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6 Cards in this Set

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  • 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