Terms Used In Louisiana Revised Statutes 9:1981

  • 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
  • person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10

A beneficiary, whether of principal or income, may refuse an interest at any time after creation of the trust, provided he does so before accepting any benefit under the trust.  A person incapable of contracting cannot refuse an interest in trust, but his representative may refuse for him.  The refusal is irrevocable.