Louisiana Revised Statutes 9:2063 – Relief from duties by beneficiary
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Terms Used In Louisiana Revised Statutes 9:2063
- 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
- Trustee: A person or institution holding and administering property in trust.
By written instrument delivered to a trustee a competent beneficiary who is acting upon full information may, with respect to himself, and with the trustee’s consent, relieve the trustee from duties and restrictions concerning the administration of the trust that are imposed upon the trustee by the trust instrument or by this Code, but no such instrument is effective to the extent that it purports to limit prospectively and in general terms the trustee’s duty of loyalty to the beneficiary.