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.