Fl Trust Essays

Front 1

Inter Vivos Trust Requirements:

Back 1

1. the intent to establish a trust
2. delivery of the subject matter of the trust with the intent to pass title ot the trustee

Front 2

Oral Trusts validity?

Back 2

Valid for PERSONAL PROPERTY
Invalid for REAL PROPERTY (Statute of frauds)

Front 3

Inter Vivos Trust Revocability?

Back 3

THe settlor may revoke or amend the trust unless the terms of the trust expressly provide that the trust is irrevocable

Front 4

Gift Cuasa Mortis

Back 4

A gift made in fear of impending death, which is automatically revoked if the donor survives the aprehended peril

Front 5

Trustee Self-Dealing

Back 5

Against Public policy and is prohibited
The beneficiary will want to RATIFY an improper act by the fiduciary.
Also petition the trustee to be removed

Front 6

Exculpatory clauses

Back 6

Can be used to relieve from liability of ordinary negligence, but will be construed narrowly

Front 7

Charitable Trust Lifetime

Back 7

Charitable trusts can be perpetual and are not subject to the rule against perpetutities (360 years in Florida).

Front 8

Terminating an irrevocable trust?

Back 8

Trust beneficiaries can terminate an irrevocable trust prior to the time fixed for its termination if
1. all beneficiaries, all of whom must have capacity, must give consent
2. there is no further trust purpose of the settlor to be served

Front 9

Co-Trustee Liabilities

Back 9

Generally a Co-trustee is not liable for a breach of trust committed by another trustee, unless co-trustee participated or acquiesces in the breach of trust, or negligently disgregard own dutites (fails to participate in trust administration)

Front 10

Valid Express Trust Requirements?

Back 10

1. settlor with capacity to convey
2. clear and unequivocal present intent to create a present trust relationship
3. competent trustee with duties
4. definite benefiaries
5. same person may not be the sole trustee and sole beneficiary

Front 11

Valid Express Trust Requirements (others)

Back 11

1. present and unequivocal disposition in trust of specific property (then owned by settlor)
2. Trust must have a valid trust purpose

Front 12

Inter vivos trust creation

Back 12

Can be created by a declaration of trust by a property owner, stating that heholds the property as trustee in trust
OR
by transfer of property by settlor during his lifetime

Front 13

benficiaries rule

Back 13

Private trust requires that there be definite beneficiaries (or at least that the beneficiaries will be ascertainable within the peroid when all interests must vest under the rule against perpetutities (360 years))

Front 14

Killing Rule General

Back 14

A person who unlawrfully and intentionally kills or participates in procuring the death of the decedent is not entitled to any benefits under the decedents will, by intestacy or as a beneficiary of life insurance policy on the decedents death

Front 15

Killing Rule Trusts

Back 15

a trust beneficiary who unlawfully and intentionally kills or participates in procuring the death of a settlor or another person whose deatht he beneficiary's interest depends is nto tentitled to any trust interest depdendent upon the victims death

Front 16

Killer's share

Back 16

Interest devolves as though the killer predeceased the victim

Front 17

Killer requirements

Back 17

Final judgment of conviction of murder in any degree is conclusive evidence that killing was unlawful and unintentional

Front 18

Trust Termination Generally

Back 18

Trust will terminate at the end of the trusts life if given (ie 10 years)

Front 19

Trust Termination by Court upon petition of trustee or qualified beneficiary

Back 19

1. termination is not inconsistent with settlors purpose
2. termination is otherwise best interest of beneficiaries
3. continuation of trust would be uneconomical

Front 20

Settlor as trustee

Back 20

Florida, an otherwise valid inter vivos trust does not become invalid because the settlor retains any one or more of the following powers
1. power to revoke
2. alter, amend, or modify trust instrument
3. power to appoint the income or principle by will or deed
4. power to add or to withdraw from trust
5. power to remove trustees and appoint new ones
6. to act as or to become the sole trustee either at time of execution or thereafter

Front 21

Trustee NO MORE what happens?

Back 21

Once a trust is established it will not fail merely because of the trustee's death, incapacity, resignation, or removal)

Front 22

Trustee Duties

Back 22

Duty to preserve trust property and make it productive

Front 23

Self-dealing transactions voidable unless

Back 23

1. transaction was authorized by terms of trust or approved by court
2. beneficiary failed to bring suit within prescribed time
3. B's consented to T's conduct, ratified the transaction or released T
4. transaction involves a contract entered into or claim acquired before T became T
5. consented to in writing by S while the trust was revocable
6. transaction was one by corporate T that involves a money market mutual fund, mutual fund or common trust fund

Front 24

Order of Trustee Appointment

Back 24

1. person designated in the trust instrument
2. person appointed by unanamous agmt by qualified B
3. person or corporate fidicuiary appointed by Court