DECLARATION OF TRUST
This DECLARATION OF TRUST made and signed this ____ day of ________, 2012, in the City of Manila, Philippines, by and between _______________________, hereafter called the TRUSTOR, of age, married, and residing at ___________, _____________, and ________________ hereafter called the TRUSTEE, a domestic corporation duly organized to act as trustee, WITNESSETH: FIRST, The TRUSTOR hereby assigns transfers and sets over unto the TRUSTEE, its lawful successors and assigns, all the following described securities, life insurance policies, and other property, real and personal, all of which are hereby designated as “__________________ _______ “__________________ _______ Trust Fund”: (Specific description of all properties assigned, together with their approximate values) TO HAVE AND TO HOLD, unto the TRUSTEE, its lawful successors and assigns, in trust, and for the use and benefit of the following BENEFICIARIES: (Name the beneficiaries of the trust) SECOND. The TRUSTEE shall have the following duties and powers: 1. To collect and apply the income from said fund for the benefit of the above-named beneficiaries; 2. To hold said insurance policies without any obligation of any nature in respect thereto other than the safekeeping thereof during the life of the TRUSTOR and upon receipt of the proof of his death, or that any of said policies shall have matured, to use its best efforts to collect and receive any and all sums of money payable thereunder and when so collected and received to hold and invest said sums of money as a trust fund or add the same to any trust fund already existing hereunder, for the benefit of the aforesaid beneficiaries; 3. To apply the income from said trust fund quarterly or oftener as in its absolute and uncontrolled discretion may deem advisable, for the proper care, support and education of the beneficiaries in equal portions; 4. To receive any other property, real or personal, devised, bequeathed, assigned, granted or conveyed to it by the TRUSTOR, or by any other person, for the purposes of the Trust hereby created, and all such property shall be held by the TRUSTEE subject to the terms of this Trust, as if it or they had been included in the description of the property hereby transferred to the TRUSTEE. Any sum of money or other property so received shall immediately constitute a trust fund, or be added thereto, to be held, invested and managed, and payments therefrom made, in accordance with the purposes of this Trust. 5. To have full power and authority, in its absolute and uncontrolled uncontrolled discretion, to improve, sell, lease, mortgage or exchange, the whole or any part of such property, whether real or personal, upon such terms and conditions as may to it seem and advisable, and to invest and reinvest any of the trust funds held hereunder, in such amounts as it may see fit, in such
property, real or personal, as it may, in its absolute and uncontrolled discretion, deem advisable;
THIRD. This Trusteeship is irrevocable by the Trustor: Provided, however, that after his death, this TRUSTEESHIP may be terminated by the unanimous consent of the BENEFICIARIES, if all are of legal age, in which case the legal and absolute ownership of the properties in trust shall vest in the said BENEFICIARIES in equal portions: FOURTH. The TRUSTEE, hereby accepts the said Trust and agrees to carry out the provisions and terms thereof. IN WITNESS WHEREOF, the TRUSTOR has hereunto set his hand, and the TRUSTEE has caused these presents to be executed by its duly authorized officer and its corporate seal to be hereunto affixed, as of the day and year first above written.
___________________________ (Trustor)
_________________________ (Trustee)
ATTEST: ___________________________ ___________________________
(ACKNOWLEDGMENT)
