Revocable Living Trust Agreement Template Page 5
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18minor Beneficiary for whom alternative property management provisions have not otherwise been
made herein to the legal guardian or custodian of the Beneficiary upon production of such
evidence by the said guardian or custodian to establish to the reasonable satisfaction of the
Successor Trustee that such person stands as legal guardian or custodian to the said Beneficiary.
Any such transfer shall be a good discharge of the Successor Trustee's obligations in that
respect.
5.2.2
The clause has been deleted from this section for the sample review.
5.2.3 Notwithstanding anything herein to the contrary, the trusts created under this Clause 5 shall
terminate not later than twenty-one (21) years after the death of the last Beneficiary named
herein.
6.
POWERS OF TRUSTEES
6.1
In addition to any powers granted under applicable law or otherwise, and not in limitation of such
powers, but subject to any rights and powers which may be reserved expressly by the Grantor in
this Agreement, the Trustee and any Successor Trustee validly acting hereunder (each a
"trustee") shall have full power:
(i)
to hold and retain any and all property, real, personal, or mixed, received from any other
source for such time as the trustee shall deem fit, and to dispose of such property by sale,
exchange, assignment, lease, licence or otherwise, as and when they shall deem fit;
(ii)
The clause has been deleted from this section for the sample review.
(iii)
to lease, licence, rent and manage any or all of the assets, real or personal, of the Trust
Estate, upon such terms and conditions as the trustee in his/her absolute discretion deems
fit; and for that purpose to make, execute, acknowledge and deliver any and all
instruments, deeds and assignments in such form and with such warranties and covenants
as the trustee may deem fit; and to make repairs, replacements, and improvements,
structural and otherwise, to any property, and to charge the expense thereof in an equitable
manner to the principal or income of the Trust Estate, as the trustee deem fit;
(iv)
to borrow money for any purpose in connection with the Trust, and to execute promissory
notes or other obligations for amounts so borrowed, and to secure the payment of any such
amounts by mortgage or pledge on any real or personal property, and to renew or extend
the time of payment of any obligation, secured or unsecured, payable to or by any trust
created hereby, for such periods of time as the trustee may deem fit;
(v)
The clause has been deleted from this section for the sample review.
(vi)
The clause has been deleted from this section for the sample review.
(vii)
to compromise, adjust, arbitrate, sue, institute, defend, abandon, settle or otherwise deal
with proceedings of any kind on behalf of or against the Trust or the Trust Estate as the
Page 4
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Legal