Trust agreement to hold title to land for several owners—Beneficiary management and control of property.

This trust agreement, dated this _________, and known as Trust Number _________, is to certify that the _________, a corporation of _________ as trustee, is about to take title to the following described real estate in _________ County, _________, namely: _________, otherwise known as No. _________ Street and that when it has taken the title, or to any other real estate deeded to it as trustee, it will hold it for the uses and purposes and upon the trusts here set forth. The following named persons shall be entitled to the earnings, avails and proceeds of the real estate according to the respective interests herein set forth, namely: _________.

It is understood and agreed between the parties, and by any person or persons who may become entitled to any interest under this trust, that the interest of any beneficiary shall consist solely of a power of direction to deal with the title to the property and to manage and control the property as hereafter provided, and the right to receive the proceeds from rentals and from mortgages, sales or other disposition of the premises, and that such right in the avails of the property shall be deemed to be personal property, and may be assigned and transferred as such. In case of the death of any beneficiary during the existence of this trust, his or her right and interest shall, except as here otherwise specifically provided, pass to his or her executor or administrator, and not to his or her heirs at law; and that no beneficiary now has, and that no beneficiary at any time shall have any right, title or interest in or to any portion of the real estate as such, either legal or equitable, but only an interest in the earnings, avails and proceeds as stated. The death of any beneficiary shall not terminate the trust nor in any manner affect the powers of the trustee. No assignment of any beneficial interest shall be binding on the trustee until the original or a duplicate of the assignment is lodged with the trustee, and every assignment of any beneficial interest, the original or duplicate of which shall not have been lodged with the trustee, shall be void as to all subsequent assignees or purchasers without notice.

Nothing contained in this agreement shall be construed as imposing any obligation on the trustee to file any income, profit or other tax reports or schedules, it being expressly understood that the beneficiaries from time to time will individually make all such reports, and pay any and all taxes, required with respect to the earnings, avails and proceeds of the real estate or growing out of their interest under this trust agreement.

In case the trustee shall make any advances of money on account of this trust or shall be made a party to any litigation on account of holding title to the real estate or in connection with this trust, or in case the trustee shall be compelled to pay any sum of money on account of this trust, whether on account of breach of contract, injury to person or property, fines or penalties under any law or otherwise, the beneficiaries jointly and severally agree that they will on demand pay to the trustee, with interest at the rate of _________ percent per annum, all such disbursements or advances or payments made by the trustee, together with its expenses, including reasonable attorneys' fees. The trustee shall not be called upon to convey or otherwise deal with the property at any time held under this instrument until all of the disbursements, payments, advances and expenses made or incurred by the trustee shall have been fully paid, together with interest on them as stated. However, nothing here contained shall be construed as requiring the trustee to advance or pay out any money on account of this trust or to prosecute or defend any legal proceeding involving this trust or any property or interest unless it shall be furnished with sufficient funds or be satisfactorily indemnified in respect to the matter.

It shall not be the duty of the purchaser of the premises or of any part of them to see to the application of the purchase money paid; nor shall anyone who may deal with the trustee be required or privileged to inquire into the necessity or expediency of any act of the trustee, or of provisions of this instrument.

This trust agreement shall not be placed on record in the recorder's office of the county in which the land is situated, or elsewhere, and the recording of the same shall not be considered as notice of the rights of any person under this instrument, derogatory to the title or powers of the trustee.

The trustee may at any time resign by sending by registered mail a notice of its intention to do so to each of the then beneficiaries at his or her address last known to the trustee. Such resignation shall become effective 10 days after the mailing of such notices by the trustee. In the event of this resignation, a successor or successors may be appointed by the person or persons then entitled to direct the trustee in the disposition of the trust property, and the trustee shall then convey the trust property to such successor or successors in trust. In the event that no successor in trust is named as above provided within 10 days after the mailing of such notices by the trustee, then the trustee may convey the trust property to the beneficiaries in accordance with their respective interests under this instrument, or the trustee may, at its option, file a bill for appropriate relief in any court of competent jurisdiction. The trustee notwithstanding such resignation shall continue to have a first lien on the trust property for its costs, expenses and attorneys' fees and for its reasonable compensation.

Every successor trustee or trustees appointed under this instrument shall become fully vested with all the estate, properties, rights, powers, trusts, duties and obligations of its, his or their predecessor.

It is understood and agreed by the parties and by any person who may later become a party, that _________ will deal with the real estate only when authorized to do so in writing, and that (notwithstanding any change in the beneficiary or beneficiaries) it will, unless otherwise directed in writing by any of the beneficiaries, on the written direction of _________ or will on the written direction of such other person or persons as shall be from time to time named in writing by the beneficiary or beneficiaries, or on the written direction of such person or persons as may be beneficiary or beneficiaries at the time, make deeds for, or otherwise deal with the title to the real estate, provided, however, that the trustee shall not be required to enter into any personal obligation or liability in dealing with the land or to make itself liable for any damages, costs, expenses, fines or penalties, or to deal with the title so long as any money is due to it. Otherwise, the trustee shall not be required to inquire into the propriety of any such direction.

The beneficiary or beneficiaries, in his, her or their own right shall have the management of the property and control of its selling, renting and handling, and each beneficiary or his or her agent shall collect and handle his or her share of the rents, earnings, avails and proceeds, and the trustee shall have no duty in respect to such management or control, or the collection, handling or application of such rents, earnings, avails or proceeds, or in respect to the payment of taxes or assessments or in respect to insurance, litigation or otherwise, except on written direction as above provided, and after the payment to it of all money necessary to carry out the instructions. No beneficiary shall have any authority to contract for or in the name of the trustee or to bind the trustee personally. If any property remains in this trust 20 years from this date it shall be sold at public sale by the trustee on reasonable notice, and the proceeds of the sale shall be divided among those who are entitled to it under this trust agreement.

The _________ shall receive for its services in accepting this trust and in taking title the sum of $_____; also the sum of $_____ per year for holding title after _________, 19__, so long as any property remains in this trust; also its regular schedule fees for making deeds, and it shall receive reasonable compensation for any special services which may be rendered by it, or for taking and holding any other property which may later be deeded to it, which fees, charges or other compensation, the beneficiary or beneficiaries jointly and severally agree to pay.

In testimony, the _________ has caused these presents to be signed by its vice-president and attested by its assistant secretary, and has caused its corporate seal to be attached as and for the act and deed of the corporation, the day and date above written.

_________

By _________, Vice-President

Attest: _________, Assistant Secretary.

And on this day the beneficiary or beneficiaries have signed this declaration of trust and trust agreement in order to signify their assent to its terms.

_________[Seal]	Address _________
_________[Seal]	Address _________
[Etc.] [Seal]	Address _________

 

May the name of any beneficiary be disclosed to the public? _________.

To whom shall written inquiries be referred? _________.

May oral inquiries be referred directly? _________. To whom? _________.

To whom shall bills be mailed? _________.