyment of tyhe trust property in accordance wityh the general principles of the law of trusts.
My Trustee is hereby granted the following administrative and investment powers:
My Trustee may retain, sell, acquire, and continue any farm or ranching operation whether as a sole proprietorship, partnership, or corporation.
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My Trustee may engage in the production, harvesting, and marketing of both farm and ranch products either by operating directly or with management agencies, hired labor, tenants, or sharecroppers.
My Trustee may engage and participate in any government farm program, whether state or federally sponsored.
My Trustee may purchase or rent machinery, equipment, livestock, poultry, feed, and seed.
My Trustee may improve and repair all farm and ranch properties; construct buildings, fences, and drainage facilities; acquire, retain, improve, and dispose of wells, water rights, ditch rights, and priorities of any nature.
My Trustee may, in general, do all things customary or desirable to operate a farm or ranch operation for the benefit of the beneficiaries of the various trusts created under this agreement.
My Trustee is authorized to establish and maintain bank accounts of all types in one or more banking, savings, and other financial institutions that my Trustee may choose. My Trustee may open such accounts in the name of the Trustee (with or without disclosing fiduciary capacity) or in the name of my trust. Where an account is in the name of the trust, checks on that account, and authorized signatures need not disclose the fiduciary nature of the account or refer to any trust or Trustee.
My Trustee may designate persons who are not initial or successor Trustees of my trust, to be signatories of any or all of such accounts.
My Trustee is authorized to buy, sell, and trade in securities of any nature, including short sales and on margin. My Trustee may maintain and operate margin accounts with brokers, and may pledge any securities held or purchased by my Trustee with such brokers as securities for loans and advances made to my Trustee.
My Trustee may retain, exercise, or sell rights of conversion or subscription with respect to any securities held as part of the trust property.
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My Trustee may vote or refrain from voting at corporate meetings either in person or by proxy, whether general or limited, and with or without substitutions.
My Trustee may retain and continue any business in which I have or had an interest as a shareholder, partner, sole proprietor, or as a participant in a joint venture, even though that interest may consitute all or a substantial portion of the trust property.
My Trustee may directly participate in the conduct of any such business or employ others to do so on behalf of the beneficiaries.
My Trustee may execute partnership agreements, buy-sell agreements, and any amendments to them.
My Trustee may participate in the incorporation of any trust property; any corporate reorganization, merger, consolidation, recapitalization, liquidation, dissolution; or any stock redemption or cross purchase buy-sell agreement.
My Trustee may hold the stock of any corporation as trust property, and may elect or employ directors, officers, employees, and agents and compansate them for their services.
My Trustee may sell or liquidate any business interest that is part of the trust property.
My Trustee may carry out the provisions of any agreement entered into by me for the sale of any business interest or the stock thereof.
My Trustee may exercise all of the business powers granted in this agreement regardless of whether my Trustee is personally interested or an involved party with respect to any business enterprise forming a part of the trust property.
My Trustee shall have the power to inspect any trust property to determine compliance with any environmental law affecting such
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property or to respond to any environmental law affecting property held by my Trustee. “Environmental Law” shall mean any federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment or of human health.
My Trustee shall have the power to refuse to accept property if my Trustee determines that there is a substantial risk that such property is contaminated by any hazardous substance or has previously, or is currently, being used for any activities directly or indirectly involving hazardous substances which could result in liability to the trust assets. “Hazardous substance” shall mean any substance defined as hazardous or toxic by any federal, state, or local law, rule, regulation, or ordinance.
My Trustee shall have the power to take any necessary action to prevent, abate, clean up or otherwise respond to any actual or threatened violation of any environmental law affecting trust property prior to or after the initiation or enforcement of any action by any governmental body.
My Trustee may disclaim or release any power granted to it or implied by any document, statute, or rule of law which the Trustee determines may cause the Trustee to incur liability under any environmental law.
My Trustee may charge the cost of any inspection, review, prevention, abatement, response, cleanup, or remedial action authorized under this power against the trust property.
My Trustee shall not be liable to any beneficiary or to any other party for any decrease in value of the trust property by reason of my Trustee’s compliance with any environmental law, specifically including any reporting requirement under such law.
For the purpose of convenience with regard to the administration and investment of the trust property, my Trustee may hold the several trusts created under this agreement as a common fund.
My Trustee may make joint investments with respect to the funds comprising the trust property.
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My Trustee may enter into any transaction authorized by this Article with fiduciaries or other trusts or estates in which any beneficiary hereunder has an interest, even though such fiduciary is also a Trustee under this agreement.
My Trustee shall pay from income or principal all of the reasonable expenses attributable to the administration of the respective trusts created in this agreement.
My Trustee shall pay itself reasonable compensation for its services as fiduciary as provided in this agreement, and shall reasonably compensate those persons employed by my Trustee, including agents, auditors, accountants, and attorneys.
My Trustee is specifically authorized to make divisions and distributions of the trust property either in cash or in kind, or partly in cash and partly in kind, or in any proportion it deems advisable.
My Trustee shall be under no obligation or responsibility to make pro rata divisions and distributions in kind.
My Trustee may allocate specific property to any beneficiary or share although the property may differ in kind from the property allocated to any other beneficiary or share.
The foregoing powers may be exercised regardless of the income tax basis of any of the property.
My Trustee may in its sole discretion pay the funeral and burial expenses, expenses of the last illness, and valid claims and expenses of an income beneficiary of any trust created under this agreement.
Funeral and burial expenses shall include, but not be limited to, the cost of memorials of all types and memorial services of such kind as
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my Trustee shall approve. Valid claims and expenses shall include, but not be limited to, all state and federal death taxes.
The payments shall be paid from the assets of the trust or trusts from which the beneficiary was receiving income.
I. Income and Principal Powers
My Trustee may determine in a fair, equitable, and practical manner how all Trustee’s fees, disbursements, receipts, and wasting assets shall be credited, charged, or apportioned between principal and income.
My Trustee may set aside from trust income reasonable reserves for taxes, assessments, insurance premiums, repairs, depreciation, obsolescence,, depletion, and for the equalization of payments to or for the beneficiaries; it may select any and all accounting periods with regard to the trust property.
My Trustee may invest and reinvest in such classes of stocks, bonds, securities, commodities, options, metals, or other property, real or personal, as it shall determine.
My Trustee may invest in investment trusts as well as in common trust funds.
My Trustee may purchase life, annuity, accident, sickness, and medical insurance on the behalf of and for the benefit of any trust beneficiary.
My Trustee shall have the powers with regard to life insurance as set forth in the Paragraph j, except as otherwise provided in this agreement.
My Trustee may purchase, accept, hold, and deal with as owner policies of insurance on my life, the life of any trust beneficiary, or
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on the life of any person in whom any trust beneficiary has an insurable interest.
My Trustee shall have the power to execute or cancel any automatic premium loan agreement with respect to any policy, and shall have the power to elect or cancel any automatic premium loan provision in a life insurance policy.
My Trustee may borrow money with which to pay premiums due on any policy either from the company issuing the policy or from any other source and may assign any such policy as security for the loan.
My Trustee shall have the power to exercise any option contained in a policy with regard to any dividend or share of surplus apportioned to the policy, to reduce the amount of a policy or convert or exchange the policy, to surrender a policy at any time for its cash value.
My Trustee may elect any paid-up insurance or any extended-term insurance nonforfeiture option contained in a policy.
My Trustee shall have the power to sell policies at their fair market value to the insured or to anyone having an insurable interest in the policies.
My Trustee shall have the right to exercise any other right, option, or benefit contained in a policy permitted by the insurance company issuing that policy.
Upon termination of any trust created under this agreement, my Trustee shall have the power to transfer and assign the policies held by the trust as a distribution of trust property.
My Trustee may loan money to any person, including a beneficiary, with or without interest, on any term or on demand, with or without collateral, as it deems in the best interests of the trust beneficiaries.
My Trustee may borrow money upon such terms and conditions as it shall deem advisable, including, in the case of a corporate fiduciary, the power to borrow from its own banking or commercial department.
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My Trustee shall have the power to obligate the trust property for the repayment of any sums borrowed where the best interests of the beneficiaries have been taken into consideration.
My trustee shall have the power to encumber the trust property, in whole or in part, by a mortgage or mortgages, deeds of trust, or by pledge, hypothecation or otherwise, even though such encumbrance may continue to be effective after the term of any trust or trusts created in this agreement.
My Trustee shall have the power to enter into any mortgage whether as a mortgagee or mortgagor, to purchase mortgages on the open market, and to otherwise buy, sell, or trade in first or subordinate mortgages.
My Trustee may reduce the interest rate on any mortgage and consent to the modification or release of any guaranty of any mortgage.
My Trustee may continue mortgages upon and after maturity with or without renewal or extension, and may foreclose any mortgage. My Trustee may purchase the mortgaged property or acquire it by deed from the mortgagor without foreclosure.
My Trustee may hold any trust property in the name of my Trustee, or in the name of a nominee, and may enter into agreements to facilitate holding such property. My Trustee may accomplish such with or without disclosing its fiduciary capacity.
My Trustee may hold property which is non-income producing or is otherwise nonproductive if the holding of such property is, in the sole and absolute discretion of my Trustee, in the best interests of the beneficiaries.
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My trustee may do all things necessary to maintain in full force and effect any oil, gas, coal, or other mineral interests comprising part or all of the trust property.
My Trustee may purchase additional oil, gas, coal, and other mineral interests when necessary or desirable to effect a reasonable plan of operation or development with regard to the trust property.
My trustee may buy or sell undivided interest in oil, gas, coal, and other mineral interests, and may exchange any of such interests for interests in other properties or for services.
My Trustee may execute oil, gas, coal, and other mineral leases on such terms as my Trustee may deem proper, and may enter into pooling, unitization, repressurization, and other types of agreements relating to the development, operation, and conservation of mineral properties.
Any lease or other agreement may have a duration that my Trustee deems reasonable, even though extending beyond the duration of any trust created in this agreement.
My Trustee may execute division orders, transfer orders, releases, assignments, farmouts, and any other instruments which it deems proper.
My Trustee may drill, test, explore, mine, develop, and otherwise exploit any and all oil, gas, coal, and other mineral interests, and may select, employ utilize,, or participate in any business form, including partnerships, joint ventures, co-owners’ groups, syndicates, and corporations, for the purpose of acquiring, holding, exploiting, developing, operating, or disposing of oil, gas, coal, and other mineral interests.
My Trustee may employ the services of consultants or outside specialists in connection with the evaluation, management, acquisition, disposition, or development of any mineral interest, and may pay the cost of such services from the principal or income of the trust property.
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My Trustee may use the general assets of the trusts created under this agreement for the purposes of acquiring, holding, managing, developing, pooling, unitizing, repressuring, or disposing of any mineral interests.
My Trustee may execute, deliver, and grant to any individual or corporation a revocable or irrevocable power of attorney to transact any and all business on behalf of the various trusts created in this agreement.
The power of attorney may grant to the attorney-in-fact all of the rights, powers, and discretion that my Trustee could have exercised.
My Trustee may merge and consolidate any trust created in this agreement with any other trust created by me, or any other person at any other time, if the other trust contains substantially the same terms for the same beneficiaries, and has at least one Trustee in common with the trust or trusts created in this agreement.
My Trustee may administer such merged and consolidated trusts as a single trust or unit. If, however, such a merger or consolidation does not appear feasible, as determined in the sole and absolute discretion of my Trustee, my Trustee may consolidate the assets of such trusts for purposes of investment and trust administration while retaining separate records and accounts for the respective trusts.
An interested Trustee is any Trustee who has an interest as a beneficiary in this trust agreement or any trust created by it. In all instances where an interested Trustee distributes, or participates in the distribution, of trust income or principal to or for the benefit of such Trustee, then the distribution shall be limited by the ascertainable standards of education, health, maintenance, and support. Notwithstanding anything in this agreement to the contrary,
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making such distributions, the interested Trustee shall not use discretion in applying those ascertainable standards.
No individual Trustee shall exercise or participate in the exercise of such discretionary power with respect to distributions to any person or persons such individual is legally obligated to support, as to that support obligation.
Any individual Trustee under this agreement, other than me, is prohibited from exercising any power conferred on the owner of any policy which insures the life of such individual Trustee and which is held as part of the trust property.
If my Trustee holds any such policy or policies as a part of the trust property, the powers conferred on the owner of such a policy shall be exercised only by the other then acting Trustee.
If the insured Trustee is the only then acting Trustee, then such powers shall be exercised by a substitute Trustee designated pursuant to the provisions of the agreement dealing with the trusteeship. If any rule of law or court decision construes the ability of the insured Trustee to name a substitute Trustee as an incident of ownership, the substitution process shall be implemented by a majority of the then current mandatory and discretionary income beneficiaries, excluding the insured Trustee if the insured Trustee is a beneficiary.
My Trustee may purchase, sell, transfer, exchange or otherwise acquire or dispose of any real estate.
My Trustee may make leases and grant options to lease for any term, even though the term may extend beyond the termination of any trust created under this agreement.
My trustee may grant or release easements and other interests with respect to real estate, enter into party wall agreements, execute estoppel certificates, and develop and subdivide any real estate.
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My Trustee may dedicate parks, streets, and alleys or vacate any street or alley, and may construct, repair, alter, remodel, demolish, or abandon improvements.
My Trustee may elect to insure, as it deems advisable, all actions contemplated by this subsection.
My Trustee may take any other action reasonably necessary for the preservation of real estate and fixtures comprising a part of the trust property or the income therefrom.
If any stock of an S corporation becomes distributable to a trust created under this agreement, and such trust is not a qualified Subchapter S trust, my Trustee may implement any of the following alternatives with respect to the S corporation stock:
Where the original trust is for a sole beneficiary, my Trustee may create for that beneficiary a separate trust that qualifies as a Subchapter S trust, and then distribute such stock to the newly created trust.
Where the original trust is for multiple beneficiaries, my Trustee may divide the trust into separate trusts for each of the beneficiaries. Each newly created trust shall hold that beneficiary’s pro rata share of the S corporation stock, and shall qualify as a Subchapter S trust.
If circumstances prevent my Trustee from accomplishing the first two alternatives under this paragraph, my Trustee may, in its sole and absolute discretion, distribute such stock to the beneficiaries as if the trust had terminated,
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while continuing to hold any other non-S corporation property in trust.
Each newly created S corporation trust shall have mandatory distributions of income and shall not provide for powers of appointment that can be exercised by the beneficiary during the beneficiary’s lifetime. In all other respects, the newly crated trusts shall be as consistent as possible with the original trusts and still qualify as Subchapter S trusts.
My Trustee may take any action necessary with regard to S corporations, including making any elections required to qualify stock as S corporation stock, and may sign all required tax returns and forms.
My Trustee may sell, lease, transfer, exchange, grant options with respect to, or otherwise dispose of the trust property.
My Trustee may sell, lease, transfer, exchange, grant options with respect to, or otherwise dispose of the trust property.
My Trustee may deal with the trust property at such time or times, for such purposes, for such considerations and upon such terms, credits, and conditions, and for such periods of time, whether ending before or after the term of any trust created under this agreement, as it deems advisable.
My Trustee may make such contracts, deeds, leases, and any other instruments it deems proper under the immediate circumstances, and may deal with the trust property in all other ways in which a natural person could deal with his or her property.
In addition to those other securities powers granted throughout this Article, my Trustee may retain, exercise, or sell rights of conversion or subscription with respect to any securities held as part of the trust property.
My Trustee may vote or refrain from voting at corporate meetings either in person or by proxy, whether general or limited, and with or without substitutions.
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My Trustee may compromise, adjust, arbitrate, alter the terms of, or abandon any claim in favor of or against any trust created under this agreement, and may take deeds in lieu of foreclosure.
My Trustee is authorized to receive additional trust property, whether by gift, will or otherwise, from either me or any other person, corporation, or entity.
Upon receipt of any additional property, my Trustee shall administer and distribute the same as part of the trust property.
My Trustee may retain, without liability for depreciation or loss resulting from such retention, all property constituting the trust estate at the time of its creation or thereafter received from other sources.
The foregoing shall be acceptable even though such property may not be of the character prescribed by law for the investment of trust funds or may result in inadequate diversification of the trust property.
In addition to all of the powers specifically granted my Trustee in this Article, my Trustee may exercise those powers set forth under the Trustees’ or Fiduciaries’ Powers Acts, or their equivalent, of the State of Wyoming, together with any amendment to such laws.
My Trustee may perform every act reasonably necessary to administer each and every share or trust created under this agreement.
All of the powers granted to my Trustee in this Article shall be in addition to those powers conferred upon Trustees under all applicable state and federal statutes.
Each power conferred upon my Trustee under this Article, or upon Trustees in general, by applicable state or federal statues, shall be
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subject to any express limitations or contrary directions contained in this agreement.
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Article Fifteen
Definitions and General Provisions
For purposes of this agreement, the following words and phrases shall be defined as follows:
Persons who are legally adopted while they are under 18 years of age (and not those persons adopted after attaining 18 years of age) shall be treated for all purposes under this agreement as though they were the naturally born children of the adopting parents.
An afterborn person is a descendant of mine who is born after the date that I sign this agreement. A child in gestation who is later born alive shall be considered a child in being throughout the period of gestation.
A person’s descendants shall include all of his or her lineal descendants through all generations.
A descendant in gestation who is later born alive shall be considered a descendant in being throughout the period of gestation.
An adopted person, and all persons who are the descendants by blood or by legal adoption while under the age of 18 years of such adopted person, shall be considered descendants of the adopting parents as well as the adopting parents’ ancestors.
Whenever a distribution is to be made to a person’s descendants, per stirpes:
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The distributable assets are to be divided into as many shares as there are then living children of such person and deceased children of such person who left then living descendants.
Each then living children shall receive one share and the share of each deceased child shall be divided among such child’s then living descendants in the same manner.
As used in this trust, “education” shall include:
Any course of study or instruction at an accredited college or university granting undergraduate or graduate degrees.
Any course of study or instruction at any institution for specialized, vocational, or professional training.
Any curriculum offered by any institution that is recognized for purposes of receiving financial assistance from any state or federal agency or program.
Any course of study or instruction which may be useful in preparing a beneficiary for any vocation consistent with the beneficiary’s abilities and interests.
Distributions for education may include tuition, fees, books, supplies, living expenses, travel, and spending money to the extent that they are reasonable.
For the purpose of this agreement, the term “personal representative” shall include an executor, administrator, guardian, custodian, conservator, Trustee, or any other form of personal representative.
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Except as otherwise provided in this agreement, any individual may be treated as disabled, incompetent, or legally incapacitated if:
A guardian, conservator, or other personal representative of such individual’s person or estate has been appointed by a court of competent jurisdiction, or
The individual has disappeared or is absent for unexplained reasons, or the individual is being detained under duress where the individual is unable to effectively manage his or her property or financial affairs.
Unless sooner terminated by the express provisions of this agreement, each trust created in this agreement shall terminate twenty-one years after the death of the last survivor of the group composed of me and those of my descendants living at the time of my death. At that time, the property held in trust shall be discharged of any further trust, and shall immediately vest in and be distributed to those persons entitled to receive or have the benefit of the income from the respective trust.
For purpose of distribution under this Section only, it shall be presumed that any person then entitled to receive any discretionary payments of the income of a separate trust is entitled to receive all of the income, and it shall be presumed that any class of persons entitled to receive discretionary payments of income is entitled to receive all of such income.
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To the fullest extend permitted by law, the interests of all the beneficiaries in the various trusts and trust property subject to this agreement, except for my interest therein while I am living, shall not be alienated, pledged, anticipated, assigned, or encumbered unless specifically authorized by the terms of this agreement.
Such interests, while they remain trust property, shall not be subject to legal process or to the claims of any creditors.
If, on the termination of any separate trust created under this agreement, a final distribution is to be made to a beneficiary for whom my Trustee holds a trust created under this agreement, such distributions shall be added to such trusts rather than being distributed.
If any person, including a beneficiary, other than me, shall in any manner, directly or indirectly, attempt to contest or oppose the validity of this agreement, including any amendments thereto, or commences or prosecutes any legal proceedings to set this agreement aside, then in such event such person shall forfeit his or her share, cease to have any right or interest in the trust property, and shall be deemed to have predeceased me.
Should any person disclaim his or her interest, in whole or in part, in any trust created for his or her benefit in this trust agreement, the result of which would be for that person to receive trust property free of trust earlier than provided by the terms of the trust, then the disclaiming person shall forfeit his or her interest in the trust, shall cease to have any right or interest in the trust property, and shall be deemed to have predeceased me.
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After my death, the situs of this agreement may be changed by the unanimous consent of all of the beneficiaries then eligible to receive mandatory or discretionary distributions of net income under this agreement.
If such consent is obtained, the beneficiaries shall notify my Trustee in writing of such change of trust situs, and shall if necessary designate a successor corporate fiduciary in the new situs. This notice shall constitute removal of the current Trustee if appropriate, and any successor corporate Trustee shall assume its duties as provided under this agreement.
A change in situs under this Section shall be final and binding, and shall not be subject to judicial review.
The following general matters of construction shall apply to the provisions of this agreement:
Unless the context requires otherwise, words denoting the singular may be construed as denoting the plural, and words of the plural may be construed as denoting the singular. Words of one gender may be construed as denoting another gender as is appropriate within such context.
The headings of Articles, Sections, and Paragraphs used within this agreement are included solely for the convenience and reference of the reader. They shall have no significance in the interpretation or construction of this agreement.
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All notices required to be given in this agreement shall be made in writing by either:
Mailing notice by certified United States mail, return receipt requested, to the last known address of the party requiring notice.
The effective date of the notice shall be the date of the written receipts or the date of the return receipt, if received, or if not, the date it would have normally been received via certified mail, provided there is evidence of mailing.
For purposes of this agreement “delivery” shall mean:
Personal delivery to any party, or
Delivery by certified United States mail, return receipt requested to the party making delivery.
The effective date of delivery shall be the date of personal delivery or the date of the return receipt, if received, or if not, the date it would have normally been received via certified mail, provided there is evidence of mailing.
The validity of this trust shall be determined by reference to the laws of the State of Wyoming.
Questions with regard to the construction and administration of the various trusts contained in this agreement shall be determined by reference to the laws of the state in which the trust is then currently being administered.
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This agreement may be executed in several counterparts; each counterpart shall be considered a duplicate original agreement.
If any provision of this agreement is declared by a court of competent jurisdiction to be invalid for any reason, such invalidity shall not affect the remaining provisions of this agreement. The remaining provisions shall be fully severable, and this agreement shall be construed and enforced as if the invalid provision had never been included in this agreement.
I have executed this agreement the day and year first written above.
I certify that I have read my foregoing revocable living trust agreement, and that it correctly states the terms and conditions under which my trust property is to be held, managed, and disposed of by my Trustee. I approve this revocable living trust in all particulars, and request my Trustee to execute it.
______________________________________________________, Trustmaker
_________________________________________________________, Trustee
STATE OF WYOMING )
) ss.
COUNTY OF ________ )
The foregoing living trust agreement was acknowledged before me on _______________ ____, 1999, by ______________________________, as Trustmaker and sole Trustee.
Witness my hand and official seal.
_______________________________
My commission expires:
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