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22 Cards in this Set
- Front
- Back
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Express Trust
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a trust established by voluntary action; usually in writing, although it may be oral
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Precatory
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expressing a wish
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Testamentary Trust
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trust established by a will
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Inter vivos trust
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trust established during the settlor's lifetime
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Charitable trust
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trust designed to benefit humankind
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Spendthrift Trust
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trust designed to remove the trust estate from the beneficiary's control
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Implied Trust
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a trust created by operation of law
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Constructive Trust
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trust arising by operation of law to prevent unjust enrichment
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Resulting trust
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trust arising to fulfill the parties' presumed intent
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Duties of a Trustee
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1. Carry out the purposes of the trust
2. Act prudently 3. act with utmost loyalty |
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Termination of a trust
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the general rule is that the trust is irrevocable unless a power of revocation is reserved in the trust instrument
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Testament
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will
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Testamentary Capacity
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for a will to be valid, the testator must be sufficiently competent to intend the document to be her will
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Formal requirements of a will
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1. must be in writing
2. must be signed 3. attested to by witness |
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Codicil
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an addition to or revision of a will executed with all the formalities of a will
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Course of Descent
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each state prescribes rules for the passage of property not governed by a valid will; as a general rule the property passes in equal shares to each child after the widow's statutory rights have been settled
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Per Stirpes
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a class or group of distributees take the share to which their deceased ancestor would have been entitled, taking thus by their right of representing such ancestor and not as so many individuals
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Per Capita
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an equal share is given to each of several persons, all of whom stand in equal degree to the decedent, without reference to the right of representation
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Probate
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the distribution of a decedent's estate
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Executor
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the person named in the will and appointed by the court to administer the will
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Administrator
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a person appointed by the court to administer the estate when there is no will or when the person named in the will fails to qualify
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Totten Trust
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a tentative trust consisting of a joint bank account opened by the settlor
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