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LexisNexis(R) Forms FORM 737-37.200

Transactional

; Trust: Revocable

Florida

37.200

REVOCABLE TRUST AGREEMENT

I, [name], of County, Florida,

“Settlor,” transfer to [name and status, if appropriate, e.g., XYZ Federal, a

national banking association], of County, Florida, “Trustee,” all the property

described in Exhibit A attached to this Trust Agreement. This constitutes, together with any other

property that may become subject to this Trust Agreement, the “Trust Estate.” The Trust Estate is

held, administered, and distributed by the Trustee as provided in this Trust Agreement.

NOTE:

If the settlor is the sole trustee or a co-trustee and is otherwise considered to be

owner of the trust income under the grantor trustee rules, the trust is generally not

required to obtain a Federal Employer Identification Number (FEIN) for the trust, nor

is the trustee required to file a tax return for the trust. [Treas. Reg. § 1.671-4(b)(2)].

Otherwise, those formalities must be adhered to.

ARTICLE 1. RIGHTS RESERVED TO SETTLOR

Additions to Trust

1.01. The Settlor has the right at any time, either during [his or her] life or by Will at [his or her] death, to add other property acceptable to the Trustee

to the trust created by this Agreement. Any additional property, when received and accepted by the

Trustee, becomes a part of the estate of this trust.

[For an alternative provision allowing any person to add to the trust estate subject to the

trustee’s approval, see Section 37.201[2], ¶ 1.02.] Power to Change or Revoke Trust

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1.02. While living, the Settlor may, by written notice signed by the Settlor and delivered to the Trustee, act as follows:

Revoke or change the interest of any beneficiary in the trust created or to be created pursuant to

this Agreement.

Amend any provision of this Agreement or any amendment to this Agreement [add, if desired: to

the extent acceptable to the Trustee].

Revoke in whole or in part any trust or trusts created by or to be created pursuant to this

Agreement.

Withdraw all or any part of the Trust Estate.

Trust Irrevocable on Death of Settlor

1.03. When the Settlor dies, the trust created by this Agreement becomes irrevocable and may not be amended.

ARTICLE 2. DISTRIBUTIONS BY TRUSTEE

Net Income to Settlor

2.01. During the life of the Settlor, the Trustee must pay to the Settlor, or apply for the benefit of the Settlor, all of the net income from the Trust Estate. These distributions must be made in monthly

or other convenient installments unless otherwise directed in writing by the Settlor.

Invasion of Principal for Settlor

2.02. If the Settlor becomes incapacitated or, in the judgment of the Trustee, unable for any reason to act in [his or her] own behalf, the Trustee may in its discretion pay to, or

apply for the benefit of, the Settlor (or to any person dependent upon Settlor) any amounts from the

principal of the Trust Estate, in addition to the net income from the Trust Estate. The Trustee may

invade the Trust Estate as it deems necessary or advisable for the Settlor’s

[use and benefit or support and maintenance] to the extent of the entire Trust Estate.

Payment of Settlor’s Funeral Expenses and Death Taxes

2.03. After the Settlor’s death, the Trustee shall pay all or any part of the following which the Personal Representative of Settlor’s estate shall request in writing be paid from the assets of the

Trust Estate: Settlor’s funeral expenses; legally enforceable claims against the Settlor or Settlor’s

estate; expenses of administration of Settlor’s estate; any allowances by Court Order to those

dependent upon the Settlor; and any devise made under Settlor’s probated Last Will and Testament.

In addition, the Trustee shall pay all estate, inheritance, succession, death or similar taxes payable

by reason of the Settlor’s death, together with interest and penalties thereon, whether or not the

property forming Settlor’s gross estate passes under this Revocable Trust Agreement, under Settlor’s

Will, or otherwise. Payments made pursuant to this ARTICLE shall be made from and charged against

the Residuary of the Trust Estate; the Trustee must, however, use any United States Treasury Bonds

in its possession to pay any estate taxes in accordance with Paragraph 3.07. Written statements by

the Personal Representative of the estate of the Settlor as to such sums that are due and payable by

the estate shall be sufficient evidence of their amount and propriety for the protection of the Trustee

and the Trustee shall be under no duty to see to the application of such payments. The Trustee may

make any or all of the aforesaid payments either directly to the entity involved or to the Personal

Representative of the Settlor’s estate, as the Trustee deems advisable.

Income to Settlor’s Spouse After Settlor’s Death

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2.04. After the death of the Settlor, the Trustee shall continue to hold the Trust Estate, IN FURTHER TRUST, for the benefit of Settlor’s spouse, [name]

(“Income Beneficiary”). Commencing with the death of Settlor and continuing for

[his or her] lifetime, the Trustee must pay to or apply for the benefit of the

Income Beneficiary all of the net income of the Trust Estate, in monthly or other convenient

installments.

Invasion of Principal for Income Beneficiary

2.05. If the Income Beneficiary is at any time in need, for any reason, of funds for [his or her] proper care, support, or maintenance after the death of the

Settlor, the Trustee may pay to, or apply for the benefit of, the Income Beneficiary any amounts from

the principal of the Trust Estate, in addition to the net income from the Trust Estate. The Trustee

may invade the Trust Estate as it deems necessary or advisable for the Income Beneficiary’s proper

care, support, or maintenance to the extent of the entire Trust Estate.

NOTE:

The above continuing trust for the surviving spouse could, in the discretion of the

estate’s representative, be elected to qualify for the estate tax marital deduction as

Qualified Terminable Interest Property, either in whole or in part [I.R.C. § 2056(b)(7); see § 41.01[5][e], below].

An election to treat the revocable trust as part of the decedent’s estate for income tax purposes

also may be made by both the executor of the estate and the trustee [I.R.C. § 645(a)].

Payment of Income Beneficiary’s Funeral Expenses

2.06. When the Income Beneficiary dies, the Trustee must pay out of the income or principal of the Trust Estate, at its discretion, the expenses of the last illness and funeral of the Income Beneficiary,

unless the Trustee determines that other adequate provisions have been made for the payment of

these expenses.

Payments After Death of Income Beneficiary

2.07. After the death of the Income Beneficiary and payment of the expenses of the last illness and funeral of the Income Beneficiary, this trust terminates and all the Trust Estate then in the

possession of the Trustee must be distributed by the Trustee free of trust to the children of the

Settlor as a class gift. The issue of any child who dies before the Income Beneficiary takes his or her

parent’s share.

[For a form that provides that the trust continues after the death of the income

beneficiary for the benefit of minor children of the settlor or the income beneficiary, see § 37.201.]

[If settlor wishes trustee beneficiary to have full discretion to make distributions and

allocations of principal and income that may benefit him or her, add:]

2.08. The Trustee [add if more than one trustee (name ) ], who is also a beneficiary under this trust, may make discretionary (1) distributions of either principal or income to

or for the benefit of [himself or herself], including provisions for

[his or her] health, education, maintenance, or support; (2) allocations of

receipts or expenses between principal and income; and (3) distributions of either principal or

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income to satisfy [his or her] support obligations. The exercise of any other

power granted under this Agreement shall not be restricted or limited by the fact that such exercise

may result in one of the distributions or allocations specified in the preceding sentence. In making

this grant of power, the Settlor expressly wishes to avoid the restrictions placed on such a trustee by

Section 736.0814 of the Florida Statutes.

ARTICLE 3. POWERS AND DUTIES OF TRUSTEE

Retain Investments of Settlor

3.01. The Trustee is authorized to retain in the trust for as long as it deems advisable any property, including shares of its own stock, received by it from the Settlor, whether or not such property is of

the character permitted by law for the investment of trust funds. Further, the Trustee may operate

any business or property received by it from the Settlor at the risk of the Trust Estate.

Management of Trust Property

3.02. The Trustee may exercise the following powers with respect to any and all property that may at any time be held by it in trust pursuant to this Agreement, real or personal, whether the property

constitutes principal or accumulated income of any trust provided for in this Agreement, in its

discretion at any time on the terms and in the manner as the Trustee deems advisable, to act as

follows:

Sell, convey, exchange, convert, improve, repair, manage, operate, and control, all such

property, real or personal.

Lease for terms within or beyond the term of the trust provided for in this Agreement and for

any purpose, including exploration for and removal of gas, oil, and other minerals; and enter into

any covenants and agreements relating to the leased property or any improvements that may be

erected on the property.

Encumber or hypothecate for any trust purpose by mortgage, deed of trust, pledge, or

otherwise.

Carry insurance of the kinds and in the amounts that the Trustee deems advisable at the

expense of the trust provided for in this Agreement.

Commence or defend at the expense of the trust any litigation with respect to the trust or any

property of the Trust Estate as it may deem advisable.

Invest and reinvest the trust funds in property that the Trustee deems advisable, whether or not

of the character permitted by law for the investment of trust funds [add if corporate trustee:,

specifically including, but not by way of limitation, interests in any common trust fund or funds in

existence or to be established and administered by the Trustee solely for the investment of trust

funds].

Vote and give proxies to vote any securities held by the Trustee in trust pursuant to this

Agreement, including stock of the Trustee.

Pay any assessments or other charges levied on any stock or other security held by it in trust

pursuant to this Agreement.

Exercise any subscription, conversion, or other rights or options that may at any time attach to

the holders of any stocks, bonds, securities, or other instruments held by it in trust pursuant to

this Agreement.

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Participate in any plans or proceedings for the foreclosure, reorganization, consolidation, merger, or

liquidation of any corporation or organization that has issued securities held by it in trust pursuant

to this Agreement and, incident to that participation, deposit securities with and transfer title of

securities to any protective or other committee established to further or defeat any such plan or

proceeding.

Enforce any mortgage or deed of trust or pledge held by it in trust pursuant to this Agreement

and, at any sale under any such mortgage, deed of trust, or pledge, bid and purchase at trust

expense any property subject to the security instrument.

Compromise, submit to arbitration, release with or without consideration, and otherwise adjust

any claims in favor of or against any trust provided for in this Agreement.

Subject to any limitations expressly set forth in this Agreement and the faithful performance of

its fiduciary obligations, to do all acts, take part in any proceedings, and exercise all rights and

privileges as would an absolute owner of the trust property.

Power to Borrow Money

3.03. The Trustee has the power to borrow money from any person, firm, or corporation, for any trust purpose on whatever terms and conditions that the Trustee deems proper and to obligate the

trust to repay the borrowed money.

Power to Loan Money to Trust

3.04. The Trustee is authorized to loan or advance its own funds to the trust for any trust purpose at the rate of interest being charged by the Trustee at the time the loan or advance is made to other

persons having a net worth equal to that of the Trust Estate for similar loans or advances. Any loan

or advance, together with the interest accruing on loan or advance, is a first lien against, and must

be repaid from, the Trust Estate.

Dealing With Settlor’s Estate

3.05. The Trustee is authorized to purchase securities or other property from, and to make loans and advancements from, the Trust Estate, with or without security, to the executor or other

representative of the Settlor’s estate.

Manner of Holding Trust Securities

3.06. The Trustee may hold securities or other property subject to this Agreement (1) in its name as Trustee under this Agreement, (2) in its own name without a designation showing it to be Trustee

under this Agreement, or (3) in the name of its nominee. The Trustee may hold securities in an

unregistered condition such that ownership passes by delivery.

Power to Purchase United States Treasury Bonds

for Payment of Federal Estate Tax

3.07. The Trustee is authorized to purchase United States Treasury Bonds for redemption at par in payment of federal estate tax, and to borrow money for that purpose. The Trustee is requested to

exercise this authority, in particular, at any time when it appears that the Settlor is seriously ill,

whether or not the Settlor is competent at that time. Notwithstanding any other provision of this

Agreement, the Trustee must use any United States Treasury Bonds it has in its possession that

would be eligible for redemption at par to pay federal estate tax due on the Settlor’s estate to the

extent eligible under the Internal Revenue Code.

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Determination of Principal and Income

3.08. Except as otherwise specifically provided in this Agreement, the Trustee has full power and authority to determine, in its discretion, what constitutes principal of the Trust Estate, gross income

from the Trust Estate, and net income of the Trust Estate distributable under the terms of this

Agreement. The determination of the Trustee as to what constitutes principal, gross income, or net

income of the Trust Estate is, except as may be otherwise expressly provided in this Agreement,

conclusive and binding on all persons in any manner interested in the trust created pursuant to this

Agreement.

Property Taxes and Expenses

3.09. All property taxes, assessments, fees, charges, and other expenses incurred by the Trustee in the administration or protection of the trust created by this Agreement, including the compensation

of the Trustee provided for in this Agreement, are a charge on the Trust Estate and must be paid by

the Trustee before final distribution of the Trust Estate:

In full out of the principal;

In full out of the income of the Trust Estate; or

Partially out of the principal and partially out of the income of the Trust Estate.

The payments must be made in the manner and proportions as the Trustee deems advisable. The

Trustee’s determination regarding the payment of these expenses and charges from the principal or

income of the Trust Estate or partially from each is conclusive and binding on all persons in any

manner interested in the trust created by this Agreement.

Elections Under Tax Laws

3.10. The Trustee may make any elections under the federal and state income and estate tax laws applicable to the Trust Estate that the Trustee determines should be made for the benefit of the trust

beneficiaries. No compensating adjustments between principal and income may be made even

though the elections made under the tax laws by the executor of Settlor’s estate or the Trustee may

affect, beneficially or adversely, the interests of the beneficiaries. The actions of the Trustee are

binding on all beneficiaries.

Trustee’s Duties on Revocation

3.11. If the entire trust is revoked by the Settlor, the Trustee must transfer the entire Trust Estate to the Settlor. The Trustee must execute and deliver to the Settlor all instruments that are necessary

or appropriate to release all interests of the Trustee in the trust.

ARTICLE 4. ADMINISTRATIVE PROVISIONS

Undistributed Income on Termination of Beneficial Interest

4.01. Whenever the right of any beneficiary to payments from the net income or principal of the Trust Estate terminates, either by reason of death or other cause, any accrued or undistributed net

income from the Trust Estate undistributed by the Trustee on the date of the termination must be

held, administered, and distributed by the Trustee in the same manner as if the income had accrued

and been received by the Trustee after the date when the beneficiary’s right to receive payments

from the trust terminated.

Other Income of Beneficiary for Discretionary Payments

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4.02. In exercising its discretionary authority under this Agreement to make payments to or for the benefit of any beneficiary from the net income or principal of the Trust Estate, the Trustee must

consider any income or other means of care, maintenance, support, or education available to the

beneficiary from sources outside the trust that may be known to the Trustee. The determination of

the Trustee with respect to the necessity for and the amounts of any discretionary payments made

to or for the benefit of any beneficiary is conclusive for all persons in any manner interested in the

trust created by this Agreement.

Spendthrift Provision

4.03. (a) Except as otherwise expressly provided in this Agreement, no beneficiary of any trust provided for in this Agreement has any right, power, or authority to alienate, encumber, assign, or

pledge his or her interest in the principal or income of the trust in any manner. No interest of any

beneficiary is subject to any claims of his or her creditors or liable to attachment, execution, or other

process of law.

[OPTIONAL]

(b) If any Beneficiary should attempt to alienate, encumber, or dispose of all or any part of the income or principal of this Trust before it has been delivered by the Trustee, or if by reason of

bankruptcy or insolvency or any attempted execution, levy, attachment, or seizure of any assets

remaining in the hands of the Trustee under claims of creditors or otherwise, all or any part of the

income or principal might fail to be enjoyed by any Beneficiary or might vest in or be enjoyed by

some other person, then the interest of that Beneficiary immediately terminates. Thereafter, the

Trustee must pay to or for the benefit of that Beneficiary only those amounts that the Trustee in its

sole and absolute discretion deems proper for the education and support of that Beneficiary until the

death of the Beneficiary or the maximum period permissible under the Florida rule against

perpetuities, whichever first occurs. The Trustee must then distribute the trust estate or the affected

part must be distributed [specify alternate method of distribution, e.g., (1) to

the surviving issue of that Beneficiary, by right of representation; (2) to the surviving issue of the

Settlor, if the Beneficiary has no surviving issue at the time of distribution, by right of

representation; and (3) if neither the Beneficiary nor the Settlor leave surviving issue, to those

persons who would be entitled to take the property under the laws of intestate succession in

Florida].

[OPTIONAL]

[Add if a beneficiary is or may become trustee; do not use if settlor is also trustee:]

(c) If the interest of any Beneficiary who is or might be a Trustee under this Trust Agreement will be affected by Paragraph 4.03(b), above, that Beneficiary either ceases to be a Trustee immediately on

the occurrence of the event that so affects his or her interest, or never take office as a Trustee, as

the case may be. No one dealing with that person while reasonably believing him or her to be a

Trustee need ascertain whether the provisions of this subsection (c) are applicable.

Payments to Minors

4.04. Whenever payment is to be made to or for the benefit of a minor, the Trustee may make the payment directly to the minor as an allowance, or to the parent or guardian of the minor, or to any

other person having the care and control of the minor or with whom the minor may reside. The

receipt by any such person for any payment to or for a minor completely discharges the Trustee as

to the amounts so paid.

Payments to Incompetents

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4.05. Whenever payment is to be made to an incapacitated person, the Trustee may make the payment to his or her guardian.

Definition of “Incapacitated Person” and “Incapacity”

4.06. The terms “incapacitated person,” “incapacity,” or other words of similar import as used in this Agreement refer to all situations in which a guardian of any person having rights under this

Agreement has been appointed by a court of competent jurisdiction for any reason other than

minority. Any person having rights under this Agreement is considered competent and that

competency must be unquestioned by the Trustee until a court of competent jurisdiction has

appointed a guardian for the person.

Distribution in Kind or in Cash

4.07. On any partial or final distribution of the assets of the Trust Estate and on any division of the assets of the Trust Estate into shares or partial shares, the Trustee may distribute or divide the

assets in kind, may distribute or divide undivided interests in the assets, or may sell all or any part

of the assets and make distribution or division in cash, in kind, or partly in cash and partly in kind.

The decision of the Trustee, either before or on any division or distribution of the assets, as to what

constitutes a proper division of the assets of the Trust Estate is binding on all persons in any manner

interested in the trust provided for in this Agreement.

Definition of “Issue” and “Children”

4.08. The terms “issue” and “children” as used in this Agreement mean lawful lineal descendants of the indicated person and [do or do not] include legally adopted children.

ARTICLE 5. RESIGNATION AND COMPENSATION OF TRUSTEE

Resignation of Trustee

5.01. The Trustee has the right to resign at any time. On the resignation of the Trustee, the Settlor must appoint a successor Trustee. In the event of the failure, refusal, or inability of the Settlor to

appoint a successor Trustee, the Trustee or any beneficiary of the trust provided for in this

Agreement may secure the appointment of a successor Trustee by a court of competent jurisdiction.

Rights and Powers of Successor Trustee

5.02. Any successor Trustee appointed as provided in Paragraph 5.01, above, because of the death, resignation, or other act of the Trustee, immediately succeeds to all title of the Trustee to the Trust

Estate and to all powers, rights, discretions, obligations, and immunities of the Trustee under this

Agreement with the same effect as though the successor were originally named as Trustee in this

Agreement.

Compensation of Trustee

5.03. The Trustee is entitled to the following as compensation for its services under this Agreement: [specify compensation to be paid to trustee] .

ARTICLE 6. CONSTRUCTION OF TRUST

Applicable Law

6.01. The trust created by this Agreement has been accepted by the Trustee in the State of Florida, will be administered by the Trustee in Florida, and the validity, construction, and all rights under this

Agreement are governed by the laws of the State of Florida.

Severability

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6.02. Should any provision of this Agreement be or become invalid or unenforceable, the remaining provisions of this Agreement continue to be fully effective.

Notices

6.03. Notices or other communication required or permitted by this Agreement to be delivered to or served on the Trustee may be personally delivered [to the Trustee or, if

corporate trustee, to the trust officer of the Trustee]. In lieu of personal service, notice may be

deposited in the United States mail, certified mail with postage prepaid, addressed to the Trustee at

[address].

EXECUTED on [date], at County, Florida.

[OPTIONAL]

ACKNOWLEDGMENT

[The following short form is sufficient to meet the statutory requirements for an

acknowledgment (§ 695.25, Fla. Stat.):]

The foregoing instrument was acknowledged before me this

[date] by [name of settlor] , who is personally known to

me or who has produced [type of identification] as identification and who

[did or did not] take an oath.

[Signature of person taking acknowledgment]

[typed name]

[Title or Rank]

[Serial Number, if any]

Florida Estates Practice Guide

Witnesses: SETTLOR [signature] [typed name] TRUSTEE [signature] [typed name]

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