Louisiana Revised Statutes 9:1972 – Upon a principal beneficiary’s death, his interest vests in his heirs or legatees, subject to the trust. Nevertheless, the trust instrument may provide otherwise by designating subst
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Terms Used In Louisiana Revised Statutes 9:1972
- 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
Upon a principal beneficiary‘s death, his interest vests in his heirs or legatees, subject to the trust. Nevertheless, the trust instrument may provide otherwise by designating substitute principal beneficiaries to the extent permitted by the following Sections of this Subpart and La. Rev. Stat. 9:1895.
Amended by Acts 1974, No. 160, §1; Acts 1995, No. 414, §1; Acts 2016, No. 544, §1.