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SAMPLE IRREVOCABLE TRUST FOR CALIFORNIA
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using this document.
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IRREVOCABLE TRUST AGREEMENT made ______________, 20____, between
_____________________(the "Grantor"), and ______________ and _________________(the
"Trustees").
1. TRUST PROPERTY:
The Grantor, desiring to create trusts for the benefit of his adult children and for other
good and valuable consideration, irrevocably assigned to the Trustees of the property described
in attached Schedule A (the "Trust Property"), in trust, for the purposes and on the conditions
hereinafter stated.
///
///
2. DISPOSITIVE PROVISIONS:
The Trustees shall hold the property for the primary benefit of LIST FULL NAMES OF
BENEFICIARIES HERE, and the Trustees shall hold, manage, and invest the trust property,
and shall collect and receive the income, and after deducting all necessary expenses incident to
the administration of the trusts, shall dispose of the corpus and income of the trusts as follows:
(a) The Trustees shall pay the entire net income of the trust, quarter annually, to the
beneficiaries of the trust, provided that there shall be paid over absolutely to the beneficiaries at
age _______ the corpus of the trust.
(b) If any of the beneficiaries shall die before attaining the age of ______ years, the trust
for his or her benefit shall cease, and the corpus, together with any undistributed income, shall be
paid over absolutely to the issue of the beneficiary then living per stirpes; but if there be no issue,
then to the other beneficiaries if living, either outright, or, if the other beneficiary shall not have
then attained the age of _____ years, in trust, to be added to, held, administered, and distributed
as part of the trust for the other beneficiary; but if the other beneficiary is not then living, then
absolutely to the then living issue of the other beneficiary per stirpes; and if there is no issue,
then to the estate of the beneficiary for whom the trust was being held originally.
(c) Notwithstanding anything contained to the contrary, if at any time while the trusts are
in force any financial emergency arises in the affairs of either of the primary beneficiaries of the
trusts, or if the independent income of either of the beneficiaries (exclusive of the income from
any trust created for his or her benefit by the Grantor) and all other means of support are
insufficient for the support of the beneficiary, in the judgment of the Trustees, the Trustees shall
pay over to the beneficiary, solely out of the corpus of the trust for his or her benefit, at any time
and from time to time, the sum or sums as the Trustees shall deem necessary or appropriate in
their discretion.
(d) It is the express intent of the Grantor that this instrument be construed and treated as a
spendthrift trust. Accordingly, the interests of the beneficiaries under this instrument are not
transferable by voluntary or involuntary assignment or by operation of law, and shall be free
from the claims of creditors and from attachment, execution, bankruptcy, and other legal process,
to the maximum extent permitted by law. In the event of such a voluntary or involuntary
assignment, or by operation of law, no payment or distribution of either principal or income to be
made under the provisions of this Trust, and any anticipation, transfer, sale, assignment or
encumbrance by any such beneficiary, whether of principal or income, whether by voluntary act
or by operation of law, shall be void and of no effect whatsoever, and no distribution or payment
shall be made by the Trustee to any creditor, assignee, receiver, referee in bankruptcy, or trustee
in bankruptcy of any such beneficiary. If, notwithstanding the above, any such transfer is made
or attempted by or against any beneficiary, all further trust payments of income or principal or
both to that beneficiary (and any right of that beneficiary to such payments) shall be suspended
for a period of time or indefinitely (but in no case for longer than the term of the trust) as the
trustee determines. In lieu of payments to that beneficiary, the trustee may apply so much of the
trust income or principal or both to which the beneficiary would otherwise be entitled as the
trustee deems necessary for the beneficiary's education and support. All trust income (to which
the beneficiary would otherwise be entitled) not so applied shall in the discretion of the trustee be
accumulated and added to trust principal at such time or times as the trustee deems proper.
To view the sample document on which this preview is based
visit:
http://www.scribd.com/doc/214564692/Sample-Irrevocable-Trust-
for-California

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Sample irrevocable trust for California

  • 1. SAMPLE IRREVOCABLE TRUST FOR CALIFORNIA To subscribe to my FREE California weekly legal newsletter visit http://freeweeklylegalnewsletter.gr8.com/ and enter your e-mail address. Be sure to remove this notice and all other notices before using this document. To view details of sample document packages for sale by LegalDocsPro visit http://www.legaldocspro.com/downloads.aspx IRREVOCABLE TRUST AGREEMENT made ______________, 20____, between _____________________(the "Grantor"), and ______________ and _________________(the "Trustees"). 1. TRUST PROPERTY: The Grantor, desiring to create trusts for the benefit of his adult children and for other good and valuable consideration, irrevocably assigned to the Trustees of the property described in attached Schedule A (the "Trust Property"), in trust, for the purposes and on the conditions hereinafter stated. /// ///
  • 2. 2. DISPOSITIVE PROVISIONS: The Trustees shall hold the property for the primary benefit of LIST FULL NAMES OF BENEFICIARIES HERE, and the Trustees shall hold, manage, and invest the trust property, and shall collect and receive the income, and after deducting all necessary expenses incident to the administration of the trusts, shall dispose of the corpus and income of the trusts as follows: (a) The Trustees shall pay the entire net income of the trust, quarter annually, to the beneficiaries of the trust, provided that there shall be paid over absolutely to the beneficiaries at age _______ the corpus of the trust. (b) If any of the beneficiaries shall die before attaining the age of ______ years, the trust for his or her benefit shall cease, and the corpus, together with any undistributed income, shall be paid over absolutely to the issue of the beneficiary then living per stirpes; but if there be no issue, then to the other beneficiaries if living, either outright, or, if the other beneficiary shall not have then attained the age of _____ years, in trust, to be added to, held, administered, and distributed as part of the trust for the other beneficiary; but if the other beneficiary is not then living, then absolutely to the then living issue of the other beneficiary per stirpes; and if there is no issue, then to the estate of the beneficiary for whom the trust was being held originally. (c) Notwithstanding anything contained to the contrary, if at any time while the trusts are in force any financial emergency arises in the affairs of either of the primary beneficiaries of the trusts, or if the independent income of either of the beneficiaries (exclusive of the income from any trust created for his or her benefit by the Grantor) and all other means of support are
  • 3. insufficient for the support of the beneficiary, in the judgment of the Trustees, the Trustees shall pay over to the beneficiary, solely out of the corpus of the trust for his or her benefit, at any time and from time to time, the sum or sums as the Trustees shall deem necessary or appropriate in their discretion. (d) It is the express intent of the Grantor that this instrument be construed and treated as a spendthrift trust. Accordingly, the interests of the beneficiaries under this instrument are not transferable by voluntary or involuntary assignment or by operation of law, and shall be free from the claims of creditors and from attachment, execution, bankruptcy, and other legal process, to the maximum extent permitted by law. In the event of such a voluntary or involuntary assignment, or by operation of law, no payment or distribution of either principal or income to be made under the provisions of this Trust, and any anticipation, transfer, sale, assignment or encumbrance by any such beneficiary, whether of principal or income, whether by voluntary act or by operation of law, shall be void and of no effect whatsoever, and no distribution or payment shall be made by the Trustee to any creditor, assignee, receiver, referee in bankruptcy, or trustee in bankruptcy of any such beneficiary. If, notwithstanding the above, any such transfer is made or attempted by or against any beneficiary, all further trust payments of income or principal or both to that beneficiary (and any right of that beneficiary to such payments) shall be suspended for a period of time or indefinitely (but in no case for longer than the term of the trust) as the trustee determines. In lieu of payments to that beneficiary, the trustee may apply so much of the trust income or principal or both to which the beneficiary would otherwise be entitled as the trustee deems necessary for the beneficiary's education and support. All trust income (to which
  • 4. the beneficiary would otherwise be entitled) not so applied shall in the discretion of the trustee be accumulated and added to trust principal at such time or times as the trustee deems proper. To view the sample document on which this preview is based visit: http://www.scribd.com/doc/214564692/Sample-Irrevocable-Trust- for-California