Louisiana Revised Statutes 9:1953 – A. Unless the trust instrument provides otherwise or specifically contains a special needs provision, a private beneficiary of a trust for mixed private and charitable purposes may a
Terms Used In Louisiana Revised Statutes 9:1953
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
A. Unless the trust instrument provides otherwise or specifically contains a special needs provision, a private beneficiary of a trust for mixed private and charitable purposes may at any time assign to a charitable principal beneficiary of the trust a fraction or all of the private beneficiary’s interest in the trust. An interest in a spendthrift trust may be assigned only gratuitously. An interest that is assignable only to a charitable principal beneficiary of the trust shall not be deemed to be subject to voluntary alienation for purposes of La. Rev. Stat. 9:2004.
B. If the trust instrument provides for the termination of the trust at the end of the specified term of the private interests, the trust may be terminated early by the charitable principal beneficiary as to the portion of the trust that, for any reason, no longer has a private beneficiary.
Acts 2012, No. 742, §1; Acts 2015, No. 219, §1.