Revocable Living Trust Template

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The key takeaways are that this document establishes a revocable living trust for the settlor's assets, outlines the trustee's responsibilities to manage the trust assets for the settlor's benefit during their lifetime, and specifies how the assets will be distributed after the settlor's death.

The purpose of this trust is to have the trustee hold, manage, invest and distribute the settlor's assets according to the terms of the trust for the settlor's benefit during their lifetime and for the benefit of beneficiaries after the settlor's death.

The settlor reserves the right to modify, alter or cancel the trust at any time during their lifetime by written notice to the trustee. The settlor also reserves the right to replace trustees and change beneficiaries or their rights to trust property.

REVOCABLE LIVING TRUST Known As: XXXXX TRUST I.

Agreement made and executed this XXXXX day of XXXXX, 2013, by and between XXXXX, Herein after referred to as the Settlor, and XXXXX, Herein after referred to as the Trustee. Settlor desires to create a revocable trust of the property described in Schedule A hereto annexed, together with other assets as the Trustee may hereafter at any time hold or acquire hereunder (hereinafter referred to collectively as the "Trust Estate") for the purposes hereinafter set forth. NOW, THEREFORE, in consideration of the promises and of the mutual covenants herein contained, the Settlor agrees to execute such further instruments as shall be necessary to vest the Trustee with full title to the property, and the Trustee agrees to hold the Trust Estate, IN TRUST, NEVERTHELESS, for the following uses and purposes and subject to the terms and conditions hereinafter set forth: The Trustee shall hold, manage, invest and reinvest the Trust Estate (if any requires such management and investment) and shall collect the income, if any, therefrom and shall dispose of the net income and principal as follows: (1) During the lifetime of the Settlor, the Trustee shall pay to or apply for the benefit of the Settlor all the net income from the Trust. (2) During the lifetime of the Settlor, the Trustee may pay to or apply for the benefit of the Settlor such sums from the principal of this Trust as in its sole discretion shall be necessary or advisable from time to time for the medical care, comfortable maintenance and welfare of the Settlor, taking into consideration to the extent the Trustee deems advisable, any other income or resources of the Settlor known to the Trustee. (3) The Settlor may at any time during his/her lifetime and from time to time, withdraw all or part of the principal of this Trust, free of trust, by delivering an instrument in writing duly signed by him/her to the Trustee, describing the property or portion thereof desired to be withdrawn. Upon receipt of such instrument, the Trustee shall thereupon convey and deliver to the Settlor, free of trust, the property described in such instrument. (4) In the event that the Settlor is adjudicated to be incompetent or in the event that the Settlor is not adjudicated incompetent, but by reason of illness or mental or physical disability is, in the opinion of the Trustee, unable to properly handle his/her own affairs, then and in that event the Trustee may during the Settlor's lifetime, in addition to the payments of income and principal for the benefit of the Settlor, pay to or apply for the benefit of the Settlor's spouse,
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and of any one or more of Settlor's minor children, such sums from the net income and from the principal of this Trust in such shares and proportions as in its sole discretion it shall determine to be necessary or advisable from time to time for the medical care, comfortable maintenance and welfare of the Settlor's said spouse and children taking into consideration to the extent the Trustee deems advisable, any other income or resources of the Settlors said spouse and minor children known to the Trustee. (5) The interests of the Settlor shall be considered primary and superior to the interests of any beneficiary. II. The Settlor reserves and shall have the exclusive right any time and from time to during his/her lifetime by instrument in writing signed by the Settlor and delivered to the Trustee to modify or alter this Agreement, in whole or in part, without the consent of the Trustee or any beneficiary provided that the duties, powers and liabilities of the Trustee shall not be changed without his/her consent; and the Settlor reserves and shall have the right during his/her lifetime, by instrument in writing, signed by the Settlor and delivered to the Trustee, to cancel and annul this Agreement without the consent of the Trustee or any beneficiary hereof. Settlor expressly reserves the right to appoint successor trustees, replace present trustees and change the beneficiaries or the rights to property due any beneficiary. III. In addition to any powers granted under applicable law orotherwise, and not in limitation of such powers, but subject to any rights andpowers which may be reserved expressly by the Settlor in this Agreement, theTrustee is authorized to exercise the following powers to the Trustee's sole and absolute discretion. a. To hold and retainany and all property, personal, or mixed, received from the Settlor's estate, or from any other source, regardless of any law or rule of court relating todiversification, or non-productivity, for such time as the Trustee shall deem best, and to dispose of such property by sale, exchange, or otherwise, as andwhen they shall deem advisable; not withstanding this provision or any other contained herein. b. To sell, assign, exchange, transfer, partition and convey, or otherwise dispose of, any property, personal or mixed, which may be included in or may at any time become part of the Trust Estate, upon such terms and conditions as deemed advisable, at either public or private sale, including options and sales on credit and for the purpose of selling, assigning, exchanging, transferring, partitioning or conveying the same, to make, execute, acknowledge, and deliver any and all instruments of conveyance, and assignments in such form and with such warranties and covenants as they may deem expedient and proper; and in the event of any sale, conveyance or other disposition of any Trust Estate, the purchaser shall not be obligated in any way to see the application of the purchase money or other consideration passing in connection
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therewith. c. To borrow money for any purpose in connection with said Trust created hereby, and to execute promissory notes or other obligations for amounts so borrowed, and to secure the payment of any such amounts by pledge or 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 deemed advisable. d. To invest and reinvest or leave temporarily un-invested any or all of the funds of the Trust Estate as said Trustee in the Trustee's sole discretion may deem best, including investments in stocks, common and preferred, and common trust fund, without being restricted to those investments expressly approved by statute for investment by fiduciaries, and to change investments from realty to personality, and vice versa. e. To compromise, adjust, arbitrate, sue defend, abandon, or otherwise deal with and settle claims, in favor of or against the Trust Estate as the Trustee shall deem best and the Trustee's decision shall be conclusive. f. To determine in a fair and reasonable manner whether any part of the Trust Estate, or any addition or increment thereto be income or principal, or whether any cost, charge, expense, tax, or assessment shall be charged against income or principal, or partially against income and partially against principal. g. To engage and compensate, out of principal or income or both, as equitably determined, agents, accountants, brokers, attorneys-in-fact, attorneys-at-law, tax specialists, realtors, custodians, investment counsel, and other assistants and advisors, and to do so without liability for any neglect, omission, misconduct, or default of any such agent or professional representative, provided he or she was selected and retained with reasonable care. h. To purchase other property from the executor or other personal representatives of the Settlors estate, the executor or other personal representative of the Settlor's spouses estate, and the Trustee of any agreement or declaration executed by the Settlor during his/her lifetime under his/her last will in case his/her executors or Trustees are in need of cash, liquid assets, or income-producing assets with which to pay taxes, claims, or other estate or trust indebtedness, or in case such executors or Trustees are in need of such property to properly exercise and discharge their discretion with respect to distributions to beneficiaries as provided for under such bills, declarations, or agreements. Such purchase may be in cash or may be in exchange for other property of this Trust, and the Trustees shall not be liable in any way for any loss resulting to the Trust Estate by reason of the exercise of said authority.

i. To undertake such further acts as are incidental to any of the foregoing or are reasonably required to carry out the tenor, purpose and intent of the Trust.
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j. To make loans or advancements to the executor or other personal representative of the Settlors estate, the executor or other personal representative of the Settlor's spouses estate, and the Trustees of any agreement or declaration executed by the Settlor during his/her lifetime or under his/her last will in case such executors or Trustees are in need of cash for any reason. Such loans or advancements may be secured or unsecured, and the Trustees shall not be liable in any way for any loss resulting to the Trust Estate by reason of the exercise of this authority. IV. Upon death of the Settlor, or the last surviving Settlor if more than one, the remaining Trust assets shall be distributed to the beneficiaries in the proportionate or allocable amounts as are specified in the schedule of beneficiaries, hereto annexed as Schedule B, as may then be in force. The Trustee shall submit in duplicate a completed ATF Form 5 (Application for tax exempt transfer and registration of firearm) to the National Firearms Branch for each National Firearms Act (NFA) item listed in Appendix A being transferred to the beneficiaries listed in Appendix B, under no circumstances shall any NFA item held in the trust be released to a beneficiary without the National Firearms Branch approved documents returned to the Trustee for the subsequent transfer. If any beneficiary and the Settlor should die under such circumstances as would render it doubtful whether the beneficiary or the Settlor died first, then it shall be conclusively presumed for the purposes of this Trust that said beneficiary predeceased the Settlor.

V. If it shall be determined that any provisions of the Trust created herein violates any rule against perpetuities or remoteness of vesting now or hereafter in effect in a governing jurisdiction, that portion of the Trust herein created shall be administered as herein provided until the termination of the maximum period allowed by law at which time and forthwith such part of the Trust shall be distributed in fee simple to the beneficiaries then entitled to receive income therefrom, and for the purpose, it shall be presumed that any beneficiary entitled to receive support or education from the income or principal or any particular fund is entitled to receive the income therefrom. VI. Except as otherwise provided herein, all payments of principal and income payable, or to become payable, to the beneficiary of any trust created hereunder shall not be subject to anticipation, assignment, pledge, sale or transfer in any manner, nor shall any said beneficiary have the power to anticipate or encumber such interest, nor shall such interest, while in
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possession of the Trustee, be liable for, or subject to, the debts, contracts, obligations, liabilities or torts of any beneficiary. VII. This Trust Agreement shall be construed, regulated and governed by and in accordance with the laws of the State of Washington. I certify that I have read the foregoing Trust Agreement and it correctly states the terms and conditions under which the Trust Estate is to be held, managed and disposed of by the Trustee.

Dated: XXXXX XXXXX, 2013 ____________________________________________ [Settlor] ____________________________________________ [Trustee]

WITNESSES The foregoing instrument, consisting of eight pages, including this page, was signed in our presence by XXXXX, Settlor and XXXXX, Trustee. We, at the request and in the presence of the Settlor and in the presence of each other, have subscribed our names below as witnesses. We declare that we are of sound mind and of the proper age to witness a revocable trust, that to the best of our knowledge the Settlor is of the age of majority, or is otherwise legally competent to make a revocable trust, and appears of sound mind and under no undue influence or constraint. Under penalty of perjury, we declare these statements are true and correct on this XXXXX day of XXXXX, 2013 at __________________________________________________ ___________,__________________________.

_______________________________________ [Signature of Witness #1] _______________________________________ [Printed or typed name of Witness #1] _______________________________________ [Address of Witness #1, Line 1] _______________________________________ [Address of Witness #1, Line 2]

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ACKNOWLEDGEMENT OF NOTARY PUBLIC STATE OF XXXXX COUNTY OF XXXXX On XXXXX XXXXX, 2013 before me, XXXXX, personally appeared, as Settlor, XXXXX, as Trustee, and___________________________________________, as Witnesses, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal.

Signature _______________________________________ Affiant: _____Known _____Unknown ID Produced: ______________________ (Seal)

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Schedule A THE XXXXX TRUST Property 1. Make Model, S/N: XXXXX, Caliber: XXXXX a. Ten E-Lander steel 30-round magazines (description of magazine(s))

The XXXXX Trust Schedule A - Page 1 of 1

Schedule B THE XXXXX TRUST Beneficiaries 1. XXXXX, DOB: XX/XX/XXXX

The XXXXX Trust Schedule B - Page 1 of 1

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