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8 Cards in this Set
- Front
- Back
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Trusts: checklist
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- elements
- what kind of trust? additional requirements? - trustee's duties & limitations |
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elements of a trust
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- beneficiary
- trustee - res - intent - purpose - settlor |
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elements of a trust: beneficiary
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- definite, ascertainable beneficiary
- must directly benefit - capable of taking & holding property - acceptance - merger |
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elements of a trust: trustee
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- named
- active duties - capable - must accept - merger: if beneficiary & trustee are same person |
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elements of a trust: res
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Res means the trust property.
- presently existing (not mere expectancy) - identifiable |
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elements of a trust: purpose
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Trust must have a valid purpose!
- not contrary to public policy - not illegal |
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trustee duties
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- follow instructions
- avoid self-dealing - diversify assets - supervise agents - earmark assets - act with skill |
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Is a trust in perpetuity valid under the Rule Against Perpetuity?
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NO.
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