The Private Irrevocable Living Trust

I, ______________, presently of______________, _________, (the “Grantor”) declare and make this

irrevocable living trust (the “Living Trust”).

This Living Trust will be known as The __________________________Irrevocable Living Trust.

Trust Purpose

1. This Living Trust is created for the benefit of the Beneficiaries to ensure they are well provided
for after the death of the Grantor, however during the lifetime of the Grantor, the interests of the
Grantor will be considered primary and superior to the interests of the Beneficiaries. With this
purpose, the primary asset management goal for this Living Trust will be the protection of the
value of the Property. The secondary asset management goal for this Living Trust is to generate
income and growth at a reasonable risk.

Trustee

2. During the lifetime of the Grantor, and while the Grantor is not Incapacitated, the Grantor will
serve as the primary trustee (the “Primary Trustee”) and the Acting Trustee of this Living Trust.
3. Upon the death of or during the Incapacity of the Grantor, then _______________________of _____________, (the “Successor Trustee”) will serve as the Acting Trustee of this Living Trust. If the
Grantor should recover such that they are no longer considered Incapacitated then the Grantor
will resume their control of the management of this Living Trust.

Beneficiaries

4. Upon the death of the Grantor, the following individual(s) will comprise the beneficiaries (the
“Beneficiaries”) of this Living Trust:
a. The residuary beneficiary/s, _______________________;_________________________________; and
b. Any heir or issue of those beneficiaries that is entitled to a benefit under this Living Trust
in the place of any then deceased beneficiary.

Ownership of Property

5. The Grantor presently owns property (the “Property”) as described in Schedule A.
Assign and Convey Property to The Living Trust
6. _____________ as Grantor, has or will assign, convey and deliver all of the rights, title and interest in
the Property as described in Schedule A of this document as a gift and without consideration, to
be held by this Living Trust.

Amendment During Grantor’s Lifetime

7. At any time during the lifetime of the Grantor and while the Grantor is not Incapacitated, the
Grantor may, subject to the other provisions of this section, alter or amend this Living Trust on
delivery to the Successor Trustee of a written instrument signed by the Grantor. Amendments
may include, but are not limited to, the following:
a. The Grantor may change the number and identity of the Grantor, the Primary Trustee, the
Successor Trustee or the Beneficiaries.
b. The Grantor may add or withdraw property from this Living Trust.
8. This Living Trust may not be amended after the death of the Grantor.

Revocation During Grantor’s Lifetime

9. At any time during the lifetime of the Grantor and while the Grantor is not Incapacitated, the
Grantor may, subject to the other provisions of this section, revoke this Living Trust in its
entirety on delivery to the Successor Trustee of a written instrument signed by the Grantor. In
the event of such revocation, the remaining Property will revert to the Grantor after all the debts
and expenses attributable to the Living Trust have been paid.
10. This Living Trust may not be revoked after the death of the Grantor.
Distributions During the Lifetime of the Grantor
11. During the lifetime of the Grantor and while the Grantor is not Incapacitated, the Acting Trustee
will distribute as much of the income and principal of the Living Trust to the Grantor as the
Grantor may request. While the Grantor is Incapacitated and no longer able to manage or
continue to manage their own affairs, then the Acting Trustee may withhold or make payments
out of the resources of this Living Trust of any amount that the Acting Trustee in their sole
judgment deems appropriate for the maintenance, comfort and welfare of the Grantor.

Distributions Upon Death of the Grantor

12. Upon the death of the Grantor, and after resolving all applicable legal debts and obligations of
the Grantor, the Acting Trustee will expeditiously act to distribute the remaining Property as
directed in this section.
13. After resolving all applicable legal debts and obligations of the Grantor, the Acting Trustee will
distribute the remaining property in this Living Trust (the “Share”) _______________________
(the “Final Distribution”).
14. Where a Beneficiary is a Minor Beneficiary at the time of the Final Distribution then the Acting
Trustee may, at their sole discretion:
a. Continue to act as Trustee by holding the Share of any Minor Beneficiary in a separate
trust for that Minor Beneficiary under the same terms and conditions as outlined in this
Living Trust, and to keep that Share invested, and pay the income or capital or as much of
either or both as the then Acting Trustee considers advisable for the maintenance,
education, advancement or benefit of that Minor Beneficiary until that Minor Beneficiary
reaches the Age of Majority whereupon the then Acting Trustee will pay or transfer the
rest and residue of that Share to that Beneficiary; or
b. Pay or transfer all capital, assets and property of that Share or the amount remaining of
that Share to any parent, custodian or guardian of that Minor Beneficiary subject to the
same terms and conditions contained in this Living Trust and the receipt by that parent,
custodian or guardian will discharge all duties and obligations of the Acting Trustee.
15. Where a Beneficiary is an Adult Dependent Beneficiary at the time of the Final Distribution, the
Acting Trustee may, at their sole discretion:
a. Continue to act as Trustee by holding the Share of any Adult Dependent Beneficiary in a
separate trust, subject to the same terms and conditions contained in this Living Trust, and
to keep that Share invested, and pay the income or capital or as much of either or both as
the then Acting Trustee considers advisable for the maintenance, education, advancement
or benefit of that Adult Dependent Beneficiary; or
b. Pay or transfer all capital, assets and property of that Share or the amount remaining of
that Share of that Adult Dependent Beneficiary to any parent, custodian or guardian of
that Adult Dependent Beneficiary subject to the same terms and conditions contained in
this Living Trust and the receipt by that parent, custodian or guardian will discharge all
duties and obligations of the Acting Trustee.
16. If any of the named Beneficiaries do not survive the Grantor by at least thirty (30) days but do
leave an heir or issue who survives the Grantor by at least thirty (30) days, then the Specific Gift
or the Share designated for that Beneficiary, of whatever kind and character, and wherever
located, will be distributed per stirpes among those surviving heirs or issue. Where those
surviving heirs or issue are not of the Age of Majority, the Acting Trustee may pay or transfer all
capital, assets and property attributable to those minor heirs or issue of that Beneficiary to any
parent, custodian or guardian of those minor heirs or issue, subject to the same terms and
conditions contained in this Living Trust, and the receipt by that parent, custodian or guardian
will discharge all duties and obligations of the Acting Trustee.
17. If any of the residual Beneficiaries do not survive the Grantor by at least thirty (30) days and do
not leave an heir or issue who survives the Grantor, then the Share designated for that
Beneficiary, will revert to the residue of this Living Trust.
18. If all of the successor Beneficiaries do not survive the Grantor by at least thirty (30) days and do
not leave an heir or issue who survives the Grantor by at least thirty (30) days, then all of the
remaining property in this Living Trust, of whatever kind and character, and wherever located,
will revert to the estate of the Grantor.
19. If any of the real property to be distributed in this Living Trust remains subject to a mortgage at
the time of the Final Distribution, then the Beneficiary taking that mortgaged property will take
that property subject to that mortgage and the Beneficiary will not be entitled to have the
mortgage paid out or resolved from the remaining assets or residue of this Living Trust.
20. If any of the personal property to be distributed in this Living Trust is subject to any
encumbrances or liens at the time of the Final Distribution, then the Beneficiary taking that
property will take that property subject to those encumbrances or liens and the Beneficiary will
not be entitled to have any encumbrance or lien paid out or resolved from the remaining assets or
residue of this Living Trust.

Trustee Bond

21. Subject to the laws of the State of ________________ and any other applicable jurisdiction, no bond or
security of any kind will be required of any Trustee appointed in this Living Trust agreement.

Trustee Liability

22. The Trustee will not be liable to this Living Trust, the Grantor or to the Beneficiaries for any act
or failure to act resulting in loss or harm to this Living Trust, the Grantor or to the Beneficiaries
except in the case of gross negligence, willful misconduct, or reckless indifference to the
purposes of the trust or the interests of the Beneficiaries. A Trustee will only be responsible for
his or her own acts and no Trustee will be liable for any act occurring in the periods before or
after the tenure of that Trustee. Any outstanding liabilities of a deceased, resigning or removed
Trustee are not discharged or affected by the Trustee’s death, resignation or removal.

Trustee Death or Resignation

23. A Trustee may resign at any time for any reason upon at least 30 days’ notice to the Grantor, if
the Grantor is still alive, to any remaining Trustee, if there are any, and to the Qualified
Beneficiaries. If a Trustee dies, that Trustee will cease to be a Trustee as of the date of their
death.

Trustee Removal

24. After the death of the Grantor, the Qualified Beneficiaries may, by unanimous vote of all of the
Qualified Beneficiaries, remove a Trustee for any reason or for no reason at the sole discretion of
the Qualified Beneficiaries.
25. At any time after the death or disability of the Grantor, a Trustee or a Qualified Beneficiary may
apply to a court of competent jurisdiction to remove a Trustee. A Trustee may also be removed
by the court on the court’s own initiative.

Trustee Replacement

26. At any time where the Grantor is alive and not Incapacitated and where a Trustee has been
removed, died, resigned or is no longer able to act as Trustee for any reason, a replacement
Trustee may be appointed by the Grantor.
27. Where the Grantor is deceased or Incapacitated, and where a Trustee has been removed, died,
resigned or is no longer able to act as Trustee for any reason, and where a replacement Trustee is
deemed necessary by the remaining Acting Trustee, a replacement Trustee may be appointed by
a majority vote of all Acting Trustee still able and authorized to act.
28. Where the Grantor is deceased or Incapacitated, and where the Living Trust is left with no
Trustee, a replacement Trustee may be appointed by a unanimous vote of the Qualified
Beneficiaries.

Trustee Powers

29. Powers granted to an Acting Trustee of this Living Trust include, but are not limited to, the
following:
a. The Trustee will have the same rights and obligations to manage the Property as if the
Trustee were the owner of the Property.
b. After the death of the Grantor, the Trustee will have the power to appoint one or more
individuals or institutions to act as co-Trustee where it is deemed reasonable and in the
best overall interest of this Living Trust.
c. The Trustee may employ and rely on the advice of experts including, but not limited to,
legal counsel, accountants and investment advisors to help in the management of the
Property where that hiring is deemed reasonable and in the best overall interest of this
Living Trust.
d. The Trustee may retain, exchange, insure, repair, improve, sell or dispose of any and all
personal property belonging to this Living Trust as the Trustee deems reasonable and in
the best overall interest of this Living Trust, without liability for loss or depreciation.
e. The Trustee may invest, manage, lease, rent, exchange, mortgage, sell, dispose of or give
options without being limited as to term and to insure, repair, improve, or add to or
otherwise deal with any and all real property belonging to this Living Trust as the Trustee
deems reasonable and in the best overall interest of this Living Trust, without liability for
loss or depreciation.
f. The Trustee may maintain, continue, dissolve, change or sell any business which is part of
this Living Trust, or purchase any business on behalf of this Living Trust, as the Trustee
deems reasonable and in the best interest of this Living Trust.
g. The Trustee may purchase, maintain, convert and liquidate investments or securities, at
reasonable risk, and for the purpose of generating income and growth, and vote stock in
person or by proxy, or exercise any option concerning any investments or securities, as
the Trustee deems reasonable and in the best overall interest of this Living Trust, without
liability for loss or depreciation.
h. The Trustee may open or close bank accounts wherever reasonable and in the best interest
of this Living Trust.
i. The Trustee may invest and reinvest the assets of this Living Trust, at reasonable risk, for
the purpose of generating income and growth, as the Trustee deems reasonable and in the
best overall interest of this Living Trust, without liability for loss or depreciation.
j. The Trustee may hold un-invested cash and unproductive property where it is reasonable
and in the best interest of this Living Trust to do so including, but not limited to, for the
purpose of protecting the capital and principal of this Living Trust.
k. The Trustee may lend funds to any borrower where the loan is adequately secured by
sufficient collateral and where the loan is reasonable and in the best overall interest of this
Living Trust.
l. The Trustee may borrow funds from any lender and mortgage or otherwise encumber any
asset belonging to this Living Trust where the loan is reasonable and in the best overall
interest of this Living Trust.
m. The Trustee may maintain, settle, abandon, sue or defend, or otherwise deal with any
claim where it is reasonable and in the best interest of the Living Trust to do so.
n. Where there are no other resources available, and where the Trustee is compelled to do
so, the Trustee may resolve any legally enforceable debts, taxes, reasonable funeral
expenses, burial expenses and any expenses related to the final illness of the Grantor out
of the resources of this Living Trust.
o. The Trustee may make the Final Distribution in any combination of cash and property.
Property selection and valuation in the course of the Final Distribution will be made in the
good faith discretion of the Trustee and will be binding on all Beneficiaries.
30. It is incumbent on the Trustee to act as fiduciaries, in good faith and in the best interest of the
Living Trust.
31. All decisions of the Acting Trustee, made in good faith, regarding the management of this Living
Trust will be final and binding on all parties.
32. The above authority and powers granted to the Trustee are in addition to any powers and elective
rights conferred by state or federal law or by other provisions of this Living Trust and may be
exercised as often as required, and without application to or approval by any court.

Trustee Compensation

33. Any Trustee who is not a Beneficiary of this Living Trust will receive reasonable compensation
out of the resources of this Living Trust for services rendered. A Trustee who is also a
Beneficiary under this Living Trust will serve without compensation.

Trustee Expenses

34. A Trustee is entitled to be reimbursed out of the income and property of this Living Trust for any
and all expenses, including interest where appropriate, where the expense is reasonably and
properly incurred in the management of this Living Trust.

Spendthrift Clause

35. No Beneficiary of this Living Trust will have the power to transfer, sell, assign, or otherwise
encumber any assets or property held by this Living Trust prior to the Final Distribution by the
Acting Trustee. Similarly, the right of distribution held by any Beneficiary under this Living
Trust agreement will not be subject to judicial encumbrance prior to the Final Distribution by the
Acting Trustee.

Tax Identification

36. For tax purposes, this Living Trust will be identified by an appropriate ein. After the death of the

Grantor, the Acting Trustee will apply to the IRS for any necessary tax identification numbers.
Homestead Tax Exemption

37. If the principal residence of the Grantor is held within this Living Trust, the Grantor maintains
the right to possess and inhabit the residence without rent and charge-free, for the duration of
their lifetime. This is intended for the purpose of giving the Grantor a beneficial interest and
possessor rights in the residence and to ensure that the Grantor does not lose any eligibility for a
state homestead tax exemption that they would otherwise qualify for.
Vote of Minor or Adult Dependent Beneficiaries
38. Where a Beneficiary is a Minor or Adult Dependent Beneficiary and a vote, consent, or decision
of the Qualified Beneficiaries is required, then the parent, custodian or guardian for that Minor
or Adult Dependent Beneficiary, acting in the best interest of that Minor or Adult Dependent
Beneficiary, will be allowed to take the place of that Minor or Adult Dependent Beneficiary for
the purpose of that vote, consent, or decision.
Termination of Trust
39. This Living Trust will terminate where the Property of this Living Trust is exhausted through
distributions.
40. In the event that the Acting Trustee concludes that the value of the Property is insufficient to
justify the cost of administration and that the aggregate value of the Property is less than
$50,000.00 (USD), the Acting Trustee may terminate this Living Trust after providing notice to
the Qualified Beneficiaries. Where this Living Trust is terminated under this section, the Acting

Trustee will distribute the Property in a manner consistent with and as described in the
distributions sections of this Living Trust.

Abstract of Trust

41. The Acting Trustee may execute an abstract of this Living Trust (the “Abstract of Trust”) and
may present the Abstract of Trust to a financial institution as proof of the existence of this Living
Trust. The Abstract of Trust should not contain full details of the property holdings of the Living
Trust nor should it name all of the Beneficiaries of the Living Trust. Any person who is
presented with an Abstract of Trust with regard to this Living Trust will be held harmless for
relying on the Abstract of Trust.

Governing Law

42. This Living Trust will be governed in accordance with the laws of the State of New Jersey.
Severability
43. If any provisions of this Living Trust are deemed unenforceable, the remaining provisions will
remain in full force and effect.

Definitions

44. For the purpose of this Living Trust the following definitions will apply:
a. “Acting Trustee” means any Trustee who is currently serving as a Trustee of this Living Trust.
b. “Adult Dependent Beneficiary” means an adult beneficiary who is unable to manage their
own financial affairs by reason of mental or other disability.
c. “Age of Majority” means the age of majority of the jurisdiction where a beneficiary
ordinarily resides.
d. “Incapacity” or “Incapacitated” means when a person is unable to manage their own
financial affairs by reason of mental or other disability.
e. “Minor Beneficiary” means a beneficiary who is under the legal Age of Majority.
f. “Trustee” means any Primary Trustee or Successor Trustee as well as any replacement or
additional Trustee appointed for this Living Trust.
g. “Qualified Beneficiary” means any beneficiary, who at the date the beneficiary’s
qualification to receive benefits from the Living Trust or act under the Living Trust is
determined, is entitled to a benefit of this Living Trust.

IN WITNESS WHEREOF, the party hereto has signed their name on this the ________ day of
________________, ________ in ______, _________, declaring and publishing this instrument as the
Grantor’s Living Trust, in the presence of the undersigned witnesses, who witnessed and subscribed this Living Trust in the presence of the party hereto.

____________________________
Grantor)

SIGNED AND DECLARED by the above party on this the ________ day of ________________,

________to be the Grantor’s Living Trust, in our presence, in _______________, _________________,

in their presence, all being present at the same time, have signed our names as witnesses.

_________________________
Witness #1 Signature

_________________________
Witness #1 Name (Please Print)

_________________________
Witness #1 Street Address

_________________________
Witness #1 City, State

_________________________
Witness #2 Signature

_________________________
Witness #2 Name (Please Print)

_________________________
Witness #2 Street Address

_________________________
Witness #2 City, State

ACKNOWLEDGEMENT OF NOTARY PUBLIC
STATE OF __________________
COUNTY OF ____________________

On this ________ day of ________________, ________, before me, ____________________
personally appeared ________, personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she has executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

WITNESS my hand and official seal.
_______________________________
Notary Public Signature

ID Produced: ________________________

My Commission Expires: _______________

Seal:

 

Schedule A
The Grantor assigns, conveys and delivers to this Living Trust, all of the rights, title and interest,
tangible or intangible, to the following properties, real or personal:

 

 

 

 

 

 

 

 

 

 

 

 

 

LAST WILL AND TESTAMENT OF __________________

I, ___________, presently of ________, _________, declare that this is my Last Will and Testament.

PRELIMINARY DECLARATIONS

Prior Wills and Codicils
1. I revoke all prior Wills and Codicils.

EXECUTOR

Definition
2. The expression ‘my Executor’ used throughout this Will includes either the singular or plural
number, or the masculine or feminine gender as appropriate wherever the fact or context so
requires. The term ‘executor’ in this Will is synonymous with and includes the terms ‘personal
representative’ and ‘executrix’.
Appointment
3. I appoint ______________of __________to be the sole Executor of this Will.
4. No bond or other security of any kind will be required of any Executor appointed in this Will.
Powers of My Executor
5. I give and appoint to my Executor the following duties and powers with respect to my estate:
a. To pay my legally enforceable debts, funeral expenses and all expenses in connection
with the administration of my estate and the trusts created by this Will as soon as
convenient after my death. If any of the real property devised in this Will remains subject
to a mortgage at the time of my death, then I direct that the devisee taking that mortgaged
property will take the property subject to that mortgage and that the devisee will not be
entitled to have the mortgage paid out or resolved from the remaining assets of the residue
of my estate;

b. To take all legal actions to have the probate of this Will completed as quickly and simply
as possible, and as free as possible from any court supervision, under the laws of the State
of _____________;
c. To retain, exchange, insure, repair, improve, sell or dispose of any and all personal
property belonging to my estate as my Executor deems advisable without liability for loss
or depreciation;
d. To invest, manage, lease, rent, exchange, mortgage, sell, dispose of or give options
without being limited as to term and to insure, repair, improve, or add to or otherwise deal
with any and all real property belonging to my estate as my Executor deems advisable
without liability for loss or depreciation;
e. To purchase, maintain, convert and liquidate investments or securities, and to vote stock,
or exercise any option concerning any investments or securities without liability for loss;
f. To open or close bank accounts;
g. To maintain, continue, dissolve, change or sell any business which is part of my estate, or
to purchase any business if deemed necessary or beneficial to my estate by my Executor;
h. To maintain, settle, abandon, sue or defend, or otherwise deal with any lawsuits against
my estate; and
i. To employ any lawyer, accountant or other professional.
6. The above authority and powers granted to my Executor are in addition to any powers and
elective rights conferred by state or federal law or by other provision of this Will and may be
exercised as often as required, and without application to or approval by any court.

DISPOSITION OF ESTATE
Payment of Debts and Expenses
7. I direct that any debts owed, including but not limited to, expenses associated with the probate of
this Will, the payment of taxes, funeral expenses or any other expense resulting from the
administration of this Will will be paid first from my estate.
Disposition of Property
8. Except as otherwise provided in this Will, all of the property that I own at my death, or which
may become payable to my estate or my Executor, and any property that I have the power to
dispose of under this Will shall be distributed to the trustee of The _________Revocable Living
Trust dated the ________ day of ________________, ________ to be administered and
distributed as provided under that trust.

GENERAL PROVISIONS
Insufficient Estate
9. If the value of my estate is insufficient to fulfill all of the bequests described in this Will then I
give my Executor full authority to decrease each bequest by a proportionate amount.
No Contest Provision
10. If any beneficiary under this Will contests in any court any of the provisions of this Will, then
each and all such persons shall not be entitled to any devises, legacies, bequests, or benefits
under this Will or any codicil hereto, and such interest or share in my estate shall be disposed of
as if that contesting beneficiary had not survived me.
Severability
11. If any provisions of this Will are deemed unenforceable, the remaining provisions will remain in
full force and effect.

IN WITNESS WHEREOF, I have signed my name on this the ________ day of ________________,
________ in __________,___________, declaring and publishing this instrument as my Last Will, in the
presence of the undersigned witnesses, who witnessed and subscribed this Last Will at my request, and
in my presence.

_____________________________
(Testator) Signature

SIGNED AND DECLARED by _________ on the ________ day of ________________, ________ to be
the Testator’s Last Will, in our presence, at _________,_________, who at the Testator’s request and in the presence of the Testator and of each other, all being present at the same time, have signed our names as witnesses.

________________________
Witness #1 Signature

________________________
Witness #1 Name (Please Print)

________________________
Witness #1 Street Address

________________________
Witness #1 City, State

________________________
Witness #2 Signature

________________________
Witness #2 Name (Please Print)

________________________
Witness #2 Street Address

________________________
Witness #2 City, State

AFFIDAVIT

I, ____________, the Testator, sign my name to this instrument this _____ day of _________________,
20_______, and being first duly sworn, do hereby declare to the undersigned authority that I sign and execute this instrument as my Last Will and that I sign it willingly (or willingly direct another to sign for me), that I execute it as my free and voluntary act for the purposes expressed in the Last Will, and that I am eighteen (18) years of age or older, of sound mind, and under no constraint or undue influence.

_____________________________
Testator

We, ____________________ and ____________________, the witnesses, sign our names to this instrument,
being first duly sworn, and do hereby declare to the undersigned authority that the Testator signs and executes
this instrument as the Testator’s Last Will and that the Testator signs it willingly (or willingly directs another to
sign for the Testator), and that each of us, in the presence and hearing of the Testator, hereby signs this Last Will
as witness to the Testator’s signing, and that to the best of our knowledge the Testator is eighteen (18) years of
age or older, of sound mind, and under no constraint or undue influence.

__________________________
Witness #1

__________________________
Witness #2

STATE OF ____________________________

COUNTY OF _____________________________

Subscribed, sworn to and acknowledged before me by ___________, the Testator, and subscribed and sworn to
before me by ____________________ and ____________________, witnesses, this _____ day of

____________________, 20_______.

(Seal)

(Signed) _____________________________
______________________________________
(Official capacity of officer)