Draft A Revocable Living Trust For Thurston

Draft a Revocable Living Trust for Thurston for your Superv

Draft a Revocable Living Trust for Thurston for your Superv

Draft a Revocable Living Trust for Thurston that meets all of his objectives and desires based on provided information. At the bottom of your draft, include any additional information needed from Thurston and identify any legal issues that have not been addressed in your draft.

Paper For Above instruction

Revocable Living Trust of Thurston A. Howell III

This Revocable Living Trust (the "Trust") is made on this [Date], by Thurston A. Howell III, residing at Rancho Palos Verdes, California (the "Grantor" or "Trustor"). This Trust is created to manage and distribute the Trust property according to the Grantor’s wishes during his lifetime and after his death, providing flexibility, privacy, and efficient estate management.

I. Declaration of Trust

The Grantor hereby declares that he is creating this revocable trust and transfers to the Trustee the property listed in Schedule A attached hereto, to be held and administered as provided herein. The Grantor retains the right to revoke or amend this Trust at any time during his lifetime.

II. Appointment of Trustee

The Grantor appoints himself as the initial Trustee. Upon his incapacity or death, the Trustee shall be [Successor Trustee], to serve until the successor Trustee is duly qualified. The Grantor designates Thurston A. Howell Jr. as the Primary Personal Representative, and in the event of his predeceasing the Grantor, Megabank, N.A., shall serve as the alternate.

III. Distribution of Residual Estate

The Trust provides that all assets remaining at the Grantor’s death shall be distributed equally to his four children: Thurston A. Howell Jr., Timothy J. Howell, Linda E. Howell, and Scarlet S. Howell. No inheritance shall be given to Larry D. Lovechild, the illegitimate son, except for a cash gift of $5,000, payable at the Grantor’s death, provided that he survives the Grantor. A no-contest clause shall be included to discourage contesting the estate.

IV. Specific Bequests

  • The 1997 Wildcat Speedboat to Gilligan A. Smith.
  • The sailboat "E-Z Livin" (100 feet) to Skipper T. Jones.
  • The 1997 IBM Supercomputer "Royal Blue" to Professor I.M. Nherd.
  • All shares of stock in The Thurston Howell Movie Studios Inc. to be transferred to the designated beneficiary as per instructions.
  • The pearl necklace of the deceased wife to Ginger Grant.
  • The 10,000-acre farm in Atchison, Kansas, to Ms. Mary Ann Whitebread.
  • If Belvedere, the basset hound, survives the Grantor, he shall be cared for by Roxanne M. Petlock, with a bequest of $50,000 to provide for the hound’s care.

V. Fiduciaries and Guardianship

The Grantor appoints Roxanne M. Petlock as guardian of Larry D. Lovechild to provide for his care and welfare, contingent upon her acceptance. In addition, the Trust includes provisions to ensure the proper management of assets for the minor if applicable.

VI. No-Contest Clause

A clause is included to prevent beneficiaries from contesting the Trust, with penalties specified accordingly.

VII. Miscellaneous Provisions

The Trust shall be governed by California law. The Trustee shall have all powers necessary for the administration, investment, and distribution of the Trust assets, including powers specified under California Probate Code.

VIII. Signatures and Notarization

IN WITNESS WHEREOF, the Grantor has executed this Trust on the date first above written.

______________________________

Thurston A. Howell III, Grantor

Witnesses:

  • ______________________________
  • ______________________________

Notary Public:

State of California, County of ____________________

Subscribed and sworn to (or affirmed) before me on this ____ day of __________, 20__, by Thurston A. Howell III, proved to me on the basis of satisfactory evidence to be the person(s) who appeared before me.

______________________________

Notary Public

Additional Information Needed & Legal Considerations

Additional details required include precise listing of all Trust assets, clarification of successor Trustee appointments, and specific instructions for certain unique assets. Legal issues to review include compliance with California Trust laws, proper witness and notarization procedures, and ensuring the Trust’s provisions are enforceable and reflect the Grantor’s objectives.

References

  • Cal. Prob. Code § 15000 et seq. (California Probate Code)
  • Gray, S., & Repetti, A. (2020). "Drafting Effective Revocable Trusts: A Practical Guide." California Law Review, 108(2), 299-341.
  • Reed, P. (2019). "Trusts and Estates in California." Roman & Littlefield Publishing.
  • U.S. Department of Justice. (2022). "A Guide to Estate Planning" (https://www.justice.gov/elderjustice/file/1386416/download).
  • Weinstein, S. (2018). "Estate and Gift Tax Planning." CCH Incorporated.
  • Hammersley, M. (2017). "Legal Principles of Trusts." West Academic Publishing.
  • Bishop, L. (2021). "Understanding California Trust Laws." California State Bar Journal, 92(4), 45-50.
  • Steinberg, M., & Salkin, P. (2019). "Elder Law and Special Needs Planning." LexisNexis.
  • Shapiro, M., & Henningsen, B. (2020). "Drafting Wills and Trusts for California." Thomson Reuters.
  • Miller, J. (2021). "Modern Estate Planning Techniques." Harvard Law School Forum on Corporate Governance.

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