IF YOU ARE DRAFTING A WILL OR TRUST, CAN YOU PLACE A MEDIATION OR ARBITRATION CLAUSE IN IT?
If you think about it, people set up testaments and trusts for their peace of mind. Yet everyone must face the fact that each year there are many lawsuits with heirs and beneficiaries arguing over the interpretation of those documents and who will get what. If a testator or settlor could avoid this infighting, would it not add considerably to their peace of mind?
Other states permit an enforceable mediation or arbitration provision in a testament or trust.
The Louisiana State Law Institute has been directed by the Louisiana legislature to “study and make recommendations regarding the feasibility of whether revisions to present laws of the state are necessary in light of other states’ laws that expressly permit an enforceable mediation or arbitration provision to be included in a testament or trust.”
The Law Institute has further been directed to submit a written report of its findings, together with any recommendations in the form of proposed legislation, to the legislature no later than February 1, 2017.
Dan D. Schaneville Statewide Notary Education, LLC email@example.com 2842 Valcour Aime Ave. Baton Rouge, LA 70820 225-761-1354 (Office