Trusts

Card Set Information

Author:
Neesters
ID:
163023
Filename:
Trusts
Updated:
2012-07-18 19:43:55
Tags:
Trusts
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Description:
Trusts
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  1. Proper Formation - Trusts
    • Trustee
    • a beneficiary
    • Trust property
    • Intention on the part of the settlor to creat a trust
    • a valid trust purpose 
  2. Intervivos trust
    • Transfer of property during his lifetime to a trustee.
    • The settlor often retains the power as the trustee or co-trustee.
    • The economic benefits will pass at the settlors death to a named beneficiary without the formalities of a will. Because the settlor is ofter named as a the trustee of the trust during his lifetime, he still retains control over the assets
    •  
  3. Revoke
    Cannot be revoked unless there is an express power to revoke in the original trust instrument
  4. No trustee?
    Trust will not fail emrely because of the trustee's death, incapacity, resignation, or removal.

    A successor trustee will be appointed in order to carry out the testator's intent, excpet where it clearly appears the trust is to continue only so long as oringal trustee serves (rare). 
  5. Successor trustee
    If none is named, court will apoint to cary one. 

    No compraable right (as in wills) for a spouse to serve as a trustee of a trust 
  6. Witnessed?
    Does not require the same legal formalities as a will because it is not considered a testamentary disposition. 
  7. Settlor
    transfers property to a trust and forms the intent to create a trust
  8. Trustee
    administers the trust and implements its terms. He holds legal title to the trust.
  9. Beneficiary
    enjoys the benefits of the trust property and has that power to enforce trust
  10. Multiple roles?
    Has all legal and equitable rights, the interests merge into direct ownership
  11. Venue (trusts)
    Where trust is located or where trustee resides

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