REVOCABLE LIVING TRUST AGREEMENT
(Ohio‐Governed – Court-Ready Template)
[// GUIDANCE: This template is drafted to comply with the Ohio Trust Code (Ohio Rev. Code Title 58) and incorporates standard Uniform Trust Code concepts. It assumes the Settlor is a natural person creating a revocable living trust for estate-planning purposes. Customize all bracketed items before execution.]
TABLE OF CONTENTS
- Document Header
- Definitions
- Operative Provisions
3.1 Creation and Funding of Trust
3.2 Revocation and Amendment
3.3 Dispositive Provisions During Settlor’s Lifetime
3.4 Dispositive Provisions Upon Settlor’s Death - 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 (“Agreement” or “Trust”) is made and entered into effective as of [EFFECTIVE DATE] (“Effective Date”), by and between:
• [SETTLOR’S FULL LEGAL NAME], residing at [SETTLOR ADDRESS] (“Settlor” or “Grantor”); and
• [INITIAL TRUSTEE’S FULL LEGAL NAME], residing at [TRUSTEE ADDRESS] (“Trustee”).
[// GUIDANCE: Insert co-trustee language if applicable.]
1.2 Recitals
A. Settlor desires to establish a revocable trust to hold certain property for the benefit of the Settlor during the Settlor’s lifetime and for the benefit of the Beneficiaries thereafter.
B. The Trustee is willing to hold and administer the trust property pursuant to the terms of this Agreement and applicable Ohio law.
C. The parties intend that this Trust be governed by the laws of the State of Ohio and qualify as a revocable trust under the Ohio Trust Code.
2. DEFINITIONS
For purposes of this Agreement, the following terms have the meanings set forth below. Defined terms appear capitalized throughout.
“Accounting Period” – A calendar year ending December 31, unless the Trustee selects a different fiscal year for administrative convenience.
“Affiliate” – Any individual or entity that, directly or indirectly, controls, is controlled by, or is under common control with a party.
“Beneficiary” – Any person or entity then entitled, or potentially entitled, to receive distributions from the Trust, whether income, principal, or remainder interests, as further described in Section 3.3 and Section 3.4.
“Disability” – The Settlor’s incapacity, as certified in writing by two licensed physicians or determined by a court of competent jurisdiction.
“Governing Law” – The internal laws of the State of Ohio, without regard to its conflict-of-laws rules.
“Person” – An individual, corporation, partnership, LLC, trust, estate, unincorporated association, or other legal entity.
“Power of Appointment” – A power retained by Settlor under Section 3.2(c) to direct disposition of Trust assets at death.
“Trust Estate” – All property, real or personal, tangible or intangible, and all proceeds thereof, held from time to time by the Trustee under this Agreement.
“UTC” – The Uniform Trust Code as adopted in Ohio.
[// GUIDANCE: Add further defined terms as needed. Keep alphabetical order.]
3. OPERATIVE PROVISIONS
3.1 Creation and Funding of Trust
(a) Establishment. Settlor hereby creates the [NAME OF TRUST] (“Trust”) and transfers to the Trustee the property described in Schedule A attached hereto (together with all additions, “Trust Estate”).
(b) Additional Property. Settlor or any other Person may at any time add property to the Trust by written assignment, deed, beneficiary designation, or other valid transfer instrument accepted by the Trustee.
(c) Asset Transfer Formalities. Title to real property shall be transferred by recordable deed naming the Trustee “as Trustee of the [NAME OF TRUST], dated [EFFECTIVE DATE]”. Tangible and intangible personal property shall be assigned under a written Assignment of Property.
[// GUIDANCE: For motor vehicles, use Ohio Form BMV 3774; for securities, liaise with brokerage for a trustee account.]
3.2 Revocation and Amendment
(a) General. During the Settlor’s lifetime and capacity, Settlor may revoke or amend this Trust, in whole or in part, by an acknowledged written instrument delivered to the Trustee.
(b) Effect of Revocation. Upon complete revocation, the Trustee shall promptly distribute the Trust Estate to the Settlor and this Agreement shall terminate.
(c) Testamentary Power of Appointment. Settlor reserves the power to direct the ultimate disposition of the Trust Estate at death by specific reference to this power in Settlor’s last will or codicil.
3.3 Dispositive Provisions During Settlor’s Lifetime
(a) Income and Principal. During Settlor’s lifetime, the Trustee shall distribute to or for the benefit of Settlor so much of the net income and principal of the Trust Estate as Settlor may request, or as Trustee deems advisable for Settlor’s health, education, maintenance, or support.
(b) Disability of Settlor. Upon Settlor’s Disability, the Trustee shall apply or expend such amounts of income and principal as Trustee deems necessary for Settlor’s benefit, considering other resources known to the Trustee.
3.4 Dispositive Provisions Upon Settlor’s Death
Upon Settlor’s death, after payment of all expenses, debts, and taxes attributable to the Trust Estate:
(a) Specific Gifts. The Trustee shall distribute the following assets free of trust:
• [DESCRIPTION OF ASSET] to [BENEFICIARY];
• [Repeat as necessary].
(b) Residual Trust Estate. The remaining Trust Estate shall be distributed outright to [PRIMARY BENEFICIARY], or, if such beneficiary fails to survive Settlor by 30 days, in equal shares per stirpes to [CONTINGENT BENEFICIARIES].
[// GUIDANCE: Insert complex dispositive schemes or continuing trusts (e.g., spouse’s marital trust, children’s sub-trusts) as needed.]
4. REPRESENTATIONS & WARRANTIES
4.1 Settlor
(a) Legal Capacity. Settlor represents that Settlor is of full legal age and sound mind to create this Trust.
(b) Title to Property. Settlor warrants good title to all property transferred to the Trust.
4.2 Trustee
(a) Authority. Trustee represents that Trustee is legally qualified and willing to act and has obtained all consents required by law.
(b) Fiduciary Standard. Trustee acknowledges the fiduciary duties imposed by the UTC and applicable Ohio common law and agrees to discharge those duties in good faith and in the interests of the Beneficiaries.
All representations and warranties survive execution and remain in force for the duration of the Trust.
5. COVENANTS & RESTRICTIONS
5.1 Trustee’s Affirmative Covenants
(a) Administration. Administer the Trust Estate with reasonable care, skill, and caution.
(b) Record-Keeping. Maintain complete and accurate trust records and provide annual accountings within 60 days after each Accounting Period.
(c) Tax Compliance. Timely prepare and file all required tax returns and information statements.
5.2 Trustee’s Negative Covenants
(a) No Self-Dealing. Except as expressly permitted herein or by court order, Trustee shall not engage in transactions that constitute self-dealing under Ohio law.
(b) No Commingling. Trustee shall not commingle Trust Estate assets with non-trust assets, other than in a common trust fund as allowed by law.
5.3 Notice Obligations
Trustee shall provide written notice to all Qualified Beneficiaries:
(i) of any change in Trustee or Trustee’s compensation;
(ii) of the existence of this Trust and their right to request portions of the Trust instrument, within 60 days after the Trustee’s acceptance or Settlor’s death; and
(iii) of any judicial proceeding pertaining to the Trust.
5.4 Cure Period
Before any Beneficiary initiates a claim for breach of trust, Trustee shall have 30 days after written notice specifying the alleged breach to cure or mitigate the issue.
6. DEFAULT & REMEDIES
6.1 Events of Default
(a) Trustee’s material breach of fiduciary duty not cured within the period specified in Section 5.4.
(b) Trustee’s incapacity, resignation without successor, or removal.
6.2 Remedies
(a) Removal. A majority of Qualified Beneficiaries may remove the Trustee and appoint a Successor Trustee under Section 7.3.
(b) Accounting & Surcharge. The probate division of the Ohio Court of Common Pleas may compel an accounting and surcharge the Trustee to the extent of losses sustained.
(c) Injunctive Relief. Beneficiaries may seek injunctive relief to enjoin threatened breaches or compel performance.
6.3 Attorneys’ Fees
Reasonable attorneys’ fees and court costs incurred by the prevailing party in enforcing this Agreement shall be paid from the Trust Estate, except to the extent a Trustee is found personally liable under Section 7.2(b).
7. RISK ALLOCATION
7.1 Indemnification of Trustee
The Trust Estate shall indemnify and hold the Trustee harmless against any liability, claim, or expense (including reasonable attorneys’ fees) arising from the lawful administration of the Trust, except for losses resulting from the Trustee’s willful misconduct or gross negligence.
7.2 Limitation of Liability
(a) Cap. The Trustee’s personal liability shall not exceed the value of the Trust Estate at the time of the event giving rise to liability.
(b) Exclusions. The foregoing cap does not apply to liability arising from Trustee’s willful misconduct or gross negligence.
7.3 Insurance
The Trustee may procure fiduciary liability insurance, payable from the Trust Estate, and shall be the named insured.
7.4 Force Majeure
The Trustee shall not be liable for failure or delay in performing duties when such failure or delay is caused by events beyond reasonable control, including, but not limited to, acts of God, war, pandemic, or changes in applicable law that materially affect performance.
8. DISPUTE RESOLUTION
8.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio.
8.2 Forum Selection. Exclusive jurisdiction and venue for all judicial proceedings relating to the Trust shall lie in the probate division of the Court of Common Pleas of [COUNTY NAME], Ohio.
8.3 Arbitration. [SELECT “Arbitration” OR “No Arbitration”]
• If “Arbitration” is selected, any non-probate dispute arising under this Agreement shall be resolved by binding arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules. Judgment on the award may be entered in any court of competent jurisdiction.
• If “No Arbitration” is selected, disputes shall proceed in the forum designated in Section 8.2.
8.4 Jury Waiver. To the extent a right to trial by jury may exist in any proceeding relating to the Trust, all parties knowingly and voluntarily waive such right.
8.5 Preservation of Injunctive Relief. Nothing in this Section limits any party’s right to seek provisional or injunctive relief in a court of competent jurisdiction to protect the Trust Estate pending final resolution.
9. GENERAL PROVISIONS
9.1 Amendment and Waiver. Except as otherwise provided in Section 3.2, no amendment or waiver of any provision shall be effective unless in writing and signed by the Settlor (if living) and the Trustee.
9.2 Assignment and Delegation. The interests of Beneficiaries are not assignable and are subject to a spendthrift restriction to the maximum extent permitted by Ohio law. The Trustee may delegate investment and administrative functions as allowed under the UTC.
9.3 Successors and Assigns. All provisions herein bind and inure to the benefit of the Settlor, Trustee, Successor Trustees, Beneficiaries, and their respective successors and assigns.
9.4 Severability. If any provision is held invalid or unenforceable, such invalidity shall not affect other provisions that can be given effect without the invalid provision.
9.5 Integration/Merger. This Agreement constitutes the entire trust instrument and supersedes all prior discussions or writings concerning the subject matter.
9.6 Counterparts. This Agreement may be executed in one or more counterparts, each of which is deemed an original, and all of which together constitute one instrument.
9.7 Electronic Signatures. Signatures transmitted electronically or by facsimile shall have the same force and effect as original signatures.
10. EXECUTION BLOCK
IN WITNESS WHEREOF, the Settlor and Trustee have executed this Agreement as of the Effective Date.
| Settlor | Trustee |
|---|---|
| _________ | _________ |
| [SETTLOR NAME] | [TRUSTEE NAME] |
ACKNOWLEDGMENT
State of Ohio )
County of [COUNTY])
On this ___ day of ____, 20__, before me, a Notary Public in and for said state, personally appeared [SETTLOR NAME] and [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: ______
[// GUIDANCE: Ohio does not require witness signatures for trusts; however, deeds to fund real property must be witnessed and notarized.]
11. SCHEDULE A – INITIAL TRUST PROPERTY
- Cash: $___ deposited to [BANK NAME], Account No. **.
- Brokerage Account: [BROKER] Account No. **, all securities therein.
- Real Property: Fee simple interest in [LEGAL DESCRIPTION / ADDRESS].
- Tangible Personal Property: Household furnishings located at [ADDRESS].
Additional assets may be added by separate written schedules or assignments.
[// GUIDANCE: Ensure each listed asset is formally transferred; the trust instrument alone does not convey title to real property without a deed.]