### **Texas Trust Agreement**
**This Trust Agreement** is made and entered into as of [Date], by and
between [Your Full Name], hereinafter referred to as the “Grantor,” and
[Family Member’s Full Name], hereinafter referred to as the “Trustee,” who
agree as follows:
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### **Article I: Trust Name and Declaration**
This Trust shall be known as the **[Name of the Trust, e.g., "Amaya
Children's Living Trust"]**.
The Grantor, desiring to provide for the welfare of the beneficiaries, hereby
transfers all rights and interests in the proceeds of the life insurance policy
issued by [Insurance Company Name] under Policy Number [Policy Number],
as well as any other contributions made by the Grantor to the Trust, to be
held, managed, and distributed by the Trustee according to the terms of this
Trust Agreement.
---
### **Article II: Purpose of the Trust**
The primary purpose of this Trust is to ensure the financial well-being of the
Beneficiaries, [Full Name of First Child, Age 8] and [Full Name of Second
Child, Age 13] (hereinafter collectively referred to as the “Beneficiaries”). The
Trust is established to:
1. Pay for the Beneficiaries’ reasonable needs, including but not limited to:
- Food and living expenses
- Educational costs (e.g., tuition, books, school activities)
- Healthcare and medical insurance
- Travel and extracurricular activities
2. Preserve the assets of the Trust and invest them prudently for the
Beneficiaries’ benefit.
---
### **Article III: Trustee’s Authority and Duties**
The Trustee shall have the following powers and responsibilities:
1. **Management of Assets**: Receive, hold, invest, and manage the Trust
assets, including the life insurance proceeds.
2. **Disbursement**: Make distributions as necessary to provide for the
Beneficiaries’ needs and general welfare, as outlined in Article II.
3. **Accounting**: Maintain accurate records of all Trust transactions and
provide an annual accounting to the Grantor (if alive) or the Beneficiaries'
legal guardian.
4. **Discretion**: Use reasonable discretion in managing and distributing
funds to ensure that the Trust’s purpose is fulfilled.
---
### **Article IV: Distributions**
1. The Trustee shall make distributions for the Beneficiaries’ needs until each
Beneficiary reaches the age of **21 years**.
2. Upon reaching the age of **21**, each Beneficiary shall receive their
remaining portion of the Trust assets outright, and their interest in the Trust
shall terminate.
3. If both Beneficiaries reach the age of 21 and Trust assets remain after
distributions, those assets shall be divided equally between them.
---
### **Article V: Successor Trustee**
1. In the event the named Trustee is unable or unwilling to serve, [Name of
Successor Trustee] shall serve as Successor Trustee.
2. If no named successor is available, a qualified trustee may be appointed
according to the procedures outlined in Texas trust law.
---
### **Article VI: Spendthrift Provision**
The Beneficiaries shall not have the power to assign, transfer, or encumber
their interests in the Trust prior to receiving distributions. Trust assets shall
not be subject to claims by creditors of the Beneficiaries.
---
### **Article VII: Termination of Trust**
This Trust shall terminate when all assets have been distributed according to
the terms of this Trust Agreement, or when the youngest Beneficiary reaches
the age of **21 years**, whichever occurs later.
---
### **Article VIII: Governing Law**
This Trust Agreement shall be governed by and construed in accordance with
the laws of the State of Texas.
---
**IN WITNESS WHEREOF**, the Grantor and Trustee have executed this Trust
Agreement as of the date first written above.
---
### **Signatures**
**Grantor:** [Your Full Name]
**Date:** _____________________
**Trustee:** [Family Member's Full Name]
**Date:** _____________________
---
