REVOCABLE LIVING TRUST AGREEMENT
(Kansas – Governed by K.S.A. 58a-101 et seq.)
[// GUIDANCE: Insert client-specific information only in the bracketed placeholders. Double-check all cross-references if any article is deleted or reordered.]
TABLE OF CONTENTS
- Document Header
- Defined Terms
- Operative Provisions
- Representations & Warranties
- Covenants & Restrictions
- Default & Remedies
- Risk Allocation
- Dispute Resolution
- General Provisions
- Execution Block
- Schedule A – Initial Trust Property
1. DOCUMENT HEADER
1.1 Title and Parties.
This Revocable Living Trust Agreement (“Trust Agreement”) is entered into effective as of [EFFECTIVE DATE] (the “Effective Date”) by and between:
(a) [TRUSTOR NAME], an individual with an address at [TRUSTOR ADDRESS] (“Trustor”); and
(b) [INITIAL TRUSTEE NAME], with an address at [TRUSTEE ADDRESS] (“Trustee”).
[// GUIDANCE: If there are Co-Trustees, mirror paragraph (b) for each.]
1.2 Recitals.
A. Trustor desires to create a revocable trust pursuant to the Kansas Uniform Trust Code, K.S.A. 58a-101 et seq., to hold and administer certain property for the purposes stated herein.
B. Trustee is willing to accept the trust and to administer the trust estate according to the terms set forth below.
C. Trustor and Trustee therefore agree as follows:
2. DEFINED TERMS
For ease of reference, the following terms have the meanings set forth below. Terms defined in any Article shall have the same meaning when used elsewhere in this Trust Agreement.
“Accounting Period” – Each calendar year ending December 31, unless the Trustee selects a different fiscal year.
“Beneficiary” – Each person or entity identified in Section 3.3 entitled to distributions from the Trust Estate, and any successor Beneficiary determined under this Trust Agreement or applicable law.
“Dispositive Event” – Trustor’s death, Trustor’s written declaration of irrevocability, complete distribution of the Trust Estate, or other event that terminates the Trust pursuant to Article 6.
“Governing Law” – The laws of the State of Kansas, including the Kansas Uniform Trust Code, K.S.A. 58a-101 et seq., without regard to conflicts-of-law principles.
“Person” – Any natural person, corporation, limited liability company, partnership, trust, estate, or other legal entity.
“Trust” – The revocable trust created by this Trust Agreement, known as the “[TRUSTOR NAME] Revocable Living Trust dated [EFFECTIVE DATE]”.
“Trust Estate” – All property transferred to the Trust, whether by Trustor, by operation of law, or otherwise, together with all reinvestments and proceeds.
3. OPERATIVE PROVISIONS
3.1 Creation of Trust; Funding.
(a) Formation. Trustor hereby creates the Trust and assigns, conveys, and delivers to Trustee the property described in Schedule A, receipt of which Trustee acknowledges.
(b) Additional Transfers. Trustor or any other Person may transfer additional property to the Trust at any time, and all such property shall be subject to this Trust Agreement.
3.2 Revocation and Amendment.
(a) Power to Revoke. During Trustor’s lifetime, Trustor may revoke this Trust in whole or in part by delivering to Trustee a written and acknowledged instrument identifying the revocation.
(b) Power to Amend. Trustor may amend this Trust by a written instrument signed and acknowledged by Trustor and delivered to Trustee. Any amendment shall be effective upon receipt by Trustee unless otherwise stated.
(c) Trustee Reliance. Trustee may rely conclusively on any revocation or amendment that appears on its face to be duly executed by Trustor.
3.3 Beneficiaries and Distributions.
[// GUIDANCE: Insert custom dispositive provisions. Sample language:]
(a) During Trustor’s Lifetime. Trustee shall distribute to or for Trustor’s benefit so much of the net income and principal as Trustor directs from time to time, and, absent direction, as Trustee deems necessary for Trustor’s health, education, maintenance, and support (“HEMS”).
(b) Upon Trustor’s Death. Upon the Dispositive Event of Trustor’s death, Trustee shall:
(i) Pay all enforceable debts, expenses of last illness, and funeral expenses;
(ii) Allocate remaining assets in equal shares to Trustor’s children, per stirpes; and
(iii) Retain any share for a minor Beneficiary in a continuing trust until the Beneficiary attains the age of [AGE].
[// GUIDANCE: Modify distribution scheme as needed and cross-reference any subtrusts.]
3.4 Trustee Powers. In addition to all powers granted by Kansas law, Trustee may:
(a) invest and reinvest Trust Estate assets;
(b) buy, sell, exchange, lease, or mortgage real or personal property;
(c) exercise voting and other ownership rights in securities;
(d) employ and pay agents, attorneys, accountants, and other advisors;
(e) make distributions in cash or in kind, pro rata or non-pro rata; and
(f) perform all acts reasonably necessary to administer the Trust Estate.
3.5 Successor Trustee Rules.
(a) Designation. Upon the resignation, incapacity, or death of the Trustee, [SUCCESSOR TRUSTEE NAME] shall serve as Successor Trustee.
(b) Additional Successors. If the Successor Trustee is unable or unwilling to serve, the next Successor Trustee(s) shall be, in order: [SECOND SUCCESSOR TRUSTEE]; [THIRD SUCCESSOR TRUSTEE].
(c) Acceptance. A Successor Trustee shall accept the trusteeship by delivering a written acceptance to the resigning Trustee or, if none, to the Beneficiaries.
(d) Resignation. A Trustee may resign by giving thirty (30) days’ written notice to Trustor (if living) and to all then-current Beneficiaries.
(e) Removal. Trustor (if living) or, after Trustor’s death, a majority in interest of the adult Beneficiaries may remove a Trustee with or without cause by written notice.
(f) Trustee Compensation. Trustee shall be entitled to reasonable compensation consistent with local fiduciary fee schedules unless waived in writing.
3.6 Asset Transfer Procedures.
(a) Title. Trustee may execute any documents necessary to obtain or perfect title to any asset transferred to the Trust.
(b) Registration. Securities and accounts shall be registered in the name “[INITIAL TRUSTEE], Trustee, [TRUSTOR NAME] Revocable Living Trust u/a/d [EFFECTIVE DATE].”
(c) Real Property. Title to real property shall be conveyed by warranty or quitclaim deed referencing this Trust Agreement, properly recorded in the county where the real property is located.
4. REPRESENTATIONS & WARRANTIES
4.1 By Trustor.
(a) Capacity. Trustor represents that Trustor is of legal age and has full capacity to create this Trust.
(b) No Conflicts. Execution of this Trust Agreement does not violate any other agreement binding on Trustor.
4.2 By Trustee.
(a) Authority. Trustee warrants that Trustee has the authority to serve and to perform the duties set forth herein.
(b) No Prohibited Transactions. Trustee affirms no undisclosed conflict of interest exists that would preclude the performance of fiduciary duties.
4.3 Survival. All representations and warranties survive execution and continue for the duration of the Trust.
5. COVENANTS & RESTRICTIONS
5.1 Trustee’s Standard of Care. Trustee shall administer the Trust in good faith, in accordance with the terms of this Trust Agreement and applicable law, and shall exercise reasonable care, skill, and caution.
5.2 Recordkeeping and Reporting.
(a) Accounting. Trustee shall keep accurate records and provide an annual written accounting to Trustor (if living) and all current Beneficiaries within ninety (90) days after each Accounting Period.
(b) Inspection. Beneficiaries may inspect Trust records during normal business hours upon reasonable notice.
5.3 Tax Compliance. Trustee shall prepare and file all required federal and state tax returns for the Trust, obtain any necessary tax identification numbers, and furnish K-1s or equivalent statements to Beneficiaries.
6. DEFAULT & REMEDIES
6.1 Events of Default. Each of the following constitutes a default by Trustee:
(a) Material breach of fiduciary duty;
(b) Failure to provide required accountings within sixty (60) days after written demand;
(c) Misappropriation or conversion of Trust assets; or
(d) Gross negligence or willful misconduct.
6.2 Notice and Cure. Beneficiaries shall give written notice specifying the default and permitting Trustee thirty (30) days to cure, unless the default is incapable of cure or threatens immediate and irreparable harm.
6.3 Remedies. Upon default, Beneficiaries may:
(a) Remove the Trustee in accordance with Section 3.5(e);
(b) Seek damages limited to the Trust Estate as provided in Article 7;
(c) Obtain injunctive relief in the state probate court; and
(d) Seek attorneys’ fees and costs as provided in Section 6.4.
6.4 Attorneys’ Fees. A prevailing party in any action to enforce this Trust Agreement shall be entitled to recover reasonable attorneys’ fees and costs from the Trust Estate or, in cases of Trustee malfeasance, from the Trustee personally.
7. RISK ALLOCATION
7.1 Indemnification of Trustee.
(a) General. Trustee and its agents are indemnified from the Trust Estate against any claim, liability, or expense (including attorneys’ fees) reasonably incurred in the administration of the Trust, except to the extent arising from Trustee’s gross negligence, intentional misconduct, or fraudulent act.
(b) Procedures. Trustee shall promptly notify Beneficiaries of any claim and may employ counsel of Trustee’s choosing, the reasonable cost of which shall be paid from the Trust Estate.
7.2 Limitation of Liability. Except as provided by law or for breaches enumerated in Section 6.1, the liability of the Trustee shall be limited to the value of the Trust Estate; neither Trustor nor any Beneficiary shall have recourse to Trustee’s personal assets.
7.3 Insurance. Trustee may, but is not required to, maintain fiduciary liability insurance, the premiums for which shall be a proper charge against the Trust Estate.
7.4 Force Majeure. Trustee shall not be liable for delays or inability to act caused by events beyond Trustee’s reasonable control, including natural disasters, acts of war or terrorism, or governmental actions, provided Trustee acts diligently to mitigate the effects of such events.
8. DISPUTE RESOLUTION
8.1 Governing Law. This Trust Agreement shall be governed by, and construed in accordance with, the laws of the State of Kansas.
8.2 Forum Selection. All judicial proceedings concerning this Trust shall be brought in the district court sitting in probate within the county where the Trust is administered. Each party submits to the exclusive jurisdiction of such court for such purposes.
8.3 Optional Arbitration. [ARBITRATION ELECTION: ☐ Elected ☐ Declined]
If elected, any dispute not subject to mandatory probate jurisdiction shall be resolved by binding arbitration in [COUNTY], Kansas, under the Commercial Arbitration Rules of the American Arbitration Association. The arbitrator shall have authority to grant all remedies available at law or in equity, including injunctive relief.
8.4 Jury Waiver. To the extent any dispute is triable by jury, the parties acknowledge that probate proceedings are customarily bench trials; no separate jury-trial waiver is required.
8.5 Injunctive Relief. Notwithstanding Section 8.3, any party may seek temporary, preliminary, or permanent injunctive relief from the probate court to enforce fiduciary duties or protect Trust assets.
9. GENERAL PROVISIONS
9.1 Amendment & Waiver. Except as otherwise provided herein, no amendment or waiver of any provision of this Trust Agreement shall be effective unless in writing and signed by Trustor (if living) and the Trustee. No waiver shall constitute a waiver of any other or subsequent breach.
9.2 Assignment & Delegation. Beneficiaries may not assign their interests in the Trust except by written consent of the Trustee or by operation of law. Trustee may delegate ministerial duties but remains responsible for proper administration.
9.3 Successors & Assigns. This Trust Agreement binds and benefits the parties and their respective heirs, personal representatives, successors, and permitted assigns.
9.4 Severability. If any provision of this Trust Agreement is held unenforceable, the remaining provisions shall remain in full force, and the court shall reform the unenforceable provision to reflect the parties’ original intent to the greatest extent permitted by law.
9.5 Entire Agreement. This Trust Agreement constitutes the entire understanding between the parties with respect to the Trust and supersedes all prior agreements or understandings concerning the subject matter herein.
9.6 Counterparts; Electronic Signatures. This Trust Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together constitute one instrument. Signatures delivered by electronic means shall be deemed original signatures for all purposes.
10. EXECUTION BLOCK
IN WITNESS WHEREOF, the parties have executed this Revocable Living Trust Agreement as of the Effective Date.
| ________ | _________ |
| [TRUSTOR NAME], Trustor | Date: _________ |
| ________ | _________ |
| [INITIAL TRUSTEE NAME], Trustee | Date: _________ |
[// GUIDANCE: Kansas law does not require notarization for validity; however, notarization is strongly recommended for real-property transfers and to facilitate acceptance by financial institutions.]
ACKNOWLEDGMENT
State of Kansas )
County of __ ) ss.
On this ___ day of ____, 20__, before me, the undersigned, a Notary Public in and for said state, personally appeared [TRUSTOR NAME] and [INITIAL TRUSTEE NAME], known to me (or satisfactorily proven) to be the persons whose names are subscribed to the within instrument and acknowledged that they executed the same for the purposes therein contained.
Notary Public: ____
My Commission Expires: _______
11. SCHEDULE A – INITIAL TRUST PROPERTY
- Cash: $[AMOUNT] deposited at [FINANCIAL INSTITUTION], Account No. [XXXX].
- Brokerage Account: [ACCOUNT NAME/NUMBER] at [BROKER].
- Real Property: [LEGAL DESCRIPTION and Common Address].
- Personal Property: Household goods, jewelry, and tangible personal property presently located at [ADDRESS].
[// GUIDANCE: Attach separate deeds, assignments, or affidavits as needed to effectuate transfer of each listed asset into the Trust.]