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13 Cards in this Set
- Front
- Back
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Will contains a bequest of $100,000 to "A to be used for the education of Pete and Repeat
Trust? |
Intent - to put legal title in one person's name to manage for another. THIS creates a trust
A = Trustee P + R = beneficiaries |
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Will contains a bequest of $100,000,To A, it is my with and desire that he look after X and Y
Trust? |
No, this is considered PRECATORY language only (sugguestive use of what he wants to do)
NO TRUST |
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Will contains a bequest of $100,000 to A - "it is my wish and my desire that he use the income for the support of X and Y until both have attained the age of 18 at which time to distribute the prinicple of the gift to X and Y outright
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YES this is a trust
Look at the intent - more than just a suggestion here |
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T as custodian for the benefit of T Jr,
Trust? |
NO, a custodianship is not a trust
custodianship ends when the person reaches 21 and can only benefit ONE PERSON |
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Provisions Example
"provided however, that Jean ever marry she shall forfeit her entire interest in the trust" |
HERE the trust is good but the forfeiture is NOT.
Provisions that encourage divorce, commissions of crimes, and restraining right to procreate or free exercise of religion are NO GOOD |
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$100,000 to my friend Lemuel Mosley in trust for my friends?
Valid? |
NO, friends are not ascertainable class of beneficiaries
HOWEVER florida follows the minority view which will allow L to appoint them to his friends Cannot appoint $ to himself |
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$100,000 to my friend Lemuel Mosley in trust for members of my football team?
Valid? |
YES
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$100,000 to my friend Lemuel Mosley in trust for members of my immediate family?
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YES
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$250,00 to bank as trustee "to pay over the income and dividend to train Spiritual mediums"
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NO if it is private
Yes if it is charitable if it qualifies as a charitable purpose |
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Intervivos Trusts
Oral trust |
Oral trusts of personalty are enforceable, trusts containing land must be evidenced by a writing that satisfied the SOF!!
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T orally agreed with her valet Sydney that she would devise her home to him if he would forgo any weekly salary and remain in T's employee as long as she lived. S fulfilled his commitment but T never inserted a provision in her will for his beneft. What are S's right
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Florida - Contracts to rights in land must be SIGNED, writing with two witnesses (NOT HERE)
S - could sue for quantim meruit If agreement had been propery witnessed the S could get home, and the remedy would be a CONSTRUCTIVE TRUST |
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Charitable Trust Purposes
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1. religion
2. medicine 3. science 4. government (party) 5. research 6. education |
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Charitable Trust Rules
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1. Not subject to RAP
2. Must be for charitable purpose 3. Must be in favor or a reasonably large number of unidentifiable beneficiaries |
