Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
What 2 elements do you need to set up a Inter Vivos (made while alive) trusts?
|
1) (I)ntent
2) (E)vidence |
IE
|
|
|
What 4 elements do you need to set up a Testamentary (Made with a will) Trust?
|
1) (W)ill
2. (I)ntent 3. (T)rustee 4. (D)uties |
WITD
|
|
|
What 4 elements do you need for a Constructive Trust?
|
1. (T)itle
2. (I)dentifiable Problem 3. (U)njust rentention 4. (N)o legal remendy |
TIUN
|
|
|
What are the 3 elements to create a trust?
|
1. (P)roperty
2. (T)rustess 3. (B)eneficiaries |
PTB
|
|
|
What 6 things can a trustee do?
|
1. (S)ell assets
2. (L)ease property 3. (B)orrow money 4. (M)ake loans 5. (V)ote shares 6. (S)ettle claims |
SLoB MoVeS
|
|
|
What are the 6 factors a court looks at to determine if a trustee is abusing his powers?
|
1. (E)xtent of discretion
2. (P)urpose 3. (N)ature of the power 4. (D)efintness of external standard 5. (M)otives 6. (C)onflict if interest |
EPeNDeMiC
|
