Form 1: Basic Living Trust for One Person 
The Kenneth M. Dahl Living Trust
Declaration of Trust
I. Trust Name
This trust shall be known as The Kenneth M. Dahl Living Trust. 
II. Trust Property
(A) Property Placed in Trust
Kenneth M. Dahl, called the grantor or trustee, declares that he/she has set aside and holds in The Kenneth M. Dahl Living Trust all his/her interest in that property described in the attached Schedule A.
The trust property shall be used for the benefit of the trust beneficiaries and shall be administered and distributed by the trustee in accordance with this Declaration of Trust.
(B) Additional or After-Acquired Property
The grantor may add property to the trust at any time.
III. Reserved Powers of Grantor
(A) Amendment or Revocation
The grantor reserves the power to amend or revoke this trust at any time during his/her lifetime, without notifying any beneficiary.
(B) Rights to Trust Property
Until the death of the grantor, all rights to all income, profits and control of the trust property shall be retained by the grantor.
(C) Homestead Rights
If the Grantor's principal residence is transferred to the trust, Grantor has the right to possess and occupy it for life, rent-free and without charge, except for taxes, insurance, maintenance and related costs and expenses. This right is intended to give Grantor a beneficial interest in the property and to ensure that Grantor does not lose eligibility for a state homestead tax exemption for which Grantor otherwise qualifies.
(D) Incapacity of Grantor 
If at any time, as certified in writing by a licensed physician, the grantor has become physically or mentally incapacitated, the successor trustee shall manage this trust. The successor trustee shall pay trust income at least annually to, or for the benefit of, the grantor and may also spend any amount of trust principal necessary in the trustee's discretion for the proper health care, support, maintenance, comfort or welfare of the grantor, in accordance with his/her accustomed manner of living, until the grantor, as certified by a licensed physician, is again able to manage his/her own affairs, or until the grantor's death.
(E) Grantor's Death
After the death of the grantor, this trust becomes irrevocable. It may not be altered or amended in any respect, and may not be terminated except through distributions permitted by this Declaration of Trust. 
IV. Trustees
(A) Original Trustee
The trustee of The Kenneth M. Dahl Living Trust and all children's subtrusts created under this Declaration of Trust shall be Kenneth M. Dahl.
(B) Successor Trustee
Upon the death of the trustee, or his/her incapacity as certified in writing by a licensed physician, the successor trustee shall be __________[(6) name(s)]___________. If he/she/all of them is/are unable to serve or continue serving as successor trustee, the successor trustee shall be _______[(6) name(s)]________.
[If you named more than one successor trustee, include ONE of the following two paragraphs here:]
Any of the successor trustees has full and independent authority to act for and represent the trust.
[or]
All of the successor trustees must consent, in writing, to any transaction involving the trust or trust property.
(C) Resignation of Trustee
Any trustee in office may resign at any time by signing a notice of resignation. The resignation must be delivered to the person or institution who is either named in this Declaration of Trust, or appointed by the trustee under Section IV, Paragraph (D), to next serve as trustee.
(D) Power to Appoint Successor Trustee
If all the successor trustees named in this Declaration of Trust cease to, or are unable to, serve as trustee, any trustee may appoint an additional successor trustee or trustees to serve in the order nominated. The appointment must be made in writing, signed by the trustee and notarized.
(E) Terminology
In this Declaration of Trust, the term "trustee" includes any successor trustee or successor trustees.
(F) Bond Waived
No bond shall be required of any trustee.
(G) Compensation
No trustee shall receive any compensation for serving as trustee, unless the trustee serves as a trustee of a child's subtrust created by this Declaration of Trust.
(H) Liability of Trustee
With respect to the exercise or non-exercise of discretionary powers granted by this Declaration of Trust, the trustee shall not be liable for actions taken in good faith.
V. Beneficiaries
Upon the death of the grantor, the property listed on Schedule A shall be distributed to the beneficiaries named in this section.
(A) Primary and Alternate Beneficiaries
1. My granddaughters Kimberly Dahl, Bonnie Dahl, and Courtney Dahl shall be given joint tenancy ownership of the condominium, including furniture, at 1066 Foster Avenue in Cooperstown, North Dakota with the provision that my son, Ronald A. Dahl and his wife Geraldine R. Dahl are to have a life estate interest in this property provided they pay the taxes on it. 
2. __________[(7) beneficiary]____________ shall be given __________[property identified]_________. If ____________[beneficiary]___________ does not survive the grantor, that property shall be given to ___________________[alternate beneficiary]__________________.
3. _________[(7) beneficiary]__________ shall be given _____________[property identified]_________. If __________[beneficiary]__________ does not survive the grantor, that property shall be given to ___________________[alternate beneficiary]__________________.
4. __________[(7) beneficiary]____________ shall be given __________[property identified]_________. If ___________[beneficiary]____________ does not survive the grantor, that property shall be given to __________________[alternate beneficiary]__________________.
5. __________[(7) beneficiary]___________ shall be given ___________[property identified]_________. If ___________[beneficiary]___________ does not survive the grantor, that property shall be given to _________________[alternate beneficiary]__________________.
 (B) Residuary Beneficiary
The residuary beneficiary of the trust shall be ____[(8A) residuary beneficiary]__, who shall be given all trust property not specifically and validly disposed of by Section V, Paragraph (A). If _________[residuary beneficiary]__________, does not survive the grantor, that property shall be given to ______[(8A) alternate residuary beneficiary]____.
VI. Distribution of Trust Property Upon Death of Grantor
Upon the death of the grantor, the trustee shall distribute the trust property outright to the beneficiaries named in Section V, Paragraphs (A) and (B), subject to any provision in this Declaration of Trust that creates children's subtrusts or creates custodianships under the Uniform Transfers to Minors Act.
VII. Trustee's Powers and Duties
(A) Powers Under State Law
To carry out the provisions of The ____________[(1) your name]___________ Living Trust , and any children's subtrusts created under this Declaration of Trust, the trustee shall have all authority and powers allowed or conferred on a trustee under ____________[your state]______________ law, subject to the trustee's fiduciary duty to the grantor and the beneficiaries. 
(B) Specified Powers
The trustee's powers include, but are not limited to:
1. The power to sell trust property, and to borrow money and to encumber that property, specifically including trust real estate, by mortgage, deed of trust or other method.
2. The power to manage trust real estate as if the trustee were the absolute owner of it, including the power to lease (even if the lease term may extend beyond the period of any trust) or grant options to lease the property, to make repairs or alterations and to insure against loss.
3. The power to sell or grant options for the sale or exchange of any trust property, including stocks, bonds, debentures and any other form of security or security account, at public or private sale for cash or on credit.
4. The power to invest trust property in property of any kind, including but not limited to bonds, debentures, notes, mortgages and stocks.
5. The power to receive additional property from any source and add to any trust created by this Declaration of Trust.
6. The power to employ and pay reasonable fees to accountants, lawyers or investment experts for information or advice relating to the trust.
7. The power to deposit and hold trust funds in both interest-bearing and non-interest-bearing accounts.
8. The power to deposit funds in bank or other accounts uninsured by FDIC coverage.
9. The power to enter into electronic fund transfer or safe deposit arrangements with financial institutions.
10. The power to continue any business of the grantor.
11. The power to institute or defend legal actions concerning the trust or grantor's affairs.
12. The power to execute any document necessary to administer any child's subtrust created in this Declaration of Trust.
13. The power to diversify investments, including authority to decide that some or all of the trust property need not produce income.
(C) Payment by Trustee of the Grantor's Debts and Taxes
The grantor's debts and death taxes shall be paid by the trustee. The trustee shall pay these from the following trust property: [See Chapter 10, Step 9] _______________________________________________________________________________________________________________________________________________________________________________________________________________________.
If the property specified above is insufficient to pay all the grantor's debts and death taxes, the trustee shall determine how such debts and death taxes shall be paid from trust property.
VIII. General Administrative Provisions
(A) Controlling Law
The validity of The ____________[(1) your name]___________ Living Trust shall be governed by the laws of _____________[your state]_________________.
(B) Severability
If any provision of this Declaration of Trust is ruled unenforceable, the remaining provisions shall nevertheless remain in effect. 
(C) Amendments
The term "Declaration of Trust" includes any provisions added by amendments.
(D) Accountings
No accountings or reports shall be required of the trustee.
IX. Children's Subtrusts
All trust property left to any of the minor or young adult beneficiaries listed below in Section IX, Paragraph (A), shall be retained in trust for each such beneficiary in a separate subtrust of this ____________[(1) your name]___________ Living Trust. Each subtrust may be identified and referred to by adding the name of that subtrust's beneficiary to the name of this trust. The following terms apply to each subtrust:
(A) Subtrust Beneficiaries and Age Limits
A subtrust shall end when the beneficiary of that subtrust, listed below, becomes 35, except as otherwise specified in this section:
Subtrust for [See Chapter 10, Step 10]	Shall end at age
__________________________________________________	___________
__________________________________________________	___________
__________________________________________________	___________
__________________________________________________	___________
__________________________________________________	___________
(B) Powers and Duties of Subtrust Trustee
1. Until a child's subtrust ends, the trustee may distribute to or use for the benefit of the beneficiary as much of the net income or principal of the child's subtrust as the trustee deems necessary for the beneficiary's health, support, maintenance or education. Education includes, but is not limited to, college, graduate, postgraduate and vocational studies, and reasonably related living expenses.
2. In deciding whether to make a distribution to the beneficiary, the trustee may take into account the beneficiary's other income, resources and sources of support.
3. Any subtrust income that is not distributed to a beneficiary by the trustee shall be accumulated and added to the principal of the subtrust for that beneficiary.
4. The trustee of a child's subtrust is not required to make any accounting or report to the subtrust beneficiary.
(C) Assignment of Interest of Beneficiary Prohibited
The interests of the beneficiary of a child's subtrust shall not be transferable by voluntary or involuntary assignment or by operation of law before actual receipt by the beneficiary. These interests shall be free from the claims of creditors and from attachments, execution, bankruptcy or other legal process to the fullest extent permitted by law.
(D) Compensation of Trustee
Any trustee of a child's subtrust created under this Declaration of Trust shall be entitled to reasonable compensation out of the subtrust assets for ordinary and extraordinary services, and for all services in connection with the termination of any subtrust.
(E) Termination of Subtrusts
A child's subtrust shall end when any of the following events occurs:
1. The beneficiary reaches the age specified in Section IX, Paragraph (A). If the subtrust ends for this reason, the remaining principal and accumulated income of the subtrust shall be given outright to the beneficiary.
2. The beneficiary dies. If the subtrust ends for this reason, the subtrust property shall pass to the beneficiary's heirs.
3. The trustee distributes all subtrust property under the provisions of this Declaration of Trust.
X. Custodianships Under the Uniform Transfers to Minors Act
1. All property _________[(11) beneficiary]___________ becomes entitled to under this trust document shall be given to ___________[custodian's name]___________ as custodian for ____________[beneficiary]_____________ under the _____[state]_____ Uniform Transfers to Minors Act, until _____________[beneficiary]_____________ reaches age ______.
2. All property _________[(11) beneficiary]___________ becomes entitled to under this trust document shall be given to ___________[custodian's name]___________ as custodian for ____________[beneficiary]_____________ under the _____[state]_____ Uniform Transfers to Minors Act, until _____________[beneficiary]_____________ reaches age ______.
3. All property _________[(11) beneficiary]___________ becomes entitled to under this trust document shall be given to ___________[custodian's name]___________ as custodian for ____________[beneficiary]_____________ under the _____[state]_____ Uniform Transfers to Minors Act, until _____________[beneficiary]_____________ reaches age ______.
Certification by Grantor
I certify that I have read this Declaration of Trust and that it correctly states the terms and conditions under which the trust property is to be held, managed and disposed of by the trustee and I approve the Declaration of Trust. 
Dated: ____________________________________________ 

__________________________________________________
Grantor and Trustee

Notary's Acknowledgment

State of _____________________________________________
County of ___________________________________________

On ____________________________, 20_____, before me, ____________________________, a notary public in and for said state, personally appeared _________________________________________,  personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within Declaration of Trust, and acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument he/she executed the Declaration of Trust.

__________________________________________
Signature of Notary 							[SEAL]

Schedule A [See Chapter 10, Step 2]
	All the grantor's interest in the following property:
1.	Condominium, including furniture, at 1066 Foster Avenue in Cooperstown, North Dakota

2.