All revocable living trusts should have the following similar provisions:√ Provision which summarizes the Grantor’s purpose in creating the trust. √ Discussion on how the trust assets are to be held and administered for the benefit of the current and future beneficiaries. √ Detailed provisions that instruct the trustee on how to hold the trust assets and how to administer the trust.
Description of the trustee’s powers, which should include:
- How the trustee should invest the trust assets.
- Under what circumstances the trustee should distribute trust assets.
- What happens if the beneficiary becomes incapacitated or dies.
- How to transition to a new trustee, if necessary.
A revocable living trust has three primary participants:
This is the individual or couple who creates and funds the trust.
This is the individual, couple or institution that holds and manages the assets that are in the trust.
This is the person(s) for whose benefit the trustee holds and manages the trust assets.