Digital Assets Trust Agreement - Template, Sample Form Pro · US-law
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DIGITAL ASSETS TRUST AGREEMENT OF ________
State of ________
This Revocable Digital Assets Trust Agreement (the “Agreement”) is made and entered into as of ________, by and between ________ (the “Grantor”), residing at ________, and ________ (the “Trustee”), residing at ________.
RECITALS. The Grantor desires to create a revocable trust to receive, hold, and administer the Grantor’s digital assets, as that term is defined under the Revised Uniform Fiduciary Access to Digital Assets Act (“RUFADAA”) as adopted in the State of ________, for the benefit of the Grantor during the Grantor’s lifetime and for the benefit of the Grantor’s beneficiaries upon the Grantor’s death. In consideration of the mutual covenants and promises set forth in this Agreement, and for other good and valuable consideration, the Grantor and the Trustee agree as follows:
§ I. TITLE.
1. This trust shall be known as the “Digital Assets Trust of ________” (the “Trust”). The digital assets and affairs of the Trust may be held and conducted in the name of the Trustee and, to the extent otherwise permitted herein, also in the name of a nominee.
§ II. DEFINITION OF DIGITAL ASSETS.
3. The Grantor hereby authorizes and directs the Trustee, and any successor Trustee, to access, use, control, manage, transfer, and dispose of the Grantor’s digital assets, including the content of electronic communications, to the fullest extent permitted under RUFADAA, the federal Stored Communications Act (18 U.S.C. §§ 2701–2712), the Computer Fraud and Abuse Act (18 U.S.C. § 1030), and any applicable terms-of-service agreements. This Agreement constitutes the Grantor’s lawful consent under such laws for the disclosure to the Trustee of the content of electronic communications and any other digital assets.
§ III. PURPOSE.
4. The purpose of this Agreement is to create a revocable trust that will receive and manage the Grantor’s digital assets for the benefit of the Grantor during the Grantor’s lifetime, and to thereafter manage and distribute the digital assets of the Trust upon the death of the Grantor.
§ IV. FUNDING OF TRUST.
5. The Grantor has transferred, assigned, conveyed, and delivered, and/or will transfer, assign, convey, and deliver, to the Trustee the property described in Schedule A attached hereto and made a part hereof; and said property, together with any and all other property which may hereafter be assigned, conveyed, and delivered to the Trustee by the Grantor or another person as hereinafter provided, is intended to constitute the trust estate and to be held by the Trustee in trust for the uses and purposes and subject to the terms and conditions hereinafter set forth.
6. The Grantor, or any other person, with the consent of the Trustee, may at any time or from time to time deed, grant, devise, bequeath, gift, or otherwise cause additional property to be transferred to and administered as part of the trust estate created hereunder. Any such transfer may be evidenced by the receipt of the Trustee, and each such receipt shall be conclusive evidence of the consent of the Trustee to the transfer thereof.
§ V. MANAGEMENT OF TRUST ASSETS.
7. The Trustee shall manage and distribute the trust assets for the benefit of the Grantor and the Grantor’s successor(s) in interest in accordance with the terms of this Agreement and the applicable provisions of the Uniform Trust Code as adopted in the State of ________.
§ VI. TRUSTEE AND SUCCESSOR TRUSTEE PROVISIONS.
8. If at any time the Grantor serves as Trustee, the Grantor may appoint a successor Trustee, to become effective immediately or upon any stated contingency, by making such designation in writing. Such designee shall become the successor Trustee upon written acceptance of the terms and conditions of this Agreement.
9. If at any time a Trustee is unable or unwilling to serve, ________ is designated as the successor Trustee, to serve without bond.
10. Any Trustee may resign by giving written notice to the beneficiaries to whom income is then being distributed under the provisions of this Agreement. Such resignation shall take effect on the date specified in the notice, but no earlier than thirty (30) days after the date of delivery of such written resignation, unless an earlier effective date is agreed upon by the income beneficiaries.
12. The Trustee shall provide an accounting to the beneficiary or beneficiaries no less frequently than: ________. Such accounting shall be due on ________ of each year.
13. No bond shall be required of any Trustee.
14. The Trustee shall be entitled to reasonable compensation for services rendered in the administration of the Trust, payable from the trust estate, together with reimbursement for reasonable expenses incurred in the performance of the Trustee’s duties.
§ VII. PAYMENTS DURING THE GRANTOR’S LIFETIME.
15. During the Grantor’s lifetime, the Trustee shall pay all of the net income of this Trust, and also such sums from the principal as the Grantor may request, to or for the benefit of the Grantor, or as the Grantor may designate.
16. Such payments shall be made at least annually on ________ of each year.
17. The Grantor may change the amount of such payments at any time by providing written notice to the Trustee.
18. Any excess income not distributed at the Grantor’s death shall be added to the principal at the discretion of the Trustee.
19. During any period that the Grantor has a “disability,” the Trustee may pay to or for the benefit of the Grantor such amounts of income and principal as the Trustee, in the Trustee’s sole discretion, reasonably believes to be required for (1) the Grantor’s support, comfort, and welfare, (2) the Grantor’s accustomed manner of living, or (3) any purpose that the Trustee believes to be in the best interest of the Grantor.
20. In the event of illness or other disability of the Grantor, the Trustee may, in lieu of making payment of such income directly to the Grantor, use and apply for the benefit of the Grantor so much of such income, and also the principal of the trust estate, for the proper care, comfort, medical care, maintenance, and support of the Grantor. The Trustee, in such discretion, may pay over to any relative or legal guardian of the Grantor all or any portion of such income or principal for any of said purposes in lieu of using and applying said funds directly for the benefit of the Grantor.
21. For purposes of this Trust, “disability” shall mean a legal disability or the inability to provide prompt and intelligent thought to financial matters by reason of illness or mental or physical disability. The determination of whether the Grantor has a disability under this definition shall be made by the Grantor’s most recent attending physician. The Trustee shall be entitled to rely on written notice of such a determination.
§ VIII. TRUST DISTRIBUTION AFTER GRANTOR’S DEATH.
22. To receive a specific distribution under this Trust, a beneficiary must survive the Grantor by thirty (30) days. Any item that fails to pass through a specific gift named herein shall return to the residue of the Grantor’s Trust. All property given under this Agreement is subject to any encumbrances or liens attached to the property.
23. The Grantor’s specific distributions are the following:
________
24. To receive any property or gifts under this Agreement, a beneficiary must survive the Grantor by thirty (30) days. Beneficiaries of the Grantor’s Trust residue will share in all of the Grantor’s property and digital assets that have not been bequeathed via specific gifts or are otherwise required for the repayment of debts owed, including but not limited to burial or funeral expenses, expenses associated with administering this Trust, payment of taxes, or any other expenses associated with administration of the Grantor’s Trust. All property distributed under this Agreement is subject to any encumbrances or liens attached to the property.
25. The Trustee shall distribute the residue of the Grantor’s Trust in the following manner (“Share Allocations”):
The residue of the Grantor’s Trust shall be distributed to any of the Grantor’s currently living or future children alive at the time of the Grantor’s death, in equal shares. If a child of the Grantor does not survive the Grantor, such deceased child’s share shall be distributed in equal shares to the children of such deceased child who survive the Grantor, by right of representation. If a child of the Grantor does not survive the Grantor and has no children who survive the Grantor, such deceased child’s share shall be distributed in equal shares to the Grantor’s other children, if any, or to their respective children by right of representation. If no child of the Grantor survives the Grantor, and if none of the Grantor’s deceased children are survived by any children, the residue of the Grantor’s Trust shall be distributed to the following alternate beneficiary: ________. If no above-named beneficiary survives the Grantor, the residue of the Grantor’s Trust shall be distributed to the Grantor’s heirs-at-law, their identities and respective shares to be determined by the intestacy laws of the State of ________.
§ IX. GENERAL TRUST PROVISIONS.
26. The expression “the Grantor’s Trustee” used throughout this Agreement includes both the singular and plural, and the masculine, feminine, and neuter gender, as appropriate and required by context.
27. To carry out the terms of the Grantor’s Trust, the Trustee shall have the following powers, to be used in the Trustee’s well-considered discretion at any time in the management of any trust created hereunder, namely:
a. To receive, hold, maintain, administer, collect, invest, and re-invest the trust assets, and to collect and apply the income, profits, and principal of the Trust in accordance with the terms of this Agreement;
b. To receive additional digital assets and other property from any source, including assets received under the Will of the Grantor or any other individual;
c. To access, control, store, transfer, sell, exchange, secure, and otherwise manage and dispose of the Grantor’s digital assets, including the use of private keys, passwords, and other access credentials, and to take all actions necessary to maintain custody and security of such digital assets;
d. To make expenditures as necessary to carry out the intent and purpose of the Trust;
e. Subject to the Grantor’s direction to the contrary, to sell, call in, and convert into money any trust property that the Trustee, in the Trustee’s best judgment, deems advisable;
f. Subject to the Grantor’s direction to the contrary, to mortgage trust property where the Trustee considers it prudent and advisable to do so;
g. Subject to the Grantor’s direction to the contrary, to borrow money when the Trustee considers it advisable to do so;
h. Subject to the Grantor’s direction to the contrary, to lend money to a trust beneficiary if the Trustee considers it to be in the beneficiary’s best interest to do so;
i. To make expenditures for the purpose of improving, repairing, or maintaining any property;
j. To exercise all rights and options of an owner of any securities or digital assets held in trust;
k. To lease trust property, including real estate, without limit as to term;
l. To make investments the Trustee considers prudent and advisable, in accordance with the prudent investor rule, without being limited to those investments authorized by law for trustees;
m. To receive additional property from any source and in any form of ownership;
n. To employ any third person or persons to conduct any business or perform any action related to the Trust, including the receipt and payment of money, without being liable for loss incurred in the absence of fraud or bad faith;
o. To settle, waive, or pursue any claims at any time due to or by the Trust to the extent that the Trustee considers this to be in the best interest of the trust beneficiaries, and to make agreements with any third party or corporation in respect thereof, which shall be binding upon such beneficiaries;
p. To pay the Trustee reasonable compensation out of the trust assets for the management of the Trust; and
q. To employ and rely upon the advice and counsel of any attorney, accountant, investment advisor, money manager, digital asset custodian, or other qualified professional to assist the Trustee in the administration of this Trust, and to compensate them from the trust assets.
28. The powers granted to the Trustee herein are in addition to any powers and elective rights granted to the Trustee by state or federal law or statute or by any other provision of this Agreement, and may be exercised as often as required and without approval by any court.
29. Subject to the terms of this Agreement, the Trustee shall not be held liable for any loss to the estate or to any beneficiary resulting from the Trustee’s good-faith efforts to manage the Trust and to exercise any discretion given to the Trustee under this Agreement.
30. This Trust shall be administered as independently of court supervision as possible under the laws of the State of ________, which shall have jurisdiction over the Trust.
§ X. AMENDMENT AND REVOCATION.
31. During the Grantor’s lifetime, the Grantor reserves the right to amend, modify, or revoke this Agreement in whole or in part, including the right to withdraw all or any part of the trust property, by an instrument in writing signed by the Grantor and delivered to the Trustee. Upon revocation of this Agreement in its entirety, the Trustee shall promptly deliver and convey to the Grantor all of the trust property. This Agreement shall become irrevocable upon the death of the Grantor.
§ XI. PAYMENT OF EXPENSES AND TAXES UPON GRANTOR’S DEATH.
32. Upon the death of the Grantor, the Trustee shall pay out of the trust estate the expenses of the Grantor’s last illness, funeral, and burial, including the costs of any memorial or monument, and the expenses of the administration of the Grantor’s estate and of this Trust.
33. The Trustee shall also pay any and all estate, inheritance, succession, and other death taxes, together with any interest and penalties thereon, that become due by reason of the Grantor’s death, whether attributable to property passing under this Agreement or otherwise, without apportionment and without the right of reimbursement from any beneficiary or other person, except as may otherwise be required by applicable law.
§ XII. GOVERNING LAW.
34. This Agreement shall be governed by, and construed in accordance with, the laws of the State of ________, without regard to its conflict-of-laws principles.
§ XIII. RULE AGAINST PERPETUITIES.
35. Notwithstanding any other provision of this Agreement to the contrary, the trust created by this Agreement shall terminate no later than twenty-one (21) years after the death of the last surviving beneficiary of this Agreement who is living at the time of the death of the Grantor, at the end of which time distribution of all principal and all accrued, accumulated, and undistributed income shall be made to the persons then entitled to such distributions, in the manner and proportions herein stated, free of trust.
§ XIV. SPENDTHRIFT PROVISION.
36. To the maximum extent permitted by law, no beneficiary of this Trust shall have the power to anticipate, encumber, assign, sell, transfer, or hypothecate any interest in the income or principal of the Trust, and no such interest shall be subject to the claims of any creditor of a beneficiary or to legal process prior to actual receipt by the beneficiary.
§ XV. SEVERABILITY.
37. If any portion of this Agreement is held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
§ XVI. MISCELLANEOUS PROVISIONS.
38. The titles at the heads of the paragraphs of this Trust are inserted for reference purposes only and are not to be considered as forming a part of this Trust in interpreting its provisions. All words used in this Trust in any gender shall extend to and include all genders, and any singular words shall include the plural and vice versa. Any pronouns shall be taken to refer to the person or persons intended regardless of gender or number.
39. For the purposes of determining the appropriate distributions under this Trust, no person or organization shall be deemed to have survived the Grantor unless such person or entity is also surviving or in existence on the thirtieth (30th) day after the date of the Grantor’s death.
40. No fiduciary who is a natural person shall, in the absence of fraudulent conduct or bad faith, be liable individually to any beneficiary of the Grantor’s trust estate, and the Grantor’s trust estate shall indemnify such natural person from any and all claims or expenses in connection with or arising out of that fiduciary’s good-faith actions or non-actions, except for such actions or non-actions which constitute fraudulent conduct or bad faith. No successor Trustee shall be obliged to inquire into or be in any way accountable for the previous administration of the trust property.
41. The name of the Grantor’s child is ________.
42. The term “child” or “children” as used in this Agreement includes the above-listed child and any children born to the Grantor or legally adopted by the Grantor after the Grantor has signed this Agreement.
43. If the value of the Trust is insufficient to fulfill all of the bequests described in this Agreement, the Trustee shall decrease each bequest by a proportionate amount according to the Trustee’s discretion and best judgment.
44. If any beneficiary named in this Agreement contests in court any of the provisions of this Trust, then each and all such persons shall not be entitled to any devises, legacies, bequests, or benefits under this Trust, and such interest or share in the trust estate shall be disposed of as if that contesting beneficiary had not survived the Grantor, to the maximum extent permitted by applicable law.
SIGNATURES
IN WITNESS WHEREOF, I have signed my name on this ________ day of the month of ________ of the year ________, in the City of ________, the State of ________, declaring and publishing this instrument as my Digital Assets Trust, in the presence of the undersigned witnesses, who witnessed and subscribed this my Digital Assets Trust at my request and in my presence. I attest that I have signed this instrument willingly (or willingly directed another to sign on my behalf), that I execute it as my free and voluntary act for the purposes expressed in the Digital Assets Trust, and that I am eighteen (18) years of age or older, of sound mind, and under no constraint or undue influence.
______________________________________
________, Grantor
IN WITNESS WHEREOF, I have signed my name on this ________ day of the month of ________ of the year ________, in the City of ________, the State of ________, acknowledging and accepting my appointment as the Trustee in this Digital Assets Trust, in the presence of the undersigned witnesses, who witnessed and subscribed this Digital Assets Trust at the Grantor’s request and in the Grantor’s presence. I attest that I have signed this instrument willingly (or willingly directed another to sign on my behalf), that I execute it as my free and voluntary act for the purposes expressed in the Digital Assets Trust, and that I am eighteen (18) years of age or older, of sound mind, and under no constraint or undue influence.
______________________________________
________, Trustee
SIGNED AND DECLARED by ________ on this ________ day of the month of ________ of the year ________ to be their Digital Assets Trust, in our presence, in the City of ________, the State of ________, who at their request, in their presence, and in the presence of each other, all being present at the same time, have signed our names as witnesses. We do hereby attest that the Grantor signs this instrument willingly (or willingly directs another to sign for the Grantor), and that each of us, in the presence and hearing of the Grantor, hereby signs this Digital Assets Trust as witness to the Grantor’s signing, and that to the best of our knowledge the Grantor is eighteen (18) years of age or older, of sound mind, and under no constraint or undue influence.
___________________________
Witness #1 Signature
___________________________
Witness #1 Printed Name
___________________________
Witness #1 Street Address
___________________________
Witness #1 City, State
___________________________
Witness #2 Signature
___________________________
Witness #2 Printed Name
___________________________
Witness #2 Street Address
___________________________
Witness #2 City, State
NOTARY ACKNOWLEDGMENT
STATE OF ________
COUNTY OF ________
Subscribed, sworn to, and acknowledged before me by ________, the Grantor, and subscribed and sworn to before me by ________ and ________, witnesses, this ________ day of ________, 20________.
(seal)
(signed)___________________________
Printed Name: ________
Notary Public, State of ________
My Commission Expires: ________
SCHEDULE A
List of Digital Assets to be Held in the Trust
The Grantor has transferred, assigned, conveyed, and delivered to the Trustee the following digital assets to be held, managed, and distributed under the terms of this Digital Assets Trust as described above:
________
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