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11 Cards in this Set
- Front
- Back
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Elements of an effective trust
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1) Intent to create a trust
2) by the settlor 3) with a trustee 4) for a beneficiary 5) with a valid trust purpose |
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Oral trusts
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OK, regarding personal property
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Time of manifestation of intent
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Must be when he owned the property but before the conveyance
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Requirements of trust property (res)
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Must be certain and identifiable. Can't make a trust with property that you merely expect to get.
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Failure to state a trustee
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Trust never fails for this reason. The court will appoint one. But may be proof that there was no intent.
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Presence of ascertainable beneficiaries
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Required for private trusts.
Not allowed for charitable trusts. |
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Trusts for animals
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OK for the life of the animal. Also, grave trusts are OK for 21 years. Excess money goes back to the estate.
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Can sole beneficiary of a trust be the sole trustee?
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No. However, two trustees or two beneficiaries makes it OK.
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Revocable trusts allowed?
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Yes.
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Cy pres doctrine
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When a specific charitable purpose is no longer possible, the court will find something close
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Applicability of RAP to charitable trusts
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Not applicable
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