Louisiana Revised Statutes 9:1975 – Requirement that substitute beneficiary be in being and ascertainable
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Terms Used In Louisiana Revised Statutes 9:1975
- 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
Except as provided in La. Rev. Stat. 9:1978, a substitute beneficiary must be in being and ascertainable on the date of the creation of the trust; provided, however, that a class may be a substitute beneficiary subject to the requirements of La. Rev. Stat. 9:1891 through La. Rev. Stat. 9:1906.
Added by Acts 1974, No. 160, §1. Amended by Acts 1982, No. 455 §1.