A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Louisiana Nominee Trust
Description
How to fill out Nominee Trust?
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FAQ
Any state or federally chartered financial institution operating in this state through one or more branches, may serve as a trustee.
A living trust Louisiana offers you great control over your assets both during your life and after your death. During life, you, as the trustee can do anything with your assets as you wish. You can use them, give them away, or spend them. You may live in your house and drive your car.
(1) For purposes of recording an extract of a trust instrument, such an extract shall be executed by either the settlor or the trustee and shall include all of the following: (a) The name of the trust, if any. (b) A statement as to whether the trust is revocable or irrevocable. (c) The name of each settlor.
For irrevocable trusts, you can't edit or modify once it's established unless you have the beneficiary's permission. In other words, once you transfer your assets into an irrevocable trust, you lose all ownership of those assets.
(1) For purposes of recording an extract of a trust instrument, such an extract shall be executed by either the settlor or the trustee and shall include all of the following: (a) The name of the trust, if any. (b) A statement as to whether the trust is revocable or irrevocable. (c) The name of each settlor.
The beneficiary, if not incapacitated, or the curator of an incapacitated beneficiary, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or curator declaring the termination.
A person who creates a trust is called a settler in Louisiana. Revocable trusts ? sometimes known as revocable living trusts ? are used in estate planning as an alternative to a will because they can transfer property upon the death of the settlor without a court process.
After you create a revocable living trust, you'll need to fund your trust by transferring your assets into it. One useful tool in completing this process is a legal document called a Certification of Trust, also known as an ?abstract of trust?.
