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Extract of Trust Form - Assumption Parish
Fill in the blank form formatted to comply with all recording and content requirements.
Included document last updated 10/3/2019
Extract of Trust Guide - Assumption Parish
Line by line guide explaining every blank on the form.
Included document last updated 10/16/2019
Completed Example of the Extract of Trust Document - Assumption Parish
Example of a properly completed form for reference.
Included document last updated 10/18/2019
*The Following Louisiana and Assumption Parish supplemental forms are included as a courtesy with your order.
Notary Certificates
The supplemental forms in this section can be used as loose certificates by notaries in the state.
Including:
Extract of Trust: A Lagniappe that Will Set You up Right
A lagniappe is a little something extra. It might be the unexpected addition to make a recipe a little more exciting -- like a bit of chicory in an average cup of coffee. For a Louisiana trust containing titled property, an extract of trust is the lagniappe that brings the important facts into focus.
Under R.S. 9:2092(A) of the Louisiana Trust Code, "If at any time the trust property of either an inter vivos trust or a testamentary trust includes immovable [real property] or other property the title to which must be recorded in order to affect third parties, a trustee shall file . . . an extract of trust . . . for record in each parish in which the property is located."
The extract of trust, as the name suggests, is an abstract of the information about the trust. It is executed by either the trust's settlor or the trustee. The settlor is the person who created the trust (9:1761), and the trustee is any "person to whom title to the trust property is transferred to be administered by him as a fiduciary" and who is designated by the trust instrument (9:1781).
The document requires the name and date of the trust and a statement as to whether the trust is revocable or irrevocable. It contains the name of each settlor and trustee, as well as the name of each beneficiary or a description of the beneficiary. A beneficiary is "a person for whose benefit the trust is created and may be a natural person, corporation, partnership, or other legal entity having the capacity to receive property," and is designated in the trust instrument (R.S. 9:1801, 9:1802).
An extract also requires a legal description of the real property contained by the trust, as well as the limitations or restrictions on the trustee's power to sell, lease, or mortgage real property. Pursuant to R.S. 9:2092(B)(2), "any limitation or restriction in the trust instrument on the power of the trustee to sell, lease, or mortgage immovable property shall not be effective against third persons unless it is noted or recited in the extract of trust."
Consult a lawyer, as Louisiana trust law can quickly become complicated, and each situation is unique.
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