REVOCABLE LIVING TRUST AGREEMENT

(Oregon – Revocable Inter Vivos Trust)

[// GUIDANCE: This template is drafted for use by Oregon‐licensed practitioners. Review and tailor all bracketed placeholders, optional provisions, and guidance comments prior to execution.]

TABLE OF CONTENTS

1. Document Header
2. Definitions
3. Operative Provisions
4. Representations & Warranties
5. Covenants & Restrictions
6. Default & Remedies
7. Risk Allocation
8. Dispute Resolution
9. General Provisions
10. Execution Block
11. Schedule A – Initial Trust Property

I. DOCUMENT HEADER

1.1 Parties.
This Revocable Living Trust Agreement (“Agreement”) is made and entered into on [EFFECTIVE DATE] (the “Effective Date”) by and between:

(a) [SETTLOR NAME], an individual residing at [ADDRESS] (the “Settlor”); and

(b) [INITIAL TRUSTEE NAME], an individual residing at [ADDRESS] (the “Trustee”).

1.2 Declaration.
Settlor, desiring to establish a revocable inter vivos trust pursuant to the Oregon Uniform Trust Code, hereby transfers to Trustee the property described on Schedule A (the “Trust Estate”), to hold, manage, and distribute as set forth herein.

1.3 Name of Trust.
The trust created by this Agreement shall be known as the “[SETTLOR NAME] Revocable Living Trust” (the “Trust”).

1.4 Governing Law & Jurisdiction.
This Agreement and the Trust shall be governed by and construed in accordance with the laws of the State of Oregon, without regard to conflict-of-laws principles. Exclusive jurisdiction and venue for all probate or trust administration matters shall lie in the [COUNTY] County Circuit Court, Probate Department (the “Probate Court”).

II. DEFINITIONS

For purposes of this Agreement, the following capitalized terms shall have the meanings set forth below. Defined terms apply equally to singular and plural forms.

“Accounting Period” – Each calendar year ending December 31, unless Trustee selects a different fiscal year for tax or administrative efficiency.

“Beneficiary” – Any person or entity eligible, now or in the future, to receive distributions of income or principal from the Trust, whether current, remainder, or contingent.

“Code” – The Internal Revenue Code of 1986, as amended.

“Descendants” – Lineal descendants by blood or adoption (legally finalized before the descendant’s 18th birthday), per stirpes.

“Disability” – Settlor’s inability to manage personal or financial affairs, as certified in writing by (i) two licensed physicians, or (ii) a court of competent jurisdiction.

“Trustee” – The Initial Trustee and any duly acting Successor Trustee.

[// GUIDANCE: Insert additional definitions as needed for complex trusts.]

III. OPERATIVE PROVISIONS

3.1 Trust Funding & Additional Contributions

3.1.1 Initial Funding. Concurrently with execution, Settlor transfers and assigns to Trustee the property listed on Schedule A.
3.1.2 Subsequent Transfers. Settlor or any other person may add property to the Trust at any time by written assignment or by naming the Trust as beneficiary of a contractual asset (e.g., life insurance). The Trustee may accept or reject any contribution in Trustee’s discretion.

3.2 Revocation & Amendment

During Settlor’s lifetime and capacity, Settlor may revoke or amend the Trust, in whole or in part, by a signed written instrument delivered to Trustee. Revocation shall not affect (a) Trustee’s right to indemnification for actions taken before receipt of revocation notice, or (b) the validity of any transfer previously made to the Trust.

3.3 Distributions During Settlor’s Lifetime

3.3.1 Income. All net income shall be distributed to Settlor at least annually.
3.3.2 Principal. Trustee shall distribute to Settlor such amounts of principal as Settlor may request in writing.
3.3.3 Tax Payments. Trustee may, in Trustee’s discretion, pay Settlor’s personal tax liabilities attributable to Trust income.

3.4 Management Upon Settlor’s Disability

Upon Settlor’s Disability:
(a) Income & Principal for Settlor. Trustee shall apply so much of the Trust Estate (income or principal) as Trustee determines necessary for Settlor’s health, support, maintenance, and comfort.
(b) Supply of Information. Trustee shall provide annual accountings to Settlor’s court-appointed conservator or agent under durable power of attorney, if any.
(c) Restoration of Capacity. Upon written certification of Settlor’s restored capacity, management and distribution provisions revert to Section 3.3.

3.5 Disposition Upon Settlor’s Death

3.5.1 Payment of Obligations. Trustee may pay Settlor’s debts, funeral expenses, and estate administration costs from the Trust Estate.
3.5.2 Specific Bequests. Trustee shall distribute the following:
• [ITEM] to [BENEFICIARY NAME];
• [ITEM] to [BENEFICIARY NAME].
[// GUIDANCE: Add or delete specific bequests.]
3.5.3 Residuary Trust Estate. The remaining Trust Estate shall be distributed or held in continuing trusts as follows:
(a) To Settlor’s surviving spouse, [SPOUSE NAME], outright, if living; otherwise,
(b) Equally to Settlor’s Descendants, per stirpes; or
(c) If none, to Settlor’s heirs-at-law under Oregon intestacy statutes.

3.6 Spendthrift Protection

No interest of any Beneficiary shall be liable for or subject to the debts, liabilities, or obligations of such Beneficiary or be subject to anticipation, assignment, pledge, or seizure by legal process prior to actual receipt.

IV. REPRESENTATIONS & WARRANTIES

4.1 Settlor represents and warrants that:
(a) Settlor is of legal age, has capacity, and holds good title to all property transferred to the Trust.
(b) No outstanding pledges, liens, or encumbrances exist on Trust property except as disclosed to Trustee in writing.

4.2 Trustee represents and warrants that:
(a) Trustee has reviewed this Agreement, understands fiduciary duties imposed by Oregon law, and agrees to serve in accordance with its terms.
(b) Trustee possesses requisite skill and experience to administer the Trust or will engage qualified professionals as needed.

4.3 Survival. All representations and warranties shall survive execution and any amendments hereto.

V. COVENANTS & RESTRICTIONS

5.1 Trustee Covenants. Trustee shall:
(a) Administer the Trust in good faith, in accordance with its terms and Oregon law;
(b) Act prudently and loyally, investing and managing Trust assets in compliance with the prudent investor rule;
(c) Maintain accurate books and records and provide annual accountings to Beneficiaries entitled to such information;
(d) File all necessary tax returns and elections.

5.2 Prohibited Acts. Trustee shall not engage in self-dealing, commingle Trust assets with personal assets, or delegate fiduciary responsibilities except as permitted by law.

5.3 Notice & Cure. Beneficiaries shall give Trustee written notice of any alleged breach and a 30-day cure period before initiating formal action, unless urgent relief is required to prevent irreparable harm.

VI. DEFAULT & REMEDIES

6.1 Events of Default. The following constitute an “Event of Default” by Trustee:
(a) Breach of fiduciary duty resulting in material loss;
(b) Incapacity, resignation without qualified Successor acceptance, or death;
(c) Failure to provide required accountings within 60 days after written demand.

6.2 Remedies. Upon an Event of Default, any Beneficiary or co-Trustee may petition the Probate Court to:
(a) Compel performance or enjoin breach;
(b) Surcharge Trustee;
(c) Remove Trustee and appoint a Successor Trustee;
(d) Award attorney fees and costs to the prevailing party.

6.3 Attorney Fees. The Probate Court may award reasonable attorney fees and costs to the prevailing party, payable from (i) the Trust Estate, or (ii) the Trustee personally in cases of willful misconduct.

VII. RISK ALLOCATION

7.1 Indemnification of Trustee

The Trustee and each Successor Trustee shall be indemnified and held harmless from and against all claims, liabilities, and expenses, including reasonable attorney fees, arising out of the proper administration of the Trust, except to the extent caused by Trustee’s willful misconduct or gross negligence. The sole source of indemnity shall be the Trust Estate.

7.2 Limitation of Liability

Trustee’s liability to any person shall be limited to the value of the Trust assets under Trustee’s control at the time of the act or omission giving rise to liability. Under no circumstances shall Trustee incur personal liability beyond the Trust Estate, except for acts of willful misconduct or gross negligence.

7.3 Insurance

Trustee may procure fiduciary liability insurance and pay premiums from the Trust Estate.

7.4 Force Majeure

Trustee shall not be liable for failure to perform arising from events beyond Trustee’s reasonable control, including natural disaster, war, pandemic, or changes in applicable law making performance illegal or impossible.

VIII. DISPUTE RESOLUTION

8.1 Governing Law. Oregon law governs all matters relating to this Agreement.

8.2 Forum Selection. Any proceeding concerning the Trust shall be brought exclusively in the Probate Court.

8.3 Arbitration (Optional).
[ ] Elect Arbitration
[ ] Decline Arbitration

If arbitration is elected, any dispute not exclusively within the Probate Court’s jurisdiction shall be resolved by binding arbitration administered by the American Arbitration Association pursuant to its Commercial Arbitration Rules, with the seat in [CITY, OREGON]. Judgment on the award may be entered in any court of competent jurisdiction.

8.4 Jury Waiver. To the extent a matter is triable of right by jury, all parties waive trial by jury. This waiver does not limit the Probate Court’s bench jurisdiction.

8.5 Injunctive Relief. Nothing herein shall limit a party’s right to seek provisional or injunctive relief from the Probate Court as necessary to enforce Trust provisions or prevent irreparable harm.

IX. GENERAL PROVISIONS

9.1 Amendment & Waiver. Only Settlor may amend or revoke this Agreement during Settlor’s lifetime and capacity. After Settlor’s death, the Trust shall be irrevocable, and no amendment or waiver shall be effective unless (a) set forth in a written instrument executed by all acting Trustees, and (b) approved by the Probate Court if required.

9.2 Assignment. Beneficial interests are non-assignable except with Trustee’s written consent or as required by law.

9.3 Successor Trustees.
(a) Order of Succession. Upon the resignation, removal, incapacity, or death of the acting Trustee, the following individuals shall serve, in order:
1. [SUCCESSOR TRUSTEE #1]
2. [SUCCESSOR TRUSTEE #2]
(b) Acceptance. A Successor Trustee shall accept appointment by executing a written acceptance and filing it with the Trust records.
(c) Transfer of Assets. Predecessor Trustee shall transfer Trust assets and records to the Successor Trustee within 30 days of acceptance and execute all documents necessary to vest legal title.
(d) Corporate Trustee Option. If no individual Successor is willing or able to serve, [NAMED CORPORATE FIDUCIARY], or its successor, may serve.

9.4 Severability. If a provision is held invalid or unenforceable, the remaining provisions shall remain in full force, and the invalid provision shall be deemed reformed to the minimum extent necessary to reflect the parties’ intent.

9.5 Entire Agreement. This instrument constitutes the entire agreement concerning the Trust and supersedes all prior understandings.

9.6 Counterparts & Electronic Signatures. This Agreement may be executed in counterparts, each deemed an original, and signature pages exchanged electronically shall be binding.

X. EXECUTION BLOCK

IN WITNESS WHEREOF, Settlor and Trustee have executed this Agreement as of the Effective Date.

NOTARIZATION

State of Oregon )
County of [COUNTY] )

On this _ day of _ 20__, before me, a Notary Public, personally appeared [SETTLOR NAME] and [INITIAL TRUSTEE NAME], proven to me on the basis of satisfactory evidence 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 for Oregon
My Commission Expires: _____

[// GUIDANCE: Oregon does not currently require witness attestation for trust execution; however, consider two disinterested witnesses if the Trust is intended to serve as a pour-over Will substitute.]

XI. SCHEDULE A – INITIAL TRUST PROPERTY

1. Real Property: Lot , Block , [LEGAL DESCRIPTION], commonly known as [ADDRESS], together with all improvements and fixtures.
2. Bank Accounts: Account No. * at *[FINANCIAL INSTITUTION].
3. Investment Accounts: [BROKERAGE ACCOUNT DETAILS].
4. Personal Property: Household goods, furnishings, and other tangible personal property located at Settlor’s residence.
5. Life Insurance: Policy No. * issued by *[INSURER], with the Trust named as primary beneficiary.

[// GUIDANCE: Title to each asset must be re-registered in the name of “[SETTLOR NAME], Trustee of the [SETTLOR NAME] Revocable Living Trust dated [EFFECTIVE DATE].” File and record deeds for Oregon real property in the county where the property is located, ensuring compliance with ORS recording requirements.]

END OF DOCUMENT