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What terms must be set out in the Trust Agreement?

What terms must be set out in the Trust Agreement?

The trust agreement must include the following:

  • The purpose of the Trust.
  • A complete and accurate description of the asset the Trustor is intrusting to the Trustee.
  • Names and addresses of the Trustor, Trustee and Beneficiaries.
  • A complete description of the range of Beneficiaries.
  • The terms and conditions that will determine when a Beneficiary is entitled to obtain all or a portion of the Trust assets.
  • Terms setting out the authority of the Trustee to deal with the Trust assets.
  • Terms setting out how the Trustees are changed during the term of the Trust.
  • The term of the trust and the conditions for terminating the trust.
  • Compensation for the Trustee administrating the Trust.

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