REVOCABLE LIVING TRUST AGREEMENT
(Utah – Title 75, Utah Code Annotated)
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 Property
I. DOCUMENT HEADER
This Revocable Living Trust Agreement (“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” or “Grantor”); and
- [INITIAL TRUSTEE NAME], having an address at [TRUSTEE ADDRESS] (“Trustee”).
Recitals
A. Settlor desires to create a revocable inter-vivos trust pursuant to Utah’s Uniform Trust Code, Utah Code Ann. Title 75, Chapter 7 (the “UTC”).
B. Trustee is willing to hold, administer, and distribute the Trust Estate (as defined below) for the benefit of the Beneficiaries (as defined below), subject to the terms of this Agreement.
C. Settlor is transferring to Trustee the property described in Schedule A contemporaneously with the execution of this Agreement, and may transfer additional property hereafter.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:
[// GUIDANCE: The Recitals establish intent and consideration; do not delete in final draft.]
II. DEFINITIONS
For ease of reference, the following capitalized terms shall have the meanings set forth below. Undefined capitalized terms carry the meaning provided in the UTC.
“Accounting Period” – Each calendar year ending December 31, or such other period adopted by Trustee.
“Beneficiaries” – Those persons or entities identified in Article III, Section 3.4, together with any Additional Beneficiaries hereafter designated by Settlor pursuant to Section 3.2.
“Distribution Standard” – The ascertainable standard of “health, education, maintenance, or support” (“HEMS”) unless Settlor selects an alternative standard in Section 3.3(c).
“Incumbent Trustee” – The then-serving Trustee, whether the original Trustee or any Successor Trustee.
“Revocable Trust” – This Agreement, as the same may be amended, restated, or revoked in whole or in part pursuant to Section 3.2.
“Scheduled Termination Date” – The date that is twenty-one (21) years after the death of the last surviving descendant of Settlor who is alive on the Effective Date, unless earlier terminated or extended as permitted under Section 9.6.
“Successor Trustee” – Any person or qualified corporate fiduciary who becomes Trustee under Article V.
“Trust Estate” – All property transferred to Trustee under this Agreement, together with all income, proceeds, substitutions, and additions.
[// GUIDANCE: Add, delete, or modify definitions consistent with client instructions. Ensure terms are used consistently throughout.]
III. OPERATIVE PROVISIONS
3.1 Creation and Funding of Trust
(a) Creation. Settlor hereby establishes the “[SETTLOR SURNAME] REVOCABLE LIVING TRUST” under Utah law.
(b) Initial Funding. Concurrently with the execution hereof, Settlor assigns, conveys, and transfers to Trustee the assets described in Schedule A.
(c) Additional Property. Settlor or any other person may at any time transfer additional property, real or personal, to Trustee, and all such property shall become part of the Trust Estate without further act.
3.2 Revocation and Amendment
(a) Revocability. During Settlor’s lifetime, this Trust is revocable and amendable by Settlor pursuant to UTC § 75-7-602.
(b) Method. Revocation or amendment must be (i) in a signed writing delivered to Incumbent Trustee, or (ii) by any other method expressly permitted under the UTC.
(c) Partial Revocation. Settlor may withdraw assets from the Trust Estate at any time by written direction to Incumbent Trustee.
3.3 Distributions During Settlor’s Lifetime
(a) Settlor as Beneficiary. All net income and principal may be distributed to or for the benefit of Settlor in Trustee’s discretion, subject to the Distribution Standard.
(b) Directed Distributions. Upon Settlor’s written request, Trustee shall distribute any amount of principal to Settlor.
(c) Optional Alternative Standard. [SELECT: “sole discretion,” “ascertainable standard,” or insert custom standard].
3.4 Disposition Upon Settlor’s Death
(a) Administration Period. Upon Settlor’s death, Trustee shall:
(i) pay Settlor’s legally enforceable debts, funeral expenses, and final medical expenses;
(ii) pay or reserve for estate, inheritance, and other death taxes attributable to the Trust Estate; and
(iii) thereafter distribute or retain the remaining Trust Estate as follows:
(b) Specific Bequests. [INSERT specific gifts, dollar amounts, or percentages, e.g., “$50,000 to [CHARITY]”].
(c) Residual Trusts. The balance of the Trust Estate shall be held, administered, and distributed in continuing trusts for the Beneficiaries listed below:
1. [PRIMARY BENEFICIARY NAME & share or percentage]
2. [CONTINGENT BENEFICIARY NAME]
(d) Final Distribution. Upon the earliest of (i) the Scheduled Termination Date or (ii) the death of all Beneficiaries, any remaining assets shall be distributed outright to [REMAINDER BENEFICIARY] or, if none, to Settlor’s heirs at law.
3.5 Trustee Powers
Incumbent Trustee shall have all powers granted under UTC §§ 75-7-814 and 75-7-815, including, without limitation, the powers to:
1. invest and reinvest Trust Estate assets;
2. lease, sell, exchange, or encumber trust property;
3. make distributions in cash or in kind;
4. employ professionals and delegate authority as permitted by law;
5. adjust between income and principal per UTC § 75-7-704; and
6. exercise all additional powers customarily held by fiduciaries in the State of Utah.
[// GUIDANCE: Insert or delete specific powers based on asset mix (e.g., real estate, closely-held business, digital assets).]
IV. REPRESENTATIONS & WARRANTIES
4.1 Settlor
(a) Authority and Capacity. Settlor is of legal age, of sound mind, and not acting under undue influence or duress.
(b) Title to Assets. Assets transferred to the Trust Estate are, to Settlor’s knowledge, free and clear of liens, claims, and encumbrances except as disclosed on Schedule A.
4.2 Trustee
(a) Authority. Trustee is qualified and willing to act and has obtained all consents and approvals required to serve.
(b) No Conflict. Trustee represents that service under this Agreement does not violate any court order or agreement to which Trustee is bound.
(c) Fiduciary Commitment. Trustee shall discharge fiduciary duties in good faith, in accordance with the terms of this Agreement and the UTC.
Representations and warranties shall survive execution of this Agreement for so long as the Trust remains in existence.
V. COVENANTS & RESTRICTIONS
5.1 Settlor Covenants
(a) Funding. Settlor shall timely execute all assignments, deeds, or beneficiary designations required to transfer property to or designate the Trust as beneficiary.
(b) Cooperation. Settlor shall cooperate with Trustee to perfect title to all Trust assets.
5.2 Trustee Covenants
(a) Standard of Care. Trustee shall administer the Trust Estate as a prudent person would, consistent with UTC § 75-7-902.
(b) Accounting. Trustee shall provide annual written reports to the Beneficiaries within sixty (60) days after each Accounting Period.
(c) Notification. Upon a change of Trustee or upon Settlor’s death, Trustee shall provide notices required by UTC § 75-7-813.
5.3 Restrictions
(a) Prohibition on Self-Dealing. Except as otherwise expressly permitted herein or by court order, Trustee shall not engage in transactions that constitute self-dealing.
(b) Spendthrift Protection. All interests of Beneficiaries are held subject to a spendthrift clause and shall not be transferable or subject to creditors’ claims to the maximum extent permitted by law.
VI. DEFAULT & REMEDIES
6.1 Events of Default
For purposes of this Agreement, “Default” shall include:
1. Trustee’s breach of fiduciary duty, gross negligence, willful misconduct, or material breach of this Agreement;
2. Trustee’s failure to render required accountings within thirty (30) days after written notice from a Qualified Beneficiary;
3. Trustee’s insolvency, incapacity, or resignation without appointment of a Successor Trustee.
6.2 Notice and Cure
Any Qualified Beneficiary may deliver written notice describing an alleged Default. Trustee shall have thirty (30) days to cure such Default before further action is taken, unless the breach is incapable of cure or immediate relief is necessary to protect the Trust Estate.
6.3 Remedies
Upon uncured Default, any Qualified Beneficiary may petition the state probate court for one or more of the following remedies, which are cumulative and not exclusive:
a) removal or suspension of Trustee;
b) appointment of a Special or Successor Trustee;
c) surcharge of Trustee;
d) temporary or permanent injunctive relief; and
e) recovery of reasonable attorney fees and costs from the Trustee personally or from the Trust Estate, as the court deems appropriate.
VII. RISK ALLOCATION
7.1 Trustee Indemnification
Except as provided in Section 6.3(c), Trustee shall be indemnified and held harmless out of the Trust Estate against all liabilities, expenses, claims, and demands, including reasonable attorney fees, incurred by Trustee in good-faith administration of the Trust.
7.2 Limitation of Liability
To the fullest extent permitted by law, Trustee’s liability is limited to the value of the Trust Estate; Trustee shall have no personal liability for obligations incurred in a fiduciary capacity, except for losses resulting from Trustee’s bad faith, gross negligence, or willful misconduct.
7.3 Insurance
Trustee may procure, at Trust expense, fiduciary liability insurance and property or casualty insurance deemed advisable to protect the Trust Estate and Trustee.
7.4 Force Majeure
Trustee shall not be liable for delays or failures in performance caused by events beyond Trustee’s reasonable control, including fire, flood, epidemic, government action, market closure, or other acts of God.
VIII. DISPUTE RESOLUTION
8.1 Governing Law
This Agreement and the Trust Estate shall be governed by and construed in accordance with the laws of the State of Utah applicable to trusts, without regard to conflict-of-laws principles.
8.2 Forum Selection
The state probate court of [COUNTY], Utah (the “Probate Court”) shall have exclusive jurisdiction over all proceedings concerning the Trust Estate, except as provided in Section 8.3.
8.3 Arbitration (Optional)
[SELECT ONE of the following options and delete the others prior to execution:]
Option A – No Arbitration
“All matters shall be adjudicated solely in the Probate Court.”
Option B – Binding Arbitration
“Any dispute that the Probate Court determines is subject to arbitration under UTC § 75-7-110, shall be resolved by binding arbitration in [CITY, Utah] before a panel of three arbitrators with expertise in fiduciary law, administered by [ADMINISTRATIVE BODY] in accordance with its then-current rules.”
8.4 Jury Waiver
Pursuant to the Utah Constitution and applicable statutes, jury trial is not available in probate matters; therefore, no jury waiver is required.
8.5 Injunctive Relief
Nothing herein shall limit a party’s right to seek provisional or injunctive relief in the Probate Court to enforce the terms of this Agreement or prevent waste of the Trust Estate.
IX. GENERAL PROVISIONS
9.1 Amendment and Waiver
Except as provided in Section 3.2, no amendment, modification, or waiver of any provision of this Agreement shall be effective unless executed in writing by Settlor (if living) and delivered to Incumbent Trustee. No failure or delay in exercising any right shall constitute a waiver thereof.
9.2 Assignment and Delegation
Except as expressly provided herein or under the UTC, no Beneficiary may assign, transfer, or encumber his or her beneficial interest. Trustee may delegate duties only as permitted by UTC § 75-7-807.
9.3 Successors and Assigns
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors, and assigns.
9.4 Severability
If any provision is held invalid or unenforceable, such provision shall be reformed to the minimum extent necessary to render it valid, and the remaining provisions shall remain in full force and effect.
9.5 Entire Agreement
This Agreement, including Schedule A, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous agreements or understandings.
9.6 Rule Against Perpetuities Savings Clause
Notwithstanding any contrary provision, the Trust shall terminate, if not sooner terminated, no later than twenty-one (21) years after the death of the last survivor of Settlor’s descendants living on the Effective Date, and the Trust Estate shall thereupon be distributed outright to the then-living Beneficiaries in proportion to their actuarial interests.
9.7 Counterparts; Electronic Signatures
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together constitute one instrument. Signatures transmitted by facsimile, email (PDF), or electronic signature platform shall be deemed original signatures.
X. EXECUTION BLOCK
IN WITNESS WHEREOF, Settlor and Trustee have executed this Revocable Living Trust Agreement as of the Effective Date first written above.
SETTLOR / GRANTOR
[SETTLOR NAME]
State of Utah )
County of ____ ) ss.
On this ___ day of ____, 20__, before me, the undersigned Notary Public, personally appeared [SETTLOR NAME], known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to this instrument, and acknowledged execution thereof.
Notary Public
My Commission Expires: ____
TRUSTEE
[TRUSTEE NAME], Trustee
State of Utah )
County of ____ ) ss.
On this ___ day of ____, 20__, before me, the undersigned Notary Public, personally appeared [TRUSTEE NAME], known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to this instrument in the capacity of Trustee, and acknowledged execution thereof.
Notary Public
My Commission Expires: ____
[// GUIDANCE: Add witness signature lines if desired, though Utah law does not require witnesses for trusts; confirm any lender or title company requirements if real property is involved.]
SCHEDULE A – INITIAL TRUST PROPERTY
- Cash – $[AMOUNT] deposited to account #[ACCOUNT NUMBER] at [BANK NAME].
- [LIST securities, real property legal descriptions, personal property, or digital assets].
[// GUIDANCE: Attach deeds, assignments, and change-of-beneficiary forms as separate instruments, properly recorded or filed where required.]
End of Document