Free Trust Agreement (Sample and Template)
TRUST AGREEMENT
THIS TRUST
AGREEMENT (the "Agreement") is made on [Date], by and between
[Trustor Name] (the "Trustor"), and [Trustee Name] (the
"Trustee").
WHEREAS, the
Trustor desires to create a trust for the benefit of certain beneficiaries, and
the Trustee is willing to serve as the trustee of such trust;
NOW, THEREFORE,
the parties agree as follows:
CREATION OF
TRUST. The Trustor hereby creates a trust (the "Trust") and transfers
to the Trustee the property described in Exhibit A attached hereto (the
"Trust Property"), to be held and administered by the Trustee for the
benefit of the beneficiaries named in Section 2 below.
BENEFICIARIES.
The beneficiaries of the Trust shall be [Beneficiary Name(s)] (the
"Beneficiaries").
TRUSTEE. The
Trustee shall have the following powers and duties:
(a) To hold,
manage, invest, and reinvest the Trust Property in accordance with the
Trustor's written instructions or, if no instructions are given, in a prudent
manner that takes into account the purposes of the Trust and the interests of
the Beneficiaries;
(b) To pay or
apply the income and principal of the Trust to or for the benefit of the
Beneficiaries in accordance with the Trustor's written instructions or, if no
instructions are given, in a manner that takes into account the purposes of the
Trust and the interests of the Beneficiaries;
(c) To keep
accurate records of all transactions, receipts, and disbursements with respect
to the Trust and to provide periodic reports to the Beneficiaries regarding the
Trust's activities and the status of the Trust Property;
(d) To exercise
all powers and duties as may be necessary or appropriate to carry out the
purposes of the Trust.
DURATION OF
TRUST. The Trust shall continue until terminated in accordance with the
provisions of this Agreement.
AMENDMENT AND
TERMINATION OF TRUST. The Trustor reserves the right to amend or revoke this
Agreement at any time by giving written notice to the Trustee. Upon the death
of the Trustor, this Agreement may be amended or revoked only with the written
consent of all Beneficiaries. The Trust may be terminated by the Trustee upon
the written consent of all Beneficiaries.
GOVERNING LAW.
This Agreement shall be governed by and construed in accordance with the laws
of the State of [State].
BINDING EFFECT.
This Agreement shall be binding upon the Trustor, the Trustee, and the
Beneficiaries and their respective successors and assigns.
IN WITNESS
WHEREOF, the parties have executed this Trust Agreement as of the date first
above written.
[Trustor Name]
[Trustee Name]