Trust Agreement Or Declaration Of Trust

These terms refer to a written document that sets forth the terms and conditions of the trust. Trusts differ usually in style and local practice.

● Typical provisions of a trust include the following:

● A statement of the purpose of the trust.

● The name or names of the trust creators.

● Whether the Settlor or anyone else may amend or revoke the trust.

● Who will serve as the initial trustee and who would serve in what order if the initial trustee becomes unable or unwilling to serve.

● The powers the trustee will have in terms of investment and management, and what discretion the trustee is to have in terms of releasing money or assets to beneficiaries.

● Who the beneficiaries of the trust are or how to determine them.

● Who will receive distribution of the trust estate.

● The termination and duration of the life of the trust.

● Provisions for legal matters.