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Trust Agreement

This data model captures key information from Trust Agreement documents, including both revocable and irrevocable living trusts and their amendments. It extracts essential details like the type of trust, significant dates (execution), the governing jurisdiction, and the formal name of the trust. It identifies the core parties involved: the Grantors (who create the trust), the Trustees (who manage it), and the Beneficiaries (who benefit from it), including their names, roles, and relevant clauses. Additionally, the model extracts details about assets listed in schedules, specific legal powers and provisions outlined in the document (like trustee powers, distribution rules, amendment/revocation clauses), and information about any legal counsel involved in drafting the document.

Field nameTypeDescription
document_typestringType of document (e.g., 'Revocable Living Trust Agreement', 'Irrevocable Life Insurance Trust', 'First Amendment'). Enum: revocable_living_trust_agreement, irrevocable_living_trust_agreement, irrevocable_life_insurance_trust_ilit, charitable_remainder_trust_crt, charitable_lead_trust_clt, grantor_retained_annuity_trust_grat, spousal_lifetime_access_trust_slat, special_needs_trust, dynasty_trust, amendment, restatement, other
execution_datestringDate the document was signed and executed, in YYYY-MM-DD format.
jurisdictionstringState or jurisdiction governing the trust.
document_versionstringVersion or amendment number of the document, if applicable.
trust_namestringFormal name of the trust.
is_revocablebooleanIndicates whether the trust is revocable (true) or irrevocable (false).
trust_type_statementstringText excerpt stating the revocable or irrevocable nature of the trust or the type of trust established.
trust_purposestringBrief description of the trust's purpose (if explicitly stated).
tax_identification_numberstringEIN or Tax ID for the trust (if mentioned in the document).
grantorsarrayList of Grantors/Settlors who created the trust.
      grantor_full_namestringFull name of the Grantor.
      grantor_addressstringAddress of the Grantor (as stated in the document).
      grantor_role_statementstringText excerpt from the document defining their role as Grantor/Settlor.
trusteesarrayList of Trustees (Initial and Successor) named in the document.
      trustee_full_namestringFull name of the Trustee.
      trustee_addressstringAddress of the Trustee (as stated in the document).
      trustee_typestringType of Trustee (e.g., 'Initial Trustee', 'Successor Trustee', 'Co-Trustee'). Enum: initial_trustee, successor_trustee, co_trustee, special_trustee, other_trustee
      trustee_appointment_clausestringText excerpt from the document related to their appointment or powers as Trustee.
beneficiariesarrayList of Beneficiaries (Primary and Contingent) named in the document.
      beneficiary_full_namestringFull name of the Beneficiary.
      beneficiary_addressstringAddress of the Beneficiary (as stated in the document, may be optional).
      beneficiary_relationshipstringRelationship to Grantor (if stated, e.g., 'Son', 'Daughter', 'Charity').
      beneficiary_typestringType of Beneficiary (e.g., 'Primary Beneficiary', 'Income Beneficiary'). Enum: primary_beneficiary, contingent_beneficiary, charitable_beneficiary, income_beneficiary, remainder_beneficiary, special_needs_beneficiary, dynasty_trust_beneficiary, other_beneficiary
      beneficiary_distribution_clausestringText excerpt from the document detailing their distribution rights or conditions.
      beneficiary_sharestringThe beneficiary's share of the trust assets (e.g., '50%', '1/3', 'Specific amount', 'Residue').
assets_schedulearrayList of assets mentioned in any schedule or appendix attached to the trust document (if present).
      asset_descriptionstringDescription of the asset as listed in the schedule (e.g., 'Primary Residence at 123 Main St.', 'Bank Account #XXXX').
      asset_typestringGeneral type of asset (e.g., 'Real Estate', 'Bank Account', 'Investments'). Enum: real_estate, bank_account, investments, retirement_account, life_insurance, personal_property, business_interests, loans_notes, intellectual_property, mineral_rights, digital_assets, other
      asset_identifierstringSpecific identifier for the asset (e.g., Account number, Property Address, Vehicle VIN).
powers_and_provisionsobjectKey powers and provisions sections extracted as text excerpts.
      trustee_powersstringText excerpt detailing the powers granted to the Trustee(s).
      distribution_provisionsstringText excerpt describing how distributions to beneficiaries are to be made.
      amendment_clausestringText excerpt detailing the process for amending the trust.
      revocation_clausestringText excerpt detailing the process for revoking the trust (or statement of irrevocability).
      termination_clausestringText excerpt detailing the conditions or process for termination of the trust.
      governing_law_clausestringText excerpt stating the governing law of the trust.
      special_provisionsstringText excerpts of any other significant special provisions or clauses.
legal_counselarrayInformation about legal counsel or law firms mentioned in the document.
      counsel_namestringName of the attorney or law firm.
      counsel_contact_infostringContact information for the attorney or law firm (address, phone, etc. as mentioned).
      counsel_role_statementstringText excerpt mentioning their role (e.g., 'Prepared by', 'Legal Counsel for').

Field Notes

  • Dates: All dates (execution_date) must be extracted in YYYY-MM-DD format.
  • Text Excerpts: Fields like trust_type_statement, grantor_role_statement, trustee_appointment_clause, beneficiary_distribution_clause, and all fields under powers_and_provisions should contain direct text quotes from the document relevant to the field description.
  • Enumerated Values: Fields like document_type, trustee_type, beneficiary_type, and asset_type have predefined allowed values listed in the table description. Only these values (or other if applicable) should be used.
  • Lists (Arrays): For grantors, trustees, beneficiaries, assets_schedule, and legal_counsel, extract all instances found in the document. If no instances are found, return an empty list ([]).
  • Null Values: If a specific piece of information (e.g., tax_identification_number, document_version, optional address fields) is not present in the document, the corresponding field should be null.

Updated over 1 year ago

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