Revocable Living Trust Agreement for an Individual (India) by OLL
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Revocable Living Trust Agreement for an Individual
This Irrevocable Trust Agreement is made this _________ day of __________, _______________,
Between
______________ s/o ________________ r/o __________________________, herein referred to as Grantor,
AND
______________ s/o ________________ r/o __________________________ and __________________ s/o _______________ r/o __________________________, herein jointly referred to as Trustees.
WHEREAS, Grantor is now the owner of the property described in Exhibit A attached hereto and made a part hereof,
AND WHEREAS, Grantor desires to make provision for the care and management of such property, and the collection of the income there from, and the disposition of both such income and such property in the manner herein provided:
Now, therefore, for the reasons set forth above, and in consideration of the mutual covenants set forth herein, Grantor and Trustees agree as follows:
1. That the Grantor, in consideration of the acceptance by trustee of the trust herein created, hereby convey, transfer, assign, and delivers to Trustees their successors in trust and assigns, the property described in Exhibit A attached hereto and made a part hereof, by this reference, which property, together with all other property that may from time to time be held by Trustees hereunder, is herein referred to as "Trust Estate".
2. That the Grantor, and any other persons shall have the right at any time to add property acceptable to Trustees to this trust and such property, when received and accepted by Trustees, shall become part of the Trust Estate.
3. That the Trustees shall care for and manage the trust estate and collect the income derived there from, and, after the payment of all taxes and assessments thereon and all charges incident to the management thereof, dispose of the net income there from and corpus thereof, as follows
4. During the lifetime of Grantor the Trustees may pay income of the trust estate and such portions of the principal as the Grantor from time to time may direct to the Grantor, or otherwise as he/she directs during his/her life. After the death of the Grantor the successor trustee shall distribute the trust estate to the following beneficiary or beneficiaries who shall survive me:
a. ____________ (Name & address)
b. ____________ (Name & address)
c. ____________ (Name & address)
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This document is a template for a revocable living trust, which allows an individual to manage their property and assets during their lifetime and outline how they should be distributed after their death. It defines the roles of the grantor, trustees, and beneficiaries, while providing flexibility for the grantor to amend or revoke the trust at any time.
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About this template
What is this template?
This document is a revocable living trust agreement for use in India that transfers legal title of assets to trustees while the grantor is alive. It contains specific provisions for minor beneficiaries and a 21-year termination limit after the death of the last beneficiary. It is not an irrevocable trust, despite one contradictory label in the preamble, because clause 7 expressly allows revocation.
When should you use it?
Use this template when a resident of India wants to avoid probate for specific assets while maintaining the right to cancel the arrangement. Use a Will instead if you do not want to transfer legal title of property to trustees during your lifetime.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Trust Estate | Grantor transfers the property described in Exhibit A to the Trustees to be held as the Trust Estate. |
| 2 | Additions to Trust Estate | Permits the Grantor or other persons to add acceptable property to the trust at any time. |
| 4 | Distribution During Lifetime | Directs Trustees to pay trust income and principal to the Grantor as requested during the Grantor's lifetime. |
| 5 | Minor Beneficiaries | Requires shares for beneficiaries under a specified age to be held in trust for their support, welfare, and education. |
| 6 | Rule Against Perpetuities | Terminates all trusts no later than 21 years after the death of the last named beneficiary. |
| 7 | Right to Revoke or Amend | Grants the Grantor the power to revoke or amend the agreement through a signed instrument delivered to the trustee. |
| 9 | Governing Law | Fixes the administration of the trust in India and subjects its validity to Indian law. |
Who it's for
- an individual in India transferring property to trustees for lifetime management
- a property owner providing for asset distribution to minor beneficiaries
- a grantor requiring the power to revoke a trust after its creation
How long it runs and how it's signed
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