Trusts

Question 1

What is needed to create a trust?

Answer 1

Intent

Question 2

What kind of trusts are there?

Answer 2

An irrevocable trust that cannot be modifided.

Revocable which can be modified.

Question 3

What are the form requirements for trusts?

Answer 3

1. Testamentary Trust

Created by a will.

Settlor may create this by laws regulating donations mortis causa.

Comes into existence at decedent death.

Propert court is the district court which has JX over the settlor’s succession.

Inter Vivos Trust

Not testamentary.

May be created by settlor under authentic act or act under private signature executed in the presents of two witnesses and duly acknowledged bt the settler or by the affidavit of one of the attesting witnesses.

Question 4

What is a trust?

Answer 4

Relationship resulting from the transfer of title to property by one party (the settlor) to another party (the trustee) to
be administered by him as a fiduciary for the benefit of another (the beneficiary). [La. Rev. Stat. §9:1731]

“Person” for purposes of the Trust Code means an individual, a corporation, a partnership, a limited liability company, an
association, a joint stock company, a business trust, or two or more persons having a joint or common interest.

Question 5

Who are the playors?

Answer 5

Settlor - person who contributes property to the trust and transfers title tot he trustee.

Trustee - person who whom title is transferred and who administers the property as a fiduciary.

Beneficiary - Person who the trust is established.