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Qualified Personal Residence Trust Agreement
This Qualified Personal Residence Trust Agreement (Agreement) is
executed in duplicate and is between [name], an individual residing at
[address] (Settlor), and [name], an individual residing at [address]
The Settlor hereby transfers and assigns to the Trustee, certain
property located at [street address, city and state] which property is
identified in greater detail on Exhibit A, attached hereto and
incorporated herein by this reference (Property). That property and all
investments and reinvestments thereof and any property added to the trust
in accordance with the provisions of this Agreement shall be held upon the
1. Trust is Irrevocable. This Agreement shall be irrevocable.
Neither the Settlor nor any other person shall have the power to alter,
amend, revoke or terminate this Agreement in part or in whole.
2. Rights During Income Term. During the period beginning on the
date of this Agreement and ending on the first to occur of (a) the date
that is [number] years after the date of this Agreement or (b) the
Settlor's death (which period is hereinafter called the Income Term), the
(i) Permit the Settlor to use and enjoy all residential and
other property from time to time constituting property of this
Trust, subject to the Trustee's powers of sale hereinafter set
(ii) Pay to the Settlor or apply for the Settlor's benefit
the entire net income of the trust, if any, in convenient
installments, not less frequently than quarterly;
(iii) Pay to the Settlor cash to the extent required by this
(iv) At the Settlor's request, sell the then existing residence
held by the trust and replace it in accordance with the
provisions of this Agreement.
3. Termination Provisions. At the end of the Income Term, the
Trustee shall (a) if the Income Term ends because of the Settlor's death,
distribute the remaining net income, if any, and principal of the trust to
the personal representative of the Settlor's probate estate, and
administer and distribute the principal of the trust in accordance with
Paragraph 4 of this Agreement; or (b) if the Income Term ends because the
[number]- year period has run, distribute the remaining net income, if
any, to the Settlor and administer and distribute the remaining principal
of the trust in accordance with the provisions of Paragraph 4 of this
4. Distribution of Trust Principal After Income Term. Any
remaining principal of the trust available after termination of the Income
Term, as provided in Paragraph 3(b), shall be administered and distributed
under the provisions of this Paragraph 4.
(a) If the Settlor Survives. Following the termination of
the Income Term pursuant to Paragraph 3(b), the Trustee shall continue to
hold trust property under the provisions of this Agreement. During the
lifetime of the Settlor, the Trustee shall, subject to the requirements of
Paragraph 6(b) with respect to a fair rental, permit him to use, occupy
and enjoy, any residence which may constitute part of the principal of the
trust, whether such interest is held by the Trustee as owner, lessee,
shareholder, trust beneficiary or otherwise and the Trustee shall not
transfer, sell or lease its interest in the residence without the prior
written consent of the Settlor so long as he is then legally competent.
(b) Transfer of Interest in Property or Any Subsequent
Residence. Upon the written request of the Settlor, the Trustee shall
sell, transfer or lease its interest in the Property or any subsequent
residence acquired, upon such terms and conditions as the Trustee
determines. If an interest in the Property or any subsequent residence is
sold, the Trustee shall add the net proceeds of sale to the principal of
the trust, and upon the written request of the Settlor shall purchase or
construct another residence for him, the cost of which shall not exceed
the net proceeds of sale received by the Trustee. Any residence acquired
after the sale of the Property shall be held by the Trustee upon the same
terms and conditions applicable to the Property under this Paragraph 4(b).
All real estate taxes, casualty and liability insurance premiums, cost of
repairs and other expenses incurred in operating and maintaining the
Property or any subsequent residence shall be paid by the Settlor. Any
unexpended income shall be annually accumulated and added to principal.
(c) Division of Trust. Upon the death of the Settlor, the
Trustee shall continue to hold any remaining balance of any property
managed under the provisions of this Agreement for the benefit of [name
of relative and his relationship to settlor], if he is then living. If
such person is not then living, any such property shall remain in trust
until there are no living children of [name of settlor] under age
twenty-one. Until then the Trustee shall pay to or expend for the benefit
of any one or more of the children of [name of settlor], not necessarily
in equal shares, as much of the income and principal of such portion as
the Trustee considers advisable for the children's health, education and
support in reasonable comfort. Any unexpended income shall be annually
accumulated and added to principal. When there are no living children of
[name of settlor] under age twenty-one, the balance of such portion, if
any, shall be distributed outright and free of trust in the manner
provided for in Paragraph 16(b) of this Agreement among the descendants of
[name of settlor], or in the absence of such descendants, among the
Settlor's descendants. However, any property distributable to a person for
whom other property is then being held in trust under this Agreement,
shall be added to such other trust property and thereafter administered
and distributed under the terms of such trust.
5. Savings Clause and General Provisions. The trust is intended
to qualify for the exception provided in Section 2702(a)(3)(A)(ii) of the
Internal Revenue Code of 1986, as from time to time amended (Code), as a
qualified personal residence trust under applicable Treasury Regulations
(Regulations), and any provision of this Agreement inconsistent with this
intention shall be of no force and effect. The Settlor specifically
empowers the Trustee to amend the terms of this Agreement in any manner
that may be required in order for this Agreement to comply with the
requirements of Code Section 2702(a)(3)(A)(ii) and the Regulations
promulgated thereunder, and any such amendment shall apply retroactively
to the execution of this Agreement. Subject to the foregoing, the
provisions of this paragraph shall apply for all purposes during the
duration of the Income Terms of this Agreement:
(a) Distributions During Income Term. No distributions of
income or principal may be made to anyone other than the Settlor prior to
the expiration of the Income Term.
(b) Eligible Trust Property. The trust may not hold any
asset other than one (1) residence to be used by the Settlor as a
"personal residence" (within the meaning of applicable Regulations).
Despite the foregoing, the Trustee may, subject to the following
limitations, receive cash additions to the trust at any time, and the
Trustee may hold additions of cash in a separate account. However, in no
event may the total amount of cash in such account exceed the amount
(i) For payment of trust expenses (including mortgage payments)
already incurred or reasonably expected to be incurred within
six (6) months from the date the addition is made;
(ii) For improvements to the residence to be paid by the trust
within six (6) months from the date such improvements are made;
(iii) For purchase by the trust of a residence to replace the
Property, or any another residence, within three (3) months of
the date the addition is made, provided the Trustee has
previously entered into a contract to purchase that residence.
Any improvements to any residence held by the trust must meet the
requirements of a personal residence.
(c) Proceeds of Sale. The Trustee may retain any proceeds
from the sale of a personal residence held by the trust (including any
income thereon) for a period not to exceed two years from the date of
sale, or such other period of time as may be allowed by applicable
Regulations, provided, the Trustee intends to use the proceeds within that
period to purchase another residence to be used as a personal residence by
(d) Proceeds of Insurance. The Trustee may retain any
proceeds of insurance paid to the trust as a result of damage to or
destruction of a personal residence held by the trust for a years, or such
other period of time as may be allowed by applicable Regulations, provided
the Trustee intends to use the proceeds for repair, improvement or
replacement of the personal residence.
(e) Damage or Destruction of Trust Property. If damage or
destruction renders the personal residence held by the trust unusable as
a residence, this Agreement shall cease to be a qualified personal
residence trust on the date that is two (2) years after the date of damage
or destruction (or the date of termination of Settlor's interest in the
trust, if earlier) unless, prior to such date:
(i) Replacement of or repairs to the residence are completed;
(ii) A new residence is acquired by the trust.
(f) Cessation of Personal Residence Use. Except as otherwise
provided in subparagraphs (b), (c), (d), and (e) of this paragraph, if,
during the Income Term, a residence held by the trust ceases to be the
Settlor's personal residence, the Trustee must within thirty (30) days
either terminate this Agreement and distribute all remaining trust
property outright to the Settlor; or administer the trust property for the
balance of the Income Term as a separate share of the trust meeting all
requirements of, and functioning exclusively as, a qualified annuity trust
within the meaning of applicable Regulations, and commencing as of the
(i) The date of receipt of the proceeds of the residence, or
(ii) The date of damage to or destruction of the residence, or
(iii) The cessation for the use of the residence as the
Settlor's personal residence.
(g) The election to convert the trust to a qualified annuity
trust pursuant to subparagraph 5(f) may not be exercised by the Settlor if
he is then serving as Trustee. In that event, the person designated as
successor Trustee shall exercise such election.
(h) Qualified Annuity Trust. Should the Trustee elect to
convert the trust to a qualified annuity trust pursuant to subparagraph
(f) of this Paragraph, the Trustee shall:
(i) Pay the Settlor an "Annuity Amount" determined by
dividing the value of all interests retained by the
Settlor (as of the date of the original transfer), or the
value of all the trust's property (as of the conversion
date), whichever is less by an annuity factor determined
for the remainder of the Income Term, and at the rate
used in valuing the Settlor's interest at the time of the
(ii) Pay the Annuity Amount in equal quarterly installments
from income and, to the extent income is insufficient,
(iii) In determining the Annuity Amount, pro rate the Annuity
Amount on a daily basis for short taxable years;
(iv) Add to principal any trust income not distributed to the
Settlor as part of the Annuity Amount;
(v) If the initial net fair market value of the trust
property is incorrectly determined, then within a
reasonable period after the final determination of the
correct value, the Trustee shall pay the Settlor in case
of an under-valuation, or the Settlor shall pay the
Trustee, in the case of an over-valuation, an amount
equal to the difference between the Annuity Amount
properly payable and the Annuity Amount actually
paid plus interest on such amounts computed at the rate
required by the applicable Regulations or, if there are
no such Regulations, the rate used for valuing annuity
interests under Code Section 664, compounded annually.
(i) Distribution to Settlor. Unless the Trustee elects to
convert the trust to a qualified annuity trust pursuant to subparagraph
(f) of this Paragraph, the Trustee shall distribute to the Settlor, at
least quarter-annually, any cash in excess of the amounts permitted to be
held by the Trustee under subparagraphs (b), (c), and (d) of this
Paragraph or under applicable Regulations. In addition, upon termination
of the Income Term, any amounts held by the Trustee pursuant to
subparagraphs (b), (c), and (d) of this Paragraph that are not used to pay
trust expenses shall be distributed outright to the Settlor within thirty
(30) days of termination.
(j) Commutation Prohibited. In no event shall the Trustee
commute the Settlor's interests in the trust.
(k) Cessation of Settlor's Use. If during the Income Term
the residence held by this Agreement ceases to be used or held for use by
the Settlor as the Settlor's personal residence, the trust shall cease to
be a qualified personal residence trust.
6. Leasing of Qualified Personal Residence.
(a) During the Income Term, and subject to any restrictions
now existing or hereafter promulgated pursuant to Code Section
2702(a)(3)(A)(ii) and the Regulations thereunder, including but not
limited to Regulation Section 25.2702-5, or any other provision of the
Code relating to qualified personal residence trusts, the Trustee may
lease the Property or any other personal residence held by this trust to
any party whom the Trustee deems advisable, for a term consistent with the
requirements of Code Section 280A(d)(1), as may be amended from time to
time, at a rate equal to the fair market rental value of the personal
residence, and upon such other terms and conditions as the Trustee deems
(b) In addition to the powers of the Trustee set forth in
Paragraph 6(a) above, upon the expiration of the Income Term, and subject
to any restrictions now existing or hereafter promulgated pursuant to Code
Section 2702(a)(3)(A)(ii) and the Regulations thereunder, including but
not limited to Regulation Section 25.2702-5, or any other provision of the
Code relating to qualified personal residence trusts, the Trustee shall,
at the Settlor's request, lease the Property, or any other personal
residence held by this Agreement to the Settlor for any term requested by
the Settlor, at a rate equal to the then fair market rental value of the
personal residence, and upon such other commercially reasonable terms and
conditions as the parties may agree.
7. Facility of Payment. If at any time a beneficiary eligible to
receive net income or principal distributions is under legal disability,
or in the reasonable judgment of the Trustee is incapable of properly
managing his financial affairs, then the Trustee may make those
distributions for the benefit of the beneficiary, to a lawful guardian of
the beneficiary, or to a custodian selected by the Trustee for the
beneficiary under a Uniform Transfers to Minors Act or similar applicable
law, or may otherwise expend the amounts to be distributed for the
benefit of the beneficiary in such manner as the Trustee considers
8. Spendthrift Provision. To the extent permitted by law, no
interest of any beneficiary in the income or principal of this Agreement
or any separate portion of this Agreement shall be subject to pledge,
assignment, sale or transfer in any manner, nor shall any beneficiary have
the power in any manner to anticipate, charge or encumber his interest in
trust income or principal, nor, while in the possession of the Trustee,
shall such interest of any beneficiary be liable for, or in any manner
subject to, the debts, contracts, liabilities or torts of any beneficiary.
9. Small Trust Termination. If at any time after the Income Term
has ended, the Trustee shall determine that this Agreement or any portion
thereof shall be so small that the expense of continuing such trust is in
the Trustee's discretion unwarranted, the Trustee, without further
responsibility, may (but need not) distribute the income and principal of
the trust to the beneficiary for whom the trust is named. The interest of
the beneficiary of the trust is expressly made subject to this power of
the Trustee, and the Trustee shall have no liability to any beneficiary
due to the exercise of this power.
10. Perpetuities Savings. Notwithstanding any other provision of
this Agreement to the contrary, this Agreement or any portions hereof
shall not continue beyond twenty-one years following the death of the
survivor of the Settlor, and all those descendants of the Settlor who are
living at the time of the Settlor's death. Upon the expiration of such
period, this Agreement and any portions thereof shall immediately
terminate, and the Trustee shall divide the balance of each such trust
distributing one equal share to each living person then eligible to
receive the income therefrom, and distributing, in the manner provided for
in Paragraph 16(b) of this Agreement, one equal share among the
descendants of each deceased person who, if living, would be eligible to
receive the income therefrom.
11. Powers of the Trustee. The Trustee serving under this
Agreement shall have the following powers with respect to each trust held
under this Agreement, which may be exercised without prior authority from
any court and without the consent of any beneficiary:
(a) To sell, transfer or exchange any real or personal
property at such price and upon such terms, including credit, as the
Trustee considers advisable.
(b) To invest and reinvest in such stock, common trust funds,
mutual funds, money market deposit accounts, bonds, debentures, notes,
securities, options or other real or personal property as the Trustee
considers advisable, whether or not such investments are specifically
authorized for fiduciary investment by statute or court decision.
(c) To enter into and perform any agreement with respect to
the continuation, sale, merger, reorganization, recapitalization,
dissolution or consolidation of any property or business interest.
(d) To cause any property to be issued to, held by, or
registered in the name of the Trustee or in the name of the Trustee's
(e) To maintain agency or brokerage accounts and to employ
attorneys, accountants and investment counsel, to rely upon their advice
and to pay reasonable compensation for their services from income or
principal or both as the Trustee considers advisable.
(f) To compromise, contest or abandon any claims by or
against the trust and to settle with the proper officials by compromise or
otherwise upon the amount of any tax due.
(g) To borrow, assume indebtedness, and to mortgage or
encumber any asset of the trust; provided, however, that the Trustee shall
not be personally liable for any such indebtedness which shall be payable
only out of the property of the trust.
(h) To lend and to extend for any period the time for
repayment of any amount owing the trust or owing the Settlor at his death,
even if such period extends beyond the term of the trust.
(i) To exercise all voting, option, subscription and
liquidation rights, and all other rights and privileges incident to any
property in the trust.
(j) To invest two or more trust portions or shares in a
consolidated fund in which each portion or share shall have an undivided
(k) To make reasonable and equitable determinations of what
is principal or income and what items shall be charged or credited to
these accounts, even though particular determinations may be inconsistent
with otherwise applicable state law.
(l) To make any payment or distribution due a minor to such
minor's natural or legal guardian or custodian appointed under a Gifts to
Minors Act, and the receipt of such payment or distribution by such
guardian or custodian shall be a full and complete discharge of the
Trustee who shall not be responsible for the application of such
(m) To make any divisions, payments or distributions of
principal or income in kind or in cash, or partly in kind and partly in
cash, and to do so without regard to the Income Tax basis of specific
property allocated to any beneficiary and without making pro rata
distribution of specific assets.
(n) Subject to any restrictions now existing or hereafter
promulgated pursuant to Code Section 2702(a)(3)(A)(ii) and the Regulations
thereunder, to establish such reserves as the Trustee considers advisable
to pay any tax imposed by Chapter 13 of the Internal Revenue Code. In
establishing such reserves, the Trustee may withhold amounts upon each
taxable termination until the tax liability with respect to such
termination is resolved.
(o) To make any elections and exercise any options allowed
by the Code without making any compensating adjustments between income and
principal or among any beneficiaries or their shares as a result of any
such election or exercise.
(p) To manage, insure, sell at public or private sale, wholly
or partly for cash or on credit, contract to sell, grant or exercise
options to buy, convey, transfer, exchange, or lease (for a term within or
extending beyond the term of the trust) any real or personal property of
the trust, and to partition, dedicate, grant easements in or over,
subdivide, improve, and remodel, repair or raze improvements on any real
property of the trust, and in general to deal otherwise with the trust
property in such manner, for such prices, and on such terms and conditions
as any individual might do as outright owner of the property.
(q) To make allocations, divisions, and distributions of
trust property in cash or in kind, or partly in each; to allocate
different kinds or disproportionate shares of property or undivided
interests in property among the beneficiaries or separate trusts, without
liability for, or obligation to make compensating adjustments by reason
of, disproportionate allocations of unrealized gain for federal income tax
purposes; and to determine the value of any property so allocated,
divided, or distributed.
(r) To pay all expenses incurred in the administration of the
trust, including reasonable compensation to any Trustee, and to employ or
appoint and pay reasonable compensation to accountants, depositaries,
investment counsel, attorneys, attorneys-in-fact, and agents (with or
without discretionary powers).
(s) To deal with the fiduciary or fiduciaries of any other
trust or estate, even though the Trustee is also the fiduciary or one of
the fiduciaries of the other trust or estate.
(t) To perform all other acts necessary for the proper
management, investment, and distribution of the trust property.
(u) To use and expend any trust income and principal to (i)
conduct environmental assessments, audits, and site monitoring to
determine compliance with any environmental law or regulation thereunder;
(ii) take all appropriate remedial action to contain, clean up or remove
any environmental hazard including a spill, release, discharge or
contamination, either on its own accord or in response to an actual or
threatened violation of any environmental law or regulation thereunder;
(iii) institute legal proceedings concerning environmental hazards or
contest or settle legal proceedings brought by any local, state, or
federal agency concerned with environmental compliance, or by a private
litigant; (iv) comply with any local, state or federal agency order or
court order directing an assessment, abatement or cleanup of any
environmental hazards; and (v) employ agents, consultants and legal
counsel to assist or perform the above undertakings or actions. Any
expenses incurred by the Trustee under this paragraph may be charged
against income or principal as the Trustee shall determine. No Trustee
shall be liable for any loss or depreciation in value sustained as the
result of retention of any property upon which there is later discovered
to be hazardous materials or substances requiring remedial action pursuant
to any federal, state or local environmental law, unless the Trustee
contributed to the loss or depreciation in value, through default, willful
misconduct or gross negligence.
12. Additional Powers Under Law.
(a) The powers granted in this Paragraph shall be in addition
to those granted elsewhere in this Agreement and by law and may be
exercised even after termination of all trusts hereunder until actual
distribution of all property of this Trust, but not beyond the period
permitted by any applicable rule of law relating to perpetuities.
Notwithstanding any other provision or otherwise dispose of any interests
in residential property forming a part of the property of this Trust only
with the Settlor's written consent unless the Trustee believes that the
Settlor is unable to manage his business affairs properly because of
advanced age, illness, or other cause, in which event the Settlor's
consent shall not be required.
(b) To the extent that such requirements can legally be
waived, no Trustee hereunder shall ever be required to give bond or
security as Trustee, or to qualify before, be appointed by, or account to
any court, or to obtain the order or approval of any court with respect to
the exercise of any power or discretion granted in this instrument.
(c) The Trustee's exercise or non-exercise of powers and
discretion in good faith shall be conclusive on all persons. No person
paying money or delivering property to any Trustee hereunder shall be
required or privileged to see to its application. The certificate of the
Trustee that the Trustee is acting in compliance with this Agreement shall
fully protect all persons dealing with a Trustee.
13. Merger of Corporate Trustee. If any corporate Trustee
designated to act or at any time acting hereunder is merged with or
transfers substantially all of its assets to another corporation, or is in
any other manner reorganized or reincorporated, the resulting or
transferee corporation shall become Trustee in place of its corporate
14. Duty to Account. Upon any Trustee's death, resignation or
removal and otherwise at least annually, the Trustee shall render to the
Settlor if he is then living, otherwise to each person who is then
eligible to receive trust income, or to such person's legal
representative, an account showing all receipts, disbursements and
distributions of income and principal since the last such account. Unless
objected to in writing within sixty days of its rendition, such an account
shall be considered approved as rendered. Except for fraud or manifest
error, the approval of an account by a beneficiary or his legal
representative shall be final and binding upon all interested persons as
to all matters and transactions stated or shown therein. At all times the
Trustee shall be entitled to obtain a judicial settlement of any account.
15. The Trustee. [Name of Trustee] shall serve as Trustee of
all trusts or portions thereof created under this Agreement until the
earlier of his death or the completion of the Income Term.
(a) Removal of Trustee. Any Trustee may be removed by a
majority of the persons then eligible to receive trust income. Removal of
a Trustee shall be accomplished by providing to such Trustee a written
notice of removal and a written acceptance of trust signed by a duly
appointed successor Trustee. Upon receipt of such notice of removal and
acceptance of trust, the Trustee being removed shall immediately deliver
all the trust property to a successor Trustee who was appointed in the
manner provided for in this Agreement and who has signed an acceptance of
(b) Resignation of Trustee. Any Trustee may resign by
giving sixty days written notice of such resignation to each person then
eligible to receive trust income. A Trustee's resignation shall become
effective only upon subsequent delivery of all of the trust property to a
successor Trustee who was appointed in the manner provided for in this
Agreement and who has signed an acceptance of trust.
(c) Successor Trustee. If [Name of Trustee] is unable or
unwilling to act or to continue to act as Trustee, in the event of such
Trustee's removal, and in any event upon the expiration of the Income Term
if he is then serving as Trustee, [Name of Successor Trustee] shall
serve as successor Trustee. If [Name of Successor Trustee] or any
successor Trustee is unable or unwilling to act or to continue to act as
Trustee or in the event of such Trustee's removal, a successor Trustee
shall be appointed by a majority of the persons then eligible to receive
trust income; provided, however, that any such successor Trustee shall be:
(i) A banking institution which has trust powers and which is
organized under the laws of the United States or any one
or more of the United States;
(ii) An attorney licensed to practice in the State of
(iii) A certified public accountant licensed to practice in
the State of [state].
Any successor Trustee shall have all of the title, powers, and discretion
granted to the original Trustee, without court order or act of transfer.
(d) Any Change of Trustee. Any successor Trustee shall
(i) Provide a written acceptance of trust to the person or
persons responsible for the appointment of such successor
(ii) Provide a written receipt for all property delivered by
the prior Trustee,
(iii) Have no liability for the acts or omissions of any prior
(iv) Be responsible only for those trust assets which are
actually delivered by the prior Trustee.
If at any time during the term of the trust an income beneficiary is under
a legal disability, such beneficiary's natural guardian or legal
representative may exercise on behalf of such beneficiary the right of
such beneficiary to participate in the removal of a Trustee or in the
appointment of a successor Trustee.
(e) Completion of Distribution. A Trustee's rights, powers,
duties and obligations shall continue until complete distribution of all
trust property in the manner provided for in this Agreement or until
complete delivery of all trust property to a successor Trustee.
16. Definitions and General Provisions. The following definitions
and general provisions shall apply for all purposes under this Agreement:
(a) Survival. Any beneficiary of the trust who dies within
thirty days after the Settlor's death, shall be considered not to have
survived the Settlor.
(b) Descendants. "Descendants" of any person shall include
all generations of the then living issue of such person. In making a
distribution among the descendants of any person, the property to be
distributed shall be divided into as many shares as such person has then
living children and deceased children represented by then living
descendants. Each living child shall take one share and the share of each
deceased child shall be distributed among his then living descendants in
the manner outlined in this Paragraph 16(b) for a distribution among the
descendants of any person. For purposes of distribution, any child born
after the death of his parent shall be considered as living at the death
of his parent.
(c) Adopted Persons. The words descendant, child, issue and
all other terms importing a lineal family relationship shall be considered
to include legally adopted persons as well as blood relatives.
(d) Trustee Compensation. The Trustee shall be entitled to
reasonable compensation for services rendered and responsibility
(e) Captions. The captions at the beginning of provisions of
this Agreement are for convenience of reference only and shall not define
or limit such provisions in any manner.
(f) Context. When the context of this Agreement requires,
words importing gender shall be construed to include either gender,
whichever is most appropriate. Words importing the singular shall be
construed to include the plural and the plural the singular. All
references to "Trustee" shall include any successor Trustee who is then
serving. All references to the "Internal Revenue Code" or "Code" shall
refer to the Internal Revenue Code of 1986 as it may be amended from time
(g) Governing Law. This Agreement shall be governed and
construed in all respects in accordance with the law of the State of
(h) Effective Date. This Trust Agreement shall become
effective on the date when it is signed by the Settlor and may be so
The Settlor hereby signs this Agreement this [date].
[Name of Settlor]
The Trustee signs this Agreement this [date].
[Name of Trustee]
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On this [date], personally appeared, before me, [name], Signer
of the foregoing instrument, and acknowledged the same to be his free act
[Name of Notary Public]
My commission expires: [date]
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On this [date], personally appeared, before me, [name], Signer
of the foregoing instrument as "Trustee," and acknowledged the same to be
his free act and deed.
[Name of Notary Public]
My commission expires: [date]
Legal Description of Property