REVOCABLE LIVING TRUST AGREEMENT

(West Virginia – Governed by W. Va. Code § 44D-1-101 et seq.)

TABLE OF CONTENTS

1. Document Header
2. Definitions
3. Operative Provisions
4. Representations & Warranties
5. Covenants & Restrictions
6. Default & Remedies
7. Risk Allocation
8. Dispute Resolution
9. General Provisions
10. Execution Block
11. Schedule A – Initial Trust Assets

[// GUIDANCE: Update page numbers if a final, paginated version is prepared.]

1. DOCUMENT HEADER

1.1 Parties.
This Revocable Living Trust Agreement (this “Agreement”) is made and entered into effective as of [EFFECTIVE DATE] (the “Effective Date”) by and between:

• [SETTLOR FULL LEGAL NAME], residing at [ADDRESS], hereinafter the “Settlor”; and
• [TRUSTEE FULL LEGAL NAME], whose principal address is [ADDRESS], hereinafter the “Trustee.”

(Each, a “Party” and collectively, the “Parties.”)

1.2 Recitals.
A. Settlor desires to create a revocable inter-vivos trust under West Virginia law and to transfer certain property to Trustee for the benefit of the persons identified herein.
B. Trustee is willing to accept such property and to hold, manage, and distribute it in accordance with this Agreement.
C. This Trust is intended to qualify as a “revocable trust” within the meaning of W. Va. Code § 44D-6-602 (2023) and related provisions of the West Virginia Uniform Trust Code (the “WV-UTC”).

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Settlor and Trustee agree as follows.

2. DEFINITIONS

For purposes of this Agreement, the following capitalized terms have the meanings set forth below. Terms not defined herein shall have the meanings assigned by the WV-UTC.

“Accounting Period” – The calendar year unless Trustee elects a fiscal year consistent with applicable tax law.

“Beneficiary” – Each person or entity listed in Section 3.6 or otherwise entitled to a distribution of Trust Assets.

“Disability” – Settlor’s inability to manage property or financial affairs, certified in writing by two licensed physicians.

“Trust” – The revocable living trust created by this Agreement, known as the “[SETTLOR] REVOCABLE LIVING TRUST.”

“Trust Assets” – All property transferred to Trustee, together with all income, proceeds, substitutions, and additions, as more fully described on Schedule A, as amended from time to time.

“WV-UTC” – The West Virginia Uniform Trust Code, W. Va. Code § 44D-1-101 et seq.

[// GUIDANCE: Add or remove defined terms to suit specific drafting needs; ensure internal consistency.]

3. OPERATIVE PROVISIONS

3.1 Creation and Funding.

(a) Settlor hereby transfers, assigns, and delivers to Trustee the property listed on Schedule A.
(b) Additional assets may be transferred to Trustee at any time by Settlor or any other person with Trustee’s consent. Title shall vest in Trustee as “Trustee of the [SETTLOR] Revocable Living Trust dated [EFFECTIVE DATE].”

[// GUIDANCE: Use separate deeds, assignments, or beneficiary designations for real property, securities, insurance, and retirement accounts to ensure proper funding.]

3.2 Revocation and Amendment.

During Settlor’s lifetime, Settlor may revoke or amend this Agreement, in whole or in part, by a writing delivered to Trustee. If multiple Settlors, revocation or amendment shall comply with WV-UTC § 44D-6-602(b).

3.3 Settlor’s Rights During Lifetime.

Settlor shall retain (i) the unrestricted right to use, occupy, and enjoy all Trust Assets; (ii) the power to direct Trustee regarding investments or distributions; and (iii) all voting rights associated with any securities held in trust.

3.4 Distributions During Settlor’s Incapacity.

Upon Settlor’s Disability, Trustee shall apply so much of the net income and principal as Trustee deems necessary for Settlor’s health, education, maintenance, and support (“HEMS Standard”). Any remaining income may be accumulated or added to principal.

3.5 Distributions Upon Settlor’s Death.

(a) Upon Settlor’s death, this Trust shall become irrevocable.
(b) Trustee shall pay (i) Settlor’s legally enforceable debts, (ii) funeral expenses, and (iii) expenses of estate administration and taxes from Trust Assets, to the extent not paid by Settlor’s probate estate.
(c) After satisfaction of subsection (b), Trustee shall distribute Trust Assets in accordance with Section 3.6.

3.6 Beneficiary Allocation.

[PLACEHOLDER: Insert dispositive scheme, e.g., outright distributions, continuing trusts for descendants, charitable gifts, etc.]

3.7 Trustee Powers.

Trustee shall have all powers granted by the WV-UTC §§ 44D-8-801 through 816 and 44-A-3-3, including, without limitation, the power to:
a. Invest and reinvest Trust Assets;
b. Sell, exchange, lease, or mortgage Trust Assets;
c. Loan money to or borrow money from the Trust upon commercially reasonable terms;
d. Allocate receipts and disbursements between income and principal;
e. Employ professionals and delegate authority as permitted by law.

[// GUIDANCE: Consider tailoring or limiting these powers to fit the Settlor’s investment philosophy or family dynamics.]

3.8 Successor Trustee.

(a) If the initial Trustee ceases to serve, the following shall serve as successor trustee in the order named:
1. [NAME OF FIRST SUCCESSOR];
2. [NAME OF SECOND SUCCESSOR].
(b) A successor Trustee shall assume office upon acceptance evidenced by a signed written instrument.
(c) If no named successor is willing or able to serve, a successor may be appointed by a majority of the adult Beneficiaries or, failing such appointment, by the [COUNTY] Probate Court.

3.9 Trustee Compensation.

Trustee is entitled to reasonable compensation in accordance with W. Va. Code § 44D-7-708 and reimbursement of properly incurred expenses.

3.10 Accounting and Reports.

Trustee shall provide an annual written accounting to Settlor (if living) and, after Settlor’s death, to current Beneficiaries and any court having jurisdiction.

4. REPRESENTATIONS & WARRANTIES

4.1 Settlor represents and warrants:
a. Settlor owns the property described in Schedule A free of liens (except as disclosed).
b. Settlor has full authority to transfer such property to the Trust.
c. Execution of this Agreement does not violate any contract or court order binding on Settlor.

4.2 Trustee represents and warrants:
a. Trustee has full legal capacity to act and is not disqualified under W. Va. Code § 44D-7-707.
b. Trustee will administer the Trust in good faith, in accordance with its terms and applicable law.

All representations and warranties shall survive execution of this Agreement.

5. COVENANTS & RESTRICTIONS

5.1 Affirmative Covenants of Trustee.
Trustee shall:
(i) Administer the Trust solely in the interests of the Beneficiaries;
(ii) Act with prudence and reasonable care;
(iii) Keep Trust property separate from Trustee’s own property;
(iv) Maintain accurate records.

5.2 Negative Covenants of Trustee.
Trustee shall not:
(i) Engage in self-dealing unless expressly authorized herein or by court order;
(ii) Make speculative investments inconsistent with the prudent investor rule (W. Va. Code § 44D-9-901 et seq.);
(iii) Assign Trustee’s duties without compliance with Section 9.2.

5.3 Notice & Cure.
In the event of an alleged breach, any interested person shall deliver written notice to Trustee describing the breach in reasonable detail. Trustee shall have thirty (30) days to cure before remedies in Section 6 may be invoked.

6. DEFAULT & REMEDIES

6.1 Events of Default.
The following constitute an “Event of Default”:
a. Breach of fiduciary duty;
b. Failure to timely account;
c. Conviction of Trustee of a crime involving dishonesty or breach of trust;
d. Incapacity or resignation without qualified successor.

6.2 Remedies.
Upon an Event of Default and after expiration of any cure period:
a. Removal of Trustee and appointment of a successor;
b. Surcharge against Trustee personally for losses caused by the breach;
c. Specific performance or injunctive relief to enforce Trust terms;
d. Recovery of attorneys’ fees and costs incurred by the Trust.

6.3 Attorneys’ Fees.
A prevailing party in any proceeding to enforce this Agreement shall be entitled to reasonable attorneys’ fees, payable from Trust Assets except as provided in Section 6.2(b).

7. RISK ALLOCATION

7.1 Indemnification of Trustee.

To the fullest extent permitted by law, Trustee and each successor Trustee shall be indemnified and held harmless from the Trust Assets against any liability, claim, or expense (including reasonable attorneys’ fees) except for losses resulting from Trustee’s intentional misconduct, gross negligence, or bad faith.

7.2 Limitation of Liability.

Trustee’s liability shall be limited solely to the Trust Assets; no Trustee shall have personal liability for any claim arising out of administration of the Trust, absent intentional misconduct, gross negligence, or bad faith.

7.3 Insurance.

Trustee may purchase and maintain fiduciary liability insurance, the premiums of which shall be paid from Trust Assets.

7.4 Force Majeure.

Trustee shall not be liable for delays or failure to perform caused by events beyond Trustee’s reasonable control (including natural disasters, war, pandemics, or changes in law).

8. DISPUTE RESOLUTION

8.1 Governing Law.
This Agreement and the Trust shall be governed by and construed in accordance with the laws of the State of West Virginia, without regard to conflict-of-laws principles.

8.2 Forum Selection.
Exclusive venue for any judicial proceeding relating to this Trust shall be the Probate Division of the Circuit Court of [COUNTY], West Virginia.

8.3 Optional Arbitration.
[OPTION A – INCLUDE] Any dispute not resolved informally shall be submitted to binding arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules, with the arbitrator empowered to grant injunctive relief consistent with Section 6.2(c). Judgment on the award may be entered in any court of competent jurisdiction.
[OPTION B – OMIT] <>