Combined Inter Vivos and Land Trust

What are Combined Inter Vivos and Land Trust

When the title to the real estate is taken by the trustee the trustee has to hold this and use it for the purpose which is stated in the trust. If there is any other property which has been given to the trustee and is not mentioned in the Combined Inter Vivos and Land Trust agreement, it does not fall under the jurisdiction of the agreement.

As per the Combined Inter Vivos and Land Trust agreement, the trustee receives a certain sum as payment for the services rendered for the work done due to the trust. The beneficiaries are the ones who need to pay the trustee the charges, fees as well as compensation.

As per the terms of the Combined Inter Vivos and Land Trust the beneficiary or beneficiaries have the power that they should direct the trustees and deal with the property  title. They also manage, use, possess and control the property as well as whatever earnings and proceeds that are available from the lease as well as from sales, mortgages and other property related dispositions.

When the beneficiary dies, the interest which has been accrued is passed on to the administrator or the executor and not to his or her heirs. The beneficiary also does not have the right or interest of the title of the property and the trust does not terminate at the death of the beneficiary.

These are some of the terms and conditions which are mentioned in the Combined Inter Vivos and Land Trust

Combined Inter Vivos And Land Trust

Combined Inter Vivos And Land Trust

Combined Inter Vivos And Land Trust

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Combined inter vivos and land trust.

TRUST AGREEMENT, Dated _________ and known as Land Trust number _________
IT IS AGREED:
_________[Name] as trustee under this instrument, is about to take legal and equitable title to the following described real estate in _________[city], _________[state], otherwise known as: _________[legal description].
When the trustee has taken title to the real estate or has accepted in writing title to any other property conveyed to it as trustee under this instrument, the trustee will hold it for the uses and purposes and on the trusts stated below. Any other property conveyed to the trustee without written acceptance by the trustee shall not be subject to this agreement.
The following named persons and their successors in interest shall be entitled to the earnings, avails, and proceeds of the real estate according to the respective interests set forth here:
_________, not personally but solely as trustee of the _________ Trust dated _________.
The power of direction referred to shall be in the trustee from time to time of the _________ Trust dated _________.
The name of any beneficiary may not be disclosed to the public.
The trustee shall receive for its services in accepting this trust and taking title under this instrument the sum of $_____. In addition, each year the trustee shall receive a reasonable fee in advance for holding title after one year from the date and also a reasonable fee for executing deeds, mortgages, or other instruments. It shall receive reasonable compensation for any special services which may be rendered by it and for taking and holding any other property which may later be conveyed to it under this instrument. The beneficiaries jointly and severally agree to pay the above fees, charges, and other compensation. If the value of the property is increased for any reason after the trustee has accepted title to it, the trustee shall be entitled to a reasonable additional annual fee.
The trustee shall receive no other fee for its services in connection with this trust.
Written inquiries, legal notices, bills and other similar matters should be forwarded to: the trustee of the _________ Trust dated _________ at _________[address].
The following name(s) should be furnished to a person making an oral inquiry: _________.
In the event of the death or resignation of the trustee, the successor trustee shall be _________[name] of _________[city].
The interest of every beneficiary and of any person who may become entitled to any interest under this trust shall consist only of (1) the power to direct the trustee to deal with title to the property; (2) the power to manage, possess, use, and control the property; and (3) the right to receive the earnings, avails, and proceeds from leases and other uses and from mortgages, sales, and other dispositions of the property. These rights and powers shall be personal property and may be assigned this way. On the death of any beneficiary, his or her interest, except as otherwise specifically provided, shall pass to his or her executor or administrator and not to his or her heirs at law. No beneficiary at any time shall have any right, title, or interest in or to any portion of the legal or equitable title to the property. The death of any beneficiary shall not terminate the trust or affect the rights or powers of the trustee or of the beneficiaries except as provided by law.
No assignment of any beneficial interest shall be binding on the trustee until the original or executed duplicate of the assignment is delivered to the trustee and accepted by it in writing. Every assignment of any beneficial interest, the original or duplicate of which shall not have been so delivered to and accepted by the trustee, shall be ineffective as to all subsequent assignees or purchasers without notice.
The trustee shall have no obligation to file any income, profit, or other tax reports or returns or to pay those or any other taxes. The beneficiaries will make all tax returns and reports, and pay general real estate and all other taxes or charges payable with respect to the property and to the earnings, avails, and proceeds of the property or based on their interests under this agreement.
If the trustee makes any advances or incurs any expenses on account of this trust or the property or incurs any expenses by reason of being made a party of any litigation in connection with this trust or the property, or if the trustee is compelled to pay money on account of this trust or the property, whether for breach of contract, injury to person or property, fines or penalties under any law, or otherwise, the beneficiaries jointly and severally on demand shall pay to the trustee, with interest at the highest rate per year permitted by law the amount of all expenses, advances, or payments made by the trustee, plus all its expenses, including attorney fees. The trustee shall not be obliged to convey, transfer, or otherwise deal with the property or any part of it until all of the payments, advances, and expenses made or incurred by it have been paid, with interest.
The trustee shall not be obligated to pay any money for this trust or the property or to prosecute or defend any legal proceeding involving this trust or the property unless it elects to do so and is furnished with sufficient funds or indemnified to its satisfaction. If the trustee is served with process or notice of legal proceedings or of any other matter concerning the trust or the property, the sole duty of the trustee shall be to forward the process or notice to the person named here as the person to whom inquiries or notices shall be sent, or, in the absence of such designation, to the beneficiaries. The latest address appearing in the records of the trustee shall be used for all mailings.
It shall not be the duty of the purchaser of the property or of any part of it to see to the application of the purchase money, nor shall anyone who may deal with the trustee be required or privileged to inquire into the necessity or expediency of any act of the trustee, or into the provisions of this agreement.
This agreement shall not be recorded but any recording shall not be notice of the rights of any person derogatory to the title or powers of the trustee. In this agreement the plural includes the singular, and vice versa, and the masculine gender includes the feminine.
The trustee may, at any time, resign by sending by registered or certified mail, a notice of that intention to each of the then beneficiaries at his or her latest address appearing in the records of the trustee. In the event of the resignation or the death of the trustee, unless a successor trustee is set forth in this trust agreement, the person or persons then entitled to direct the trustee in the disposition of the property may appoint a successor or successors to the trust property by any method allowed by the statutes of the State of _________. In lieu of this method, the person or persons may appoint a successor or successors to the trust property, in writing, and obtain the written consent to the appointment by the successors or successors of the trust property. The person or persons then entitled to direct the trustee in the disposition of the property shall file a declaration of appointment of the successor or successors in the office of the Recorder of Deeds in the county in which the trust property is located or with the Registrar of Titles of the county in which the trust property is situated if the title to the trust property is registered under an act entitled _________[“An Act Concerning Land Titles Approved May 1, 1987”] as now or later amended. The declaration shall set forth the legal description of the trust property, the name and address of the former trustee, and the name and address of the successor in trust, and be signed by a party with personal knowledge of the terms of this agreement and of the actions taken by the person or persons entitled to direct the trustee in the disposition of the property. If requested by the Registrar of Titles or any title insurer insuring title to the property, the person or persons then entitled to direct the trustee in the disposition of the property may provide a copy of this trust agreement to that party but this agreement shall not be recorded or registered in any county.
Solely on the resignation of the trustee, if no successor trustee is set forth in this trust agreement, the person or persons then entitled to direct the trustee in the disposition of the property, may either proceed in accordance with the foregoing paragraph or may appoint a successor, in writing, and the trustee shall then convey or transfer the property to that successor. If no notice of resignation is given by the trustee, the trustee may convey or transfer the trust property to the beneficiaries in accordance with their interests under this instrument and the conveyance may be recorded or registered, as the case may be, by the trustee. This recording or registration shall constitute delivery of the conveyance or transfer to the beneficiaries.
The trustee, at its option, may file a complaint for appropriate relief in any court of competent jurisdiction.
Every successor trustee shall become fully vested with all the title, estate, rights, powers, and trusts, and shall be subject to the duties and obligations, of its predecessor.
It is agreed by the parties and by any person who may later acquire any interest in this trust that the trustee will deal with the trust property including cash or other assets of any kind which may have become subject to the trust only when authorized to do so in writing.
On the written direction of the party or parties designated here as having the power of direction the trustee will make deeds for the trust property, or mortgages or trust deeds (which may include a waiver of the right of redemption from sale under an order or decree of foreclosure), execute leases or otherwise deal with the title to the trust property, including cash or other assets subject to the trust. The beneficiaries, by written instrument delivered to the trustee, may revoke the foregoing power of direction and designate the person later to exercise the power. This instrument shall be signed by all the then beneficiaries. The trustee shall not be required to inquire into the propriety of any direction.
The trustee shall not be required to assume any personal obligations or liability in dealing with the property or to make itself liable for any damages, costs, expenses, fines, or penalties, or to deal with title to the property so long as any money is due to it under this instrument.
The beneficiaries have the sole possession, management, and control of the selling, renting, repairing, maintaining, and handling of the property, and the trustee shall have no right or duty in respect to any matters of this nature. The beneficiaries have the right to execute leases and collect rents in their own name or through their agents. The trustee shall have no right or duty in respect to the payment of taxes, assessments, insurance, litigation, or other matters relating to the property, except on written direction accepted by it and after the payment to it of all money necessary in its opinion to carry out the directions without liability to it. The beneficiaries are not the agents of the trustee for any purpose and do not have any authority to contract or to execute leases or do any other act for or in the name of the trustee or to obligate the trustee personally or as trustee.
The trustee shall not be required to execute any instrument containing covenants of warranty.
If any property remains in this trust twenty years from the date of this agreement or any extension of it, it shall be sold at public sale by the trustee on reasonable notice as determined by it and the net proceeds of the sale shall be divided among those who are then entitled to the proceeds under this agreement in the proportions in which they are then entitled.
The trustee has signed and accepted this trust agreement the day and date written above.
_______________
[Signature of Trustee]
And on the day, stated above, the beneficiaries have signed this Declaration of Trust and Trust Agreement in order to signify their assent to its terms.
_______________
[Signature of beneficiary]
Address and Telephone _________
_______________
[Signature of beneficiary]
Address and Telephone _________
Signature and address of any person(s) having a power of direction if other than a beneficiary:
_______________
[Signature of person]
Address and Telephone _________