Revocable Trust also known as a Living Will or Living Trust

Revocable Trust also known as a Living Will or Living Trust

Submitted by rebecca82 on

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This is an example of a Revocable Trust, which is also known as a Living Will or a Living Trust.  The idea behind this document is that you are making a trust, but you can revoke it. A Revocable Trust is not creditor proof but is used as a means of tax planning. As with all Free Legal Aid forms, this sample document is intended to be used for your edification. You should hire an attorney to walk you through the tax ramifications of your estate planning.  

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Revocable Trust

 

______________, referred to herein as SETTLOR, and _____________, referred to herein as TRUSTEE, (the singular term “TRUSTEE” shall refer to multiple TRUSTEES if multiple TRUSTEES are appointed) in consideration of the covenants and undertakings herein agree:

 

ARTICLE I

CONVEYANCE OF PROPERTY TO THE TRUSTEE

 

SETTLOR herewith assigns and conveys to the TRUSTEE, the property described in Exhibit “1” hereto. All of said property, together with any income, accessions and additions herein, shall be held by the TRUSTEE in trust for the purposes set forth in this revocable living trust.

 

ARTICLE II

REVOCATION

 

SETTLOR hereby reserves the right to revoke this trust at any time, by written instrument. Revocation shall be effective upon mailing or delivery to the TRUSTEE of a notice of revocation.

 

TRUSTEE may resign upon ____ days prior written notice to the SETTLOR. For purposes of this agreement, notices shall be delivered as follows:

 

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