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.