Combined Inter Vivos And Land Trust Agreement Template (Page 2 of 3) in pdf

The trustee shall not be obligated to pay any money for this trust or the property or to prosecute or defend any

legal proceeding involving this trust or the property unless it elects to do so and is furnished with sufficient funds or

indemnified to its satisfaction. If the trustee is served with process or notice of legal proceedings or of any other

matter concerning the trust or the property, the sole duty of the trustee shall be to forward the process or notice to

the person named here as the person to whom inquiries or notices shall be sent, or, in the absence of such

designation, to the beneficiaries. The latest address appearing in the records of the trustee shall be used for all

mailings.

It shall not be the duty of the purchaser of the property or of any part of it to see to the application of the

purchase money, 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 into the provisions of this agreement.

This agreement shall not be recorded but any recording shall not be notice of the rights of any person derogatory

to the title or powers of the trustee. In this agreement the plural includes the singular, and vice versa, and the

masculine gender includes the feminine.

The trustee may, at any time, resign by sending by registered or certified mail, a notice of that intention to each of

the then beneficiaries at his or her latest address appearing in the records of the trustee. In the event of the

resignation or the death of the trustee, unless a successor trustee is set forth in this trust agreement, the person or

persons then entitled to direct the trustee in the disposition of the property may appoint a successor or successors

to the trust property by any method allowed by the statutes of the State of _________. In lieu of this method, the

person or persons may appoint a successor or successors to the trust property, in writing, and obtain the written

consent to the appointment by the successors or successors of the trust property. The person or persons then

entitled to direct the trustee in the disposition of the property shall file a declaration of appointment of the successor

or successors in the office of the Recorder of Deeds in the county in which the trust property is located or with the

Registrar of Titles of the county in which the trust property is situated if the title to the trust property is registered

under an act entitled _________["An Act Concerning Land Titles Approved May 1, 1987"] as now or later

amended. The declaration shall set forth the legal description of the trust property, the name and address of the

former trustee, and the name and address of the successor in trust, and be signed by a party with personal

knowledge of the terms of this agreement and of the actions taken by the person or persons entitled to direct the

trustee in the disposition of the property. If requested by the Registrar of Titles or any title insurer insuring title to

the property, the person or persons then entitled to direct the trustee in the disposition of the property may provide a

copy of this trust agreement to that party but this agreement shall not be recorded or registered in any county.

Solely on the resignation of the trustee, if no successor trustee is set forth in this trust agreement, the person or

persons then entitled to direct the trustee in the disposition of the property, may either proceed in accordance with

the foregoing paragraph or may appoint a successor, in writing, and the trustee shall then convey or transfer the

property to that successor. If no notice of resignation is given by the trustee, the trustee may convey or transfer the

trust property to the beneficiaries in accordance with their interests under this instrument and the conveyance may

be recorded or registered, as the case may be, by the trustee. This recording or registration shall constitute delivery

of the conveyance or transfer to the beneficiaries.

The trustee, at its option, may file a complaint for appropriate relief in any court of competent jurisdiction.

Every successor trustee shall become fully vested with all the title, estate, rights, powers, and trusts, and shall be

subject to the duties and obligations, of its predecessor.

It is agreed by the parties and by any person who may later acquire any interest in this trust that the trustee will

deal with the trust property including cash or other assets of any kind which may have become subject to the trust

only when authorized to do so in writing.

On the written direction of the party or parties designated here as having the power of direction the trustee will

make deeds for the trust property, or mortgages or trust deeds (which may include a waiver of the right of redemption

from sale under an order or decree of foreclosure), execute leases or otherwise deal with the title to the trust property,

including cash or other assets subject to the trust. The beneficiaries, by written instrument delivered to the trustee,

may revoke the foregoing power of direction and designate the person later to exercise the power. This instrument

shall be signed by all the then beneficiaries. The trustee shall not be required to inquire into the propriety of any

direction.

The trustee shall not be required to assume any personal obligations or liability in dealing with the property or to

make itself liable for any damages, costs, expenses, fines, or penalties, or to deal with title to the property so long as

any money is due to it under this instrument.

Combined Inter Vivos And Land Trust Agreement Template Page 2

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