Sample Document Provisions: Non-Charitable Personal Trusts
DISCLAIMER: The following information is provided for the benefit of attorneys with the understanding that Santa Fe Trust Inc., does not draft trust documents and is not engaged in rendering legal, accounting and other tax consulting services of any kind. If legal advice or other expert assistance is required, the services of a competent attorney or other tax advisor should be sought.
– APPOINTING SFT AS TRUSTEE - SAMPLE PROVISION
This Trust Agreement dated as of the __________ day of _______________ 20__, by and between (GRANTOR’S NAME) and (SECOND GRANTOR’S NAME IF SO), residing at (GRANTOR’S ADDRESS) (hereinafter, the "Grantor(s)"), and SANTA FE TRUST, INC., a trust company chartered under the laws of the State of New Mexico (hereinafter, the "Trustee"), P.O. Box 22790 Santa Fe, New Mexico 87502-2790.
– APPOINTING SFT AS CO-TRUSTEE WITH AN INDIVIDUAL - SAMPLE PROVISION
This Trust Agreement dated as of the __________ day of _______________ 20__, by and between (GRANTOR’S NAME) and (SECOND GRANTOR’S NAME IF SO), residing at (GRANTOR’S ADDRESS) (hereinafter, the "Grantor(s)"), and (INDIVIDUAL’S NAME[S]) and SANTA FE TRUST, INC., a trust company chartered under the laws of the State of New Mexico (hereinafter, the "Co-Trustees"), P.O. Box 22790 Santa Fe, New Mexico 87502.
– APPOINTING SANTA FE TRUST AS SUCCESSOR TRUSTEE - SAMPLE PROVISION
If, while serving as Trustee, the Grantor dies, becomes incapacitated, or is otherwise unwilling or unable to act as Trustee, SANTA FE TRUST, INC., a trust company chartered under the laws of the State of New Mexico, P.O. Box 22790 Santa Fe, New Mexico 87502-2790, or any corporation that is a successor thereto by merger, consolidation, transfer of assets, or any other manner provided by law, thereafter shall be sole Trustee, with full power to continue the trust administration.
– DELEGATION OF INVESTMENT POWERS - SAMPLE PROVISION
Notwithstanding any other provisions of this document, the Trustee may enter into contracts with one or more individuals, firms, associations and/or corporations, in such form as the Trustee, in the Trustee’s sole and absolute discretion, shall determine, including, but not limited to, contracts for the furnishing of investment advisory services and contracts establishing discretionary account granting to such individuals, firms, associations and/or corporations the authority to purchase, sell and otherwise deal in securities and to exercise all of the powers granted to them under the terms of this Trust with respect to the investment of the assets of all or any portion of the Trust(s) hereunder. The Grantor/Trustor requests that the Trustee first consider _______________________ as the designated Investment Manager for the Trust(s) established by this document. The Grantor/Trustor has worked with the above referenced Investment Manager for a number of years and feels that said Investment Manager would provide sound investment management for the Trust. The Grantor/Trustor understands that the Trustee has full and final authority on the delegation of investment powers.
– TRUST PROTECTOR - SAMPLE PROVISION
(NAME OF TRUST PROTECTOR) shall serve as Trust Protector of any such Trust. If (NAME OF TRUST PROTECTOR) shall be either unwilling or unable to serve as Trust Protector, he/she shall have the power to appoint a successor. Any current or successor Trust Protector shall have the power, exercisable at any time or times, by an instrument in writing specifically referring to this power, to remove any Corporate Trustee or other independent Trustee then serving hereunder and in that Trustee’s place appoint another corporate trustee to serve as Trustee hereunder, which is a bank or trust company authorized under the laws of the United States or of any State to administer trusts.
– TRANSFER OR REMOVAL OF TRUSTEE - SAMPLE PROVISION
1.1 Resignation of Trustee. Any Trustee at any time acting hereunder may resign by delivering a written resignation to any Co-Trustee and to each of the income beneficiaries of the trust, or to the natural guardian conservator of any minor or incapacitated beneficiary, or if none, then to a person who is then serving as Judge of the District Court of ____________________ State.
1.2 Approval of Accounts and Appointments of Successor Trustee. The person or persons to whom the resignation of any Trustee is delivered may, without any liability to any present or future beneficiary, approve the accounts of and give full and complete release and discharge to any resigned Trustee, and if no successor Trustee is provided herein, the aforesaid person or persons shall immediately appoint any bank or trust company authorized under the laws of the United States or of any State to administer trusts, wherever situated … as successor Trustee. Such right shall be exercised by written instrument delivered to the Trustee and its successor. Upon receipt of the successor’s acceptance of the Trust, the substituted Trustee shall deliver all assets of the Trust to the successor Trustee.
1.3 Authority of Successor Trustee. A successor Trustee shall have all of the same rights, titles, discretions, powers, privileges and immunities and shall be subject to all the duties, limitations and responsibilities conferred or imposed upon the Trustee named herein in this Trust Agreement.
1.4 Substitution of Corporate Trustee. Either Grantor or a majority vote of the Beneficiaries who are then entitled to receive payments of fifty-one percent (51%) or more of the current trust income of all the Trusts created under this Trust Agreement shall have the power to remove any corporate Trustee acting hereunder and to designate another corporate Trustee which is a bank or trust company authorized under the laws of the United States or of any State to administer trusts, wherever situated. Such right shall be exercised by a written instrument delivered to the Trustee and its successor. Upon receipt of the successor’s acceptance of the Trust, the substituted Trustee shall deliver all assets of the Trust to the successor trustee.
– CHANGE OF SITUS - SAMPLE PROVISION
Should any Successor Trustee be a corporation domiciled outside the State of (State Name), such Trustee shall have the right to remove the Trust Estate, without court order, to the domicile of such Successor Trustee for ease of administration; whereupon, the administration and construction of the Trust and the rights of the beneficiaries shall be governed by the laws of the State where such Successor Trustee is domiciled.