REVOCABLE LIVING TRUST AGREEMENT

(Rhode Island – Comprehensive Form)

TABLE OF CONTENTS

I. Document Header
II. Definitions
III. Operative Provisions
IV. Representations & Warranties
V. Covenants & Restrictions
VI. Default & Remedies
VII. Risk Allocation
VIII. Dispute Resolution
IX. General Provisions
X. Execution Block
Schedule A — Initial Trust Estate
Schedule B — Successor Trustee Acceptance

I. DOCUMENT HEADER

1. Title and Parties
    This Revocable Living Trust Agreement (the “Agreement”) is made and entered into as of [EFFECTIVE DATE] (the “Effective Date”) by and between [SETTLOR FULL LEGAL NAME], residing at [SETTLOR ADDRESS] (“Settlor”), and [INITIAL TRUSTEE NAME], residing at [TRUSTEE ADDRESS] (“Trustee”).

2. Recitals
    A. Settlor desires to create a revocable trust under Rhode Island law for the benefit of the persons identified herein.
    B. Settlor is transferring to the Trustee the property described in Schedule A (the “Initial Trust Estate”).
    C. Trustee agrees to hold and administer the Trust Estate pursuant to the terms of this Agreement.

3. Jurisdiction & Effective Date
    This Agreement shall be effective on the Effective Date and shall be governed by the laws of the State of Rhode Island without regard to conflict-of-laws principles, except as otherwise expressly provided.

[// GUIDANCE: Insert additional background recital(s) if specialized tax or estate-planning objectives exist.]

II. DEFINITIONS

For ease of reference, capitalized terms used herein have the following meanings:

“Accounting Period” – Each calendar year ending December 31, or such shorter period ending upon the termination of the Trust or a change of Trustee.

“Agreement” – This Revocable Living Trust Agreement, inclusive of all Schedules and amendments.

“Beneficiary” – Each person or entity entitled to receive income or principal from the Trust, whether presently or in the future, as identified in Section III(3).

“Disability” – An incapacity of the Settlor, determined by (i) written certification of two licensed physicians, or (ii) a court of competent jurisdiction.

“Qualified Successor Trustee” – A person or entity meeting the successor eligibility criteria in Section III(8).

“Settlor” – The individual executing this Agreement as Settlor, including any reference to the Settlor in a fiduciary capacity.

“Trust” / “Trust Estate” – All property, tangible and intangible, held by the Trustee under this Agreement and any additions thereto.

“Trustee” – The Initial Trustee and any duly appointed successor or co-trustee acting hereunder.

[// GUIDANCE: Add or delete defined terms to align with specific client facts.]

III. OPERATIVE PROVISIONS

1. Creation and Funding
    (a) Settlor hereby establishes the “[SETTLOR] Revocable Living Trust” and transfers, assigns, and delivers to the Trustee the property listed on Schedule A.
    (b) Additional property may be added to the Trust at any time by Settlor or any other person with Trustee’s consent.

2. Revocation and Amendment
    (a) During Settlor’s lifetime and while not under Disability, Settlor may revoke or amend this Agreement, in whole or in part, by signed written instrument delivered to the Trustee.
    (b) Upon Settlor’s death, the Trust shall become irrevocable.

3. Dispositive Scheme
    (a) During Settlor’s Lifetime: Trustee shall distribute to or for Settlor’s benefit so much of the income and principal as Settlor directs, or as Trustee deems necessary for Settlor’s health, maintenance, and support, considering Settlor’s other resources.
    (b) Upon Settlor’s Death: After payment of expenses and taxes (Section III(4)), Trustee shall distribute the remaining Trust Estate as follows:
     (i) Specific Devises: [INSERT PERCENT OR FIXED SUM] to [BENEFICIARY NAME].
     (ii) Residuary: All remaining assets to [PRIMARY BENEFICIARY], per stirpes.
    [// GUIDANCE: Redraft to reflect client’s dispositive wishes; add credit-shelter or GST provisions as required.]

4. Payment of Debts, Expenses, and Taxes
    Trustee may pay Settlor’s legally enforceable debts, funeral expenses, estate administration costs, and all estate, inheritance, and similar taxes attributable to the Settlor’s estate or this Trust.

5. Management Powers of Trustee
    Trustee shall have all powers conferred by Rhode Island law on a fiduciary, including without limitation the power to invest, reinvest, exchange, lease, and encumber Trust assets, subject to the prudent investor standard.

6. Accountings & Reports
    Trustee shall provide annual written accountings to the Settlor (while living) and to the current Beneficiaries thereafter, consistent with applicable Rhode Island trust statutes.

7. Spendthrift Protection
    To the maximum extent permitted by law, no Beneficiary may anticipate, pledge, or alienate any interest in the Trust, and such interest shall be exempt from claims of creditors.

8. Successor Trustee Rules
    (a) Order of Succession: Upon the resignation, removal, incapacity, or death of the Trustee, the following shall serve in order of priority:
     (1) [1ST SUCCESSOR TRUSTEE];
     (2) [2ND SUCCESSOR TRUSTEE];
     (3) A trust company or bank authorized to serve in Rhode Island, selected by majority of the adult current Beneficiaries.
    (b) Acceptance: Each Successor Trustee shall sign Schedule B.
    (c) Bond: A corporate Trustee shall serve without bond; an individual Trustee shall post bond only if ordered by the Probate Court.
    (d) Resignation: 30 days’ written notice to Settlor (if living) or to all adult current Beneficiaries.

9. Trustee Compensation
    Trustee is entitled to reasonable compensation in accordance with local fiduciary fee schedules unless otherwise agreed in writing.

10. Asset Transfer Procedures
     (a) Real Property: Titles shall be re-deeded to “[TRUSTEE NAME], Trustee, of the [SETTLOR] Revocable Living Trust dated [EFFECTIVE DATE].”
     (b) Titled Personal Property: Vehicles and vessels shall be re-titled per Rhode Island Division of Motor Vehicles procedures.
     (c) Financial Accounts: New account registrations must reflect trust ownership, with the Trustee’s tax identification number.

IV. REPRESENTATIONS & WARRANTIES

1. Settlor represents that:
    (a) Settlor is of legal age and sound mind to establish this Trust.
    (b) Assets transferred are free of undisclosed liens or encumbrances.

2. Trustee represents that:
    (a) Trustee has full power and authority to accept the trusteeship.
    (b) No prior act bars Trustee from serving under this Agreement.

3. Survival; Materiality
    All representations and warranties shall survive execution and any transfer of property to the Trust and shall be deemed material.

V. COVENANTS & RESTRICTIONS

1. Settlor Covenants
    (a) To execute all documents reasonably required to effectuate property transfers.
    (b) To refrain from any act that would invalidate or frustrate the Trust.

2. Trustee Covenants
    (a) To administer the Trust solely in the interests of the Beneficiaries.
    (b) To maintain accurate books and records, available for reasonable inspection.

3. Notice & Cure
    Before any removal of Trustee for cause, the removing party shall give 30 days’ written notice specifying the alleged breach and opportunity to cure.

VI. DEFAULT & REMEDIES

1. Events of Default
    (a) Trustee’s breach of fiduciary duty.
    (b) Failure to provide required accountings within 60 days after written demand.

2. Remedies
    (a) Removal of Trustee by majority vote of competent adult Beneficiaries or by court order.
    (b) Accounting surcharge for damages caused by breach.
    (c) Injunctive relief to prevent dissipation of Trust assets.

3. Attorney Fees & Costs
    Reasonable attorney fees and court costs incurred in enforcing the Trust shall be paid from the Trust Estate unless the court orders otherwise due to Trustee malfeasance.

VII. RISK ALLOCATION

1. Trustee Indemnification
    Except for acts of willful misconduct or gross negligence, Trustee shall be indemnified and held harmless from the Trust Estate against all liabilities, claims, and expenses arising from the proper administration of the Trust.

2. Limitation of Liability
    Trustee’s personal liability is limited to the extent of the Trust assets; no personal assets of the Trustee shall be reachable for obligations incurred as Trustee, absent a judicial finding of fraud or intentional wrongdoing.

3. Insurance
    Trustee may procure fiduciary liability insurance, premiums payable from the Trust Estate.

4. Force Majeure
    Trustee shall not be liable for delays or failures in performance caused by events beyond Trustee’s reasonable control, including but not limited to natural disasters, governmental actions, or market closures.

VIII. DISPUTE RESOLUTION

1. Governing Law
    This Agreement and any disputes hereunder shall be governed by the substantive laws of the State of Rhode Island.

2. Forum Selection
    Exclusive jurisdiction lies with the [COUNTY] Probate Court of Rhode Island, except as otherwise provided in Section VIII(3).

3. Optional Arbitration
    [OPTIONAL] Any contest regarding internal trust administration may, by unanimous written election of all competent adult Beneficiaries and the Trustee, be submitted to binding arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules.

4. Jury Waiver
    Consistent with Rhode Island probate practice, the parties acknowledge that probate matters are typically resolved without a jury; nothing herein constitutes an impermissible jury waiver.

5. Injunctive Relief Preservation
    Either party may seek temporary, preliminary, or permanent injunctive relief from a court of competent jurisdiction to preserve Trust assets or enforce fiduciary duties.

IX. GENERAL PROVISIONS

1. Amendment & Waiver
    Except as otherwise stated, any amendment must be in a signed writing by Settlor and delivered to Trustee. No waiver of any provision shall be deemed a waiver of any other provision.

2. Assignment
    No Beneficiary may assign, transfer, or encumber any interest in the Trust except as expressly permitted herein.

3. Successors & Assigns
    This Agreement binds and inures to the benefit of the parties and their respective successors and assigns, including any Successor Trustee lawfully appointed.

4. Severability
    If any provision is determined unenforceable, the remaining provisions shall remain in full force, and the invalid provision shall be reformed to reflect the parties’ intent to the maximum extent permitted.

5. Integration/Merger
    This Agreement constitutes the entire understanding among the parties concerning the Trust and supersedes all prior trust instruments and oral statements.

6. Counterparts; Electronic Signatures
    This Agreement may be executed in multiple counterparts, each of which shall be deemed an original. Signatures transmitted by electronic means shall be deemed originals for all purposes.

X. EXECUTION BLOCK

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

NOTARIZATION (Rhode Island)

State of Rhode Island
County of [COUNTY]

On this ___ day of ____, 20__, before me, the undersigned notary public, personally appeared [SETTLOR NAME] and [TRUSTEE NAME], proved to me through satisfactory evidence of identification, to be the person(s) whose name(s) are signed on the preceding document, and acknowledged to me that they signed it voluntarily for its stated purpose.

Notary Public
My commission expires: ____

[// GUIDANCE: Add witness signatures if required by specific financial institutions or property transfer rules.]

Schedule A – Initial Trust Estate

1. Cash: $[AMOUNT] held in [BANK NAME] Account #[XXXX].
2. Real Property: [LEGAL DESCRIPTION & ADDRESS].
3. Securities: [NUMBER] shares of [COMPANY NAME], Certificate #[XXXX].
4. Other Assets: [List]

[// GUIDANCE: Attach deeds, assignments, or other transfer instruments as separate exhibits.]

Schedule B – Successor Trustee Acceptance

The undersigned hereby accepts appointment as Successor Trustee under the “[SETTLOR] Revocable Living Trust” dated [EFFECTIVE DATE] and agrees to administer the Trust in accordance with its terms and applicable law.

END OF DOCUMENT