Sample Living Trust
To protect someone from creating a living trust that contradicts itself, is ambiguous or lacks terminology and provisions particular to the stateF one resides, a complete living trust is not available on this site.
Such errors could cause serious unintended consequences, such as delaying the transfer of your estate or nullifying your wishes.
To view a full estate plan, contact a local attorney or estate planning professional.
Living Trust Structure
Picture a living trust as a box for holding assets. The trust's creator can transfer personal assets into the trust such as real estate, automobiles, bank accounts and heirlooms.
The trustor (the trust's creator) names a trustee to manage assets in the trust. The trustor often names him/herself trustee to handle bank transactions, manage property, etc. Successor trustees back up the initial trustee.
Assets in the box are managed in the best interest of the beneficiary(s). The trustor (the person who creates the trust) is typically the initial beneficiary. When the trustor(s) passes, children and charities often become the living trust's beneficiaries.
The box can continue holding assets long after the trustor passes. Beneficiaries who are young minors or young adults can have their inheritances held and managed by the successor trustee(s) until certain age or other requirements are met.
A testamentary trust created by a last will can accomplish the same function.
Trustor
(aka Grantor or Settlor) | Creates the trust and appoints trustees / beneficiaries |
Trustee | Manages assets in the trust for the trustors (who are the initial beneficiaries) |
Successor Trustee | Backs up the intial trustee(s) managing assets for the trustors and beneficiaries |
Beneficiary | Receives income and assets from the trust |
In the following examples, the living trust is created by a married couple who will serve as co-trustors and co-trustees.
Naming Trustors and Trustees
THIS TRUST AGREEMENT is made on JANUARY 2, 2009, between JOHN A. GREEN and NANCY A. GREEN, Husband and Wife, of the County of MARICOPA, State of ARIZONA, herein designated as Co-Trustors, and JOHN A. GREEN and NANCY A. GREEN, herein designated as Co-Trustees. The term "Trustee" shall include Co-Trustees.
