A trust agreement is a legal document that sets out the terms and conditions of a trust. The following are some of the key provisions that may be included in a trust agreement:

  1. Trustee: The name of the trustee or trustees who will be responsible for managing the trust assets and making distributions to the beneficiaries.
  2. Beneficiaries: The names of the beneficiaries who will receive the income and principal of the trust.
  3. Purpose: The purpose of the trust, such as providing for the education of children or caring for a disabled family member.
  4. Assets: A description of the assets that will be transferred to the trust, such as cash, securities, or real estate.
  5. Distribution of Income and Principal: The terms and conditions for making distributions of income and principal to the beneficiaries, including the frequency of distributions and the circumstances under which distributions may be made.
  6. Duration of the Trust: The length of time the trust will continue and under what circumstances it may terminate.
  7. Trust Administration: Procedures for managing the trust, including investment strategies, record-keeping, and accounting.
  8. Amendment or Revocation: Provisions for amending or revoking the trust agreement.
  9. Governing Law: The state law that will govern the interpretation and administration of the trust.
  10. Powers of the Trustee: The powers and authority of the trustee, including the power to make investments, borrow money, and make distributions to the beneficiaries.
  11. Trustee Compensation: The trustee’s compensation for managing the trust.

It is important to consult with an experienced lawyer when drafting a trust agreement, as the specific provisions may vary depending on the type of trust and the unique circumstances of the trust creator and beneficiaries.