FAQ Friday: Sections of a Trust

On Friday, December 23rd, Mrs. Joy discusses the sections a trust and their purpose.

The Trust is a long document so it has a table of contents that lists out all the options.

Article 1 discusses the reasoning behind the establishment of the trust. It also discusses the transfer of property.

Article 2 will list your family information.

Article 3 is all about trustees and applicable details such as incapacitation and successors.

Article 4 is only applicable if you have

Article 5 discusses administration of the trust.

Article 6 is about the administration of the trust upon passing. It discusses payments and expenses.

Article 7 discusses what to do with tangible property. First by memorandum and then by trust.

Article 8 is creating trust shares.

Articles 9-11 would introduce additional trusts if applicable along with any instructions.

Article 12

Article 13 discusses the distribution to descendants and how to do so.

Article 14 highlights the remote contingent which is when everyone you have listed as beneficiaries are no longer available.

Article 15 discusses if a beneficiary are under age or incapacitated.

Article 16 discuss retirement plans and life insurance policies.

Article 17 talks about provisions for assets to beneficiaries. Also, about court proceedings or bonds.

Article 18 will read like a power of attorney as it discusses the powers of the trustee.

Article 19 is general provisions such as survivorship.

Maryland only needs 2 witnesses, but we will sometimes include a self acknowledgement document if you plan to possibly move to a state that may have further requirements.

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