The uncle's financial institutions wouldn't accept the trust documents, and he wasn't able to complete his living trust before he died, Ms. Stebner said.

Then, after the annuity term expires, the principal of the trust goes outright to a charity or charities the grantor named in the trust document.

This doctrine is that, for an express trust to be valid, the trust document must say with certainty who the beneficiaries there are.

These exceptions are important and consideration should be given to inserting them in trust documents although this seems to be rarely done in practice.

The extent of a beneficiary's interest depends on the wording of the trust document.

Ms. Watson adopted two infant boys, now ages 6 and 8, who are listed as grandchildren in the trust documents.

Typically, these duties and the other participants in the trust are defined and governed by the trust document itself.

Life insurance proceeds go automatically to the designated beneficiaries, while the assets in a trust have to be used as the trust document provides.

The fund was established on Jan. 29 as a blind trust, according to a copy of the trust document released on Tuesday.

Once a trust has been validly formed, its operation will primarily be guided by the terms of the trust document.