Irrevocable Trust Agreement (Long form - Comprehensive)
IRREVOCABLE TRUST AGREEMENT made ______________, 20__, between _____________________(the "Grantor"), and ______________ and _________________(the "Trustees").
1. TRUST PROPERTY. The Grantor, desiring to create trusts for the benefit of his adult children and for other good and valuable consideration, irrevocably assigned to the Trustees of the property described in attached Schedule A (the "Trust Property"), in trust, for the purposes and on the conditions hereinafter stated.
2. DISPOSITIVE PROVISIONS. The Trustees shall hold the property for the primary benefit of ____________________, and the Trustees shall hold, manage, and invest the trust property, and shall collect and receive the income, and after deducting all necessary expenses incident to the administration of the trusts, shall dispose of the corpus and income of the trusts as follows: (a) The Trustees shall pay the entire net income of the trust, quarter annually, to the beneficiaries of the trust, provided that there shall be paid over absolutely to the beneficiaries at age _______ the corpus of the trust. (b) If any of the beneficiaries shall die before attaining the age of ______ years, the trust for his or her benefit shall cease, and the corpus, together with any undistributed income, shall be paid over absolutely to the issue of the beneficiary then living per stirpes; but if there be no issue, then to the other beneficiaries if living, either outright, or, if the other beneficiary shall not have then attained the age of _____ years, in trust, to be added to, held, administered, and distributed as part of the trust for the other beneficiary; but if the other beneficiary is not then living, then absolutely to the then living issue of the other beneficiary per stirpes; and if there is no issue, then to the estate of the beneficiary for whom the trust was being held originally. (c) Notwithstanding anything contained to the contrary, if at any time while the trusts are in force any financial emergency arises in the affairs of either of the primary beneficiaries of the trusts, or if the independent income of either of the beneficiaries (exclusive of the income from any trust created for his or her benefit by the Grantor) and all other means of support are insufficient for the support of the beneficiary, in the judgment of the Trustees, the Trustees shall pay over to the beneficiary, solely out of the corpus of the trust for his or her benefit, at any time and from time to time, the sum or sums as the Trustees shall deem necessary or appropriate in their discretion.
3. TRUSTEES' POWERS. In the administration of the trusts, the Trustees shall have the following powers, all of which shall be exercised in the fiduciary capacity, primarily in the interest of the beneficiaries: (a) To hold and continue to hold as an investment the property, of any additional property which may be received by them, so long as they deem proper, and to invest and reinvest in any securities or property, whether or not income-producing, deemed by them to be for the best interest of the trusts and the beneficiaries. (b) To rent or lease any property of the trusts for the time and upon the terms and for the price or prices as in their discretion and judgment may seem just and proper and for the best interest of the trusts and the beneficiaries. (c) To sell and convey any of the property of the trusts or any interest, or to exchange it for other property, for the price or prices and upon the terms as in their discretion and judgment may be deemed for the best interest of the trusts and the beneficiaries. (d) To make all repairs and improvements at any time deemed necessary and proper to and upon real property constituting a part of the trusts. (e) To deduct, retain, expend, and pay out of any money belonging to the trusts any and all necessary and proper expenses in connection with the operation and conduct of the trusts. (f) To vote upon all securities belonging to the trusts, and to become a party to any stockholders' agreements deemed advisable by them in connection with the securities. (g) To consent to the reorganization, consolidation, merger, liquidation, readjustment of, or other change in any corporation, company, or association. (h) To compromise, settle, arbitrate, or defend any claim or demand in favor of or against the trusts. (i) To incur and pay the ordinary and necessary expenses of administration, including...
(Excerpt)
Premium Contract: Ready to fill-in and print. Instant download only $29.95!
How to prepare legal forms (click 
Premium Contract: Ready to fill-in and print. Instant download only $29.95!