There are a number of common provisions that are in just about every trust when someone establishes an "avoid probate" trust in Louisiana. The following are a few:
(1) The trust is revocable. This could probably go without saying. Heck, it's called a revocable living trust. Most revocable living trusts can be changed anytime by the persons who established the trust.
(2) Inter vivos trust. Also it is obvious that the trust is a "living" trust, or a trust that you set up while you are living. The Louisiana Trust Code term for a living trust is an "inter vivos" trust.
(3) Settlors. The "avoid probate" revocable living trust typically provides that the Settlors are the people who set up the trust. In your typical traditional family trust (parents leaving assets to children), the parents are the Settlors of the trust.
(4) Trustees. Every trust, including the probate-avoidance revocable living trust, names trustees, whose job it is to manage the trust assets pursuant to the trustee duties and trustee powers that are listed in the trust instrument. Often, in your traditional trusts, parents are the initial trustees, and perhaps an adult child or children are the Successor Trustees.
(5) Income Beneficiaries. Parents are often the beneficiaries of their own revocable living trust.
(6) Principal Beneficiaries. Whoever the Settlors want to receive the assets after the death of the Settlors are named the principal beneficiaries of the revocable living trust. Often children are principal beneficiaries, but other individuals or charities could be principal beneficiaries of your revocable living trust.
(7) Trust Term. Each revocable living trust provides a term for the trust. Many trusts simply terminate at the death of both Settlors (parents). Upon termination, assets are transferred by the trustee from the trust to the principal beneficiaries - outside of the Louisiana probate/Succession.
As we work with a family to avoid probate, we make sure we customize their trust to make sure that their wishes are followed to the letter.