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48 Cards in this Set

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  • Back
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along
along
away
away
ago
ago
alike
alike
bridal
bridal
local
local
floral
floral
normal
normal
bitten
bitten
stiffen
stiffen
sudden
sudden
towel
towel
muffin
muffin
cabin
cabin
bobbin
bobbin
robin
robin
beckon
beckon
Boston
Boston
bottom
bottom
cannon
cannon
rumpus
rumpus
circus
circus
locust
locust
crocus
crocus
amuse
amuse
awake
awake
ajar
ajar
alone
alone
mortal
mortal
caress
caress
cadet
cadet
canal
canal
kennel
kennel
camel
camel
burden
burden
vesel
vessel
victim
victim
pencil
pencil
pupil
pupil
stupid
stupid
kingdom
kingdom
lemon
lemon
carbon
carbon
fathom
fathom
humus
humus
lawful
lawful
sinful
sinful
Wills - Trusts - Ways a Trust can be Terminated

When a trust wants to be terminated, it yells "Pour some ACID on ME!!!"
PETITION to court

ACCOMPLISHED purpose
CONSOLIDATION of trusts
INCOME interest terminates
DONOR termination

MERGER of title
EXPIRATION of trust term
PETITION to court by beneficiary, spendthrift provision or settlor (if beneficiary is in agreement)

purpose ACCOMPLISHED, illegal or impossible (such as if the sole beneficiary dies without heirs)

CONSOLIDATION by the court where multiple trusts have same purpose, trustees, settlors and beneficiaries

INCOME interest terminates - corpus is distributed to remainder beneficiaries if all income beneficiaries die (doctrine of acceleration)

unilateral DONOR termination permitted if this right is specified in the instrument. This right is called a "grantor trust," so assets are included in grantor's estate for tax purposes.


MERGER of legal and equitable title when beneficiary and trustee are the same person

EXPIRATION of term specified in the trust instrument