10 Provisions Every Revocable Living Trust Should Have

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In addition to the concept of providing where your estate goes when you die, many want to do what they can to streamline the process of settling their estate. Many, in order to avoid the court and attorney interference required with probate, set up their revocable living trust, transfer assets to it, and designate a family member to disburse assets out of the trust to the heirs or beneficiaries.

The following is a list of ten provisions that should be considered when establishing your revocable living trust:

(1) A statement that the trust is revocable;
(2) A designation of trustee and successor trustee;
(3) A designation of income beneficiaries;
(4) A designation of principal beneficiaries;
(5) The trust term;
(6) A spendthrift clause;
(7) A provision dispensing the security requirement for the trustee;
(8) Consider a no contest clause;
(9) Make sure your trust is an authentic act; and
(10) An Extract of Trust.

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Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450