Hi all,
The following provision would leave the documentation of a revocable
trust until such a trust is needed to accommodate the active
participation of the agent as trustee to manage the principal's
property.
14. Creation and amendment of revocable trust. My agent is authorized
to create, amend, revoke and terminate a revocable trust for my
benefit with or without my agent as initial trustee; upon such
provisions as my agent considers appropriate, from time to time, for
the administration of the revocable trust, protection of its trustee
and agents, and to carry out the purposes of the trust which are: (i)
provision of personal and family maintenance and gifts to the same
extent and subject to the same limitations that my agent has with
respect to personal and family maintenance and gifts under this power
of attorney and the Uniform Power of Attorney Act; (ii) payment of my
debts and those of the revocable trust upon my death and otherwise
winding up my affairs and those of the revocable trust; (iii)
satisfaction of the gifts made under my will, including any gifts made
by memorandum as authorized in my will, to the extent that such gifts
are not otherwise satisfied by my personal representative, if one is
appointed, or by my successors; and (iv) provision for the
beneficiaries of my residuary estate under my will in the same amounts
and proportions and subject to the same estates, trusts, powers,
conditions, and other provisions as apply to the disposition of my
residuary estate under my will. For the purposes of this paragraph 14
my will refers to the instruments that would constitute my will if I
died at the time the revocable trust is created.
Any suggestions or comments to the draft provision can be made by
replying to this post.
Thanks,
John
John DeBruyn