Admin Estate

Front 1

How is a trust created

Back 1

1. declaration that the owner holds the prop. as trustee for another person
2. inter vivos transfer of the prop. to another person as trustee for the transferor or a third person
3. testamentary transfer to another person as trustee for a third person
4. an appointment under power of appointment to another person as trustee for the donee of the power or for a third person
5. a promise to another person whose rights under the promise are to be held in trust for a third person.

A trust is created only of the settlor manifests an intention to create a trust

Front 2

Revocable trust

Back 2

settlor retains control of all the assets, free to revoke or change the terms of the trust

Front 3

Irrevocable trust

Back 3

assets no longer belong to the settlor, cannot make changes without the beneficiary's consent.

Front 4

Trust property

Back 4

trust cannot be created unless there is trust prop.

Front 5

Who does the lawyer rep.?

Back 5

Not the estate, the admin. or executor of the estate.

Front 6

Exculpatory Clause

Back 6

Relieve fid. from personal liab for wrong doing/ breach of fid. duty

Front 7

Crummney Trust

Back 7

Allow for S to put money in trust without being taxed. B can get the funds at a certain age.