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Back to Forms for 'Trusts'.


LIFE INSURANCE TRUST

LIFE INSURANCE TRUST

 

 

 

THIS TRUST AGREEMENT is made this ______ day of _____________ (month), ____ (year), by and between ________________________________ of __________________

("Grantor"), and _________________________ of _____________________ ("Trustee").

 

 

W I T N E S S E T H:

 

The Grantor is the owner of a certain policy or policies of insurance on his/her life, a description of which is set forth in Schedule A attached hereto and made a part hereof by reference, and has named the Trustee as beneficiary of those policies; and by this Agreement, Grantor wishes to set forth the powers and duties granted to the Trustee hereunder. 

 

ARTICLE I

The Trustee shall be under no obligation to pay the premiums which may become due     and payable under the provisions of such policy of insurance, or to make certain that      such premiums are paid by the Grantor or others, or to notify any persons of the non payment of such premiums, and the Trustee shall be under no responsibility or liability      of any kind in the event such premiums are not paid as required.

 

ARTICLE II

The Trustee shall be under no obligation or duty whatsoever with respect to the safekeeping of such policy or policies of insurance except the duty to receive such sums as may be paid pursuant to the policy, in accordance with the requirements of this Trust, and to hold and disburse such proceeds subject to the terms of this Agreement. 

 

ARTICLE III

Upon Grantor's death, the Trustee shall collect the proceeds of any insurance policies payable to the Trustee for the beneficiary.  The Trustee shall make all reasonable efforts to carry out the provisions of this Agreement, including the maintenance or defense of any suit; provided, however, the Trustee shall be under no duty to maintain or enter into any litigation unless the Trustee's expenses, including attorney fees and costs, have been advanced or guaranteed in an amount and in a manner reasonably satisfactory to the Trustee.  The Trustee may repay any advances made by ____ (Him or Her) or reimburse __________ (Himself or Herself) for any such fees and costs out of any corpus or income of this Trust.

 

ARTICLE IV

In addition to any inherent, implied, or statutory powers granted to trustees generally, the powers set forth in ___________________ (State) General Statutes Sections ___________ (Statutes) are incorporated by reference and granted to the Trustee, subject to the restrictions of _____________ (State) General Statutes ___________ (Statutes).  The Trustee shall not be required to make or file an inventory or accounting to any Court, or to give Bond, but the Trustee shall, at least annually, furnish to each beneficiary a statement showing property then held by the Trustee and the receipts and disbursements made. 

 

ARTICLE V

The Trustee shall hold the entire Trust Estate in trust for the benefit of _________________ ______________ and any other children born to or adopted by the Grantor  after the execution of this Agreement.  If any beneficiary hereunder has reached the age of ________ (____) years prior to the death of the Grantor, then the Trustee shall distribute such beneficiary's pro share of the Trust property directly  to such beneficiary.

 

If any beneficiary hereunder has not reached the age of ________ (_____) years prior to the death of the Grantor, then the Trustee shall hold and manage the funds for the benefit of the beneficiaries as follows:  so much of the income from this trust and, if net income be at any time insufficient, so much of the principal of this trust as may be deemed necessary, in the sole discretion of the Trustee (taking into account all other sources of income or support of the beneficiaries of which the Trustee has knowledge), may be either paid to or expended on behalf of the beneficiaries (whichever in the Trustee's sole discretion is deemed most appropriate) in order to ensure the support, maintenance, health and education of the beneficiaries. 

 

When each beneficiary reaches the age of ________ (____) years, a pro share of the principal, together with any accumulations of income, shall be paid over and distributed to the beneficiary.

 

In the event that any beneficiary should fail to attain the age of _______ (_____) years, the property being held for the beneficiary shall be paid over and distributed (i) to the beneficiary's issue per stirpes, or in default of such, (ii) to the beneficiary's brothers and sisters and descendants of deceased brothers and sisters, per stirpes, or in default of such, (iii) to Grantor's heirs, determined as if Grantor had died at the time of such beneficiary's death, pursuant to the General Statutes of _____________ (State) as written on the date of this Trust Agreement; provided, however, that should any such taker be the beneficiary of a trust created herein, and still in effect, the share of such taker shall be added to such trust and be held, managed, and distributed as a part thereof.

 

At any time after a beneficiary attains the age of _____ (____) years, the Trustee may, in _______ (His or Her) sole, unbridled discretion, terminate this Trust and pay over and deliver a pro share of the trust property to such beneficiary.

 

ARTICLE VI

During the administration of any Trust hereunder, it shall not be necessary for the Trustee at any time to have a guardian appointed for any beneficiary with respect to the disbursement of income or principal to, or for, such beneficiary.  The Trustee may make any part or all of the payments directly to a beneficiary or to some other person, firm or corporation for the benefit of such beneficiary.

ARTICLE VII

The Grantor, or any other person, shall have the right, at any time, or from time hereafter, to convey, transfer, assign, deliver, or by Will to give, devise and bequeath to the Trustee additional insurance policies or property, real or personal, to become subject to provisions of this Trust; provided, however, that such additional property shall be of a kind acceptable to the Trustee.  Upon the acceptance thereof by the Trustee, such additional property shall be identified by an additional schedule attached hereto and shall become subject to and be held in Trust under the terms hereof and shall be managed, controlled, handled, and disposed of by the Trustee, subject to all of the terms, conditions, provisions and limitations herein mentioned, and, upon any termination hereof, shall be transferred in the same manner and to the same persons as herein provided as though it constituted a part of the original Trust assets. 

 

ARTICLE VIII

The provisions of this Trust in favor of all beneficiaries shall not be subject to attachment or be liable to be taken over for his, her or their debts by any legal process whatever; and if any beneficiary shall attempt to alienate, dispose of, anticipate, encumber, or create a charge upon the principal or income to which he or she is entitled; or if he or she shall become bankrupt or make or attempt to make any assignment for the benefit of creditors; or if the principal or income shall be in any way attached, diverted, ceased or sequestered by any legal process, then the Trustee may immediately cease to pay said principal or income to said beneficiary, and may thereafter apply such part or even a whole thereof as said Trustee shall deem wise for the beneficiary's support and maintenance.

 

ARTICLE IX

The Trustee shall be ____________________ of ____________________________.  In the event ______ (He or She) shall, at any time,  be unable or unwilling to serve as Trustee hereunder, _________________________ of ____________________________________ shall, upon written acceptance of this Trust, become the Trustee hereunder.  Any individual serving as Trustee may resign as Trustee hereunder by delivering a written resignation to his successor as Trustee and to Grantor, if Grantor is living.  Any successor Trustee appointed or serving pursuant to the foregoing provisions shall serve without bond and shall have all the rights and powers given and be subject to all the duties and responsibilities conferred and imposed upon the Trustee hereunder.  No successor Trustee shall have any duty to review the accounts of any predecessor Trustees.

 

ARTICLE X

This Trust Agreement shall be construed and regulated in all respects in accordance with the laws of the State of ________________ (State).

 

ARTICLE XI

Recognizing that the needs and family circumstances of the Trust beneficiaries may change or vary, the Grantors expressly authorize the Trustee and each successor Trustee to change the situs of this trust for any reason deemed sufficient by the Trustee, including, but not limited to, ease of administration, adverse tax treatment of the trust in its present situs, or convenience for either the Trustee or the beneficiaries. 

 

The actions taken pursuant to the provisions of this article shall be final and binding on all persons interested and shall not be subject to judicial review. 

 

ARTICLE XII

Grantor reserves the right to alter, amend, and revoke or terminate this trust in whole or in part at any time, and from time to time, by an instrument in writing signed by the Grantor and delivered to the Trustee, except that no such change shall increase the duties or liabilities of the Trustee without the consent of the Trustee.  Following receipt by the Trustee of a written instrument revoking this Trust, in whole or in part, the Trustee shall have a reasonable time in which to deliver to the Grantor or to the Grantor's attorney any trust property subject to the revocation.

 

 

ARTICLE XIII

The Trustee hereby accepts the Trust herein created.

 

IN WITNESS WHEREOF, the parties hereto have executed this instrument in duplicate originals the day and year first above written.

 

 

 

_______________________________ (SEAL)

_______________________________, Grantor

 

 

 

_______________________________ (SEAL)

   _______________________________, Trustee

 

 

 

___________________ (State), _______________ County

 

I, a Notary Public for said County and State, do hereby certify that ___________________ ___________________, Grantor, personally appeared before me this day and acknowledged the due execution of the foregoing and attached Life Insurance Trust. 

 

WITNESS my hand and notarial seal, this the _____ day of _______ (month), ____ (year).

 

 

My Commission Expires: _____________________________________

 

Notary Public ______________________

 

 

___________________ (State), _______________ COUNTY

 

I, a Notary Public for said County and State, do hereby certify that ___________________ _________________, Trustee, personally appeared before me this day and acknowledged the due execution of the foregoing and attached Life Insurance Trust. 

 

WITNESS my hand and notarial seal, this the _____ day of _______ (month), ____ (year).

 

 

My Commission Expires: _____________________________________

 

Notary Public _______________________

 



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