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7 Cards in this Set
- Front
- Back
- 3rd side (hint)
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REQUIRED TRUST ELEMENTS
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SPIRIT
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Settlor (18+, sound mind), Property (presently existed, id'd), Intent (objective manifestation), RAP (vests within 150 years), Intended Ascertainable Beneficiaries, Trustee (legal capacity, has legal title while beneficiary has equitable title). If fails, resulting/constructive trust.
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TRUSTEE’S RESPONSIBILITIES AND LIABILITY
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PIN CALL
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Properly Administer (prudent business person investment, productive prop), Inform Beneficiaries (Keep detailed records; inform beneficaries, sellor, interested parties and wait 21 days for objection of non-routine transactions (25%)), Not Delegate Duties, Commingling of Assets Not Allowed, Account to Beneficiaries, Litigate on Behalf of Trust, Loyalty to Trust (self-dealing, opportunities, borrwing from trust)
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Will Requirements
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TIMAS
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Testamentary Age, Intent, Mental Capacity (POT-Property nature & extent, objects of bounty, testamentary effect), Attested to (2 disinterested witnesses), Signed
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Undue Influence
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FALO
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Fiduciary, Active Participation, Large Devise, Other Factors
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NA: Revocation
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Can revoke gifts but can't add specific gifts w/o full formalities. Can't "change testamentary scheme"
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NA: Probate Process
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(1) PR with fid relationship (SS can petition to dist CP w/I 40 days), (2) file will & death certificate for probate w/I 30 days & estimate of assets/Bs, (3) TEDRA, (4) notify creditors, (5) non-intervention app if solvent, (4) probate for 4 months. (5) distribute (spec, general, resid, intestate), (6) report/accounting, (7) court approves, discharges PR
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NA: Trustee Relationship
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Fiduciary relationship in which settlor intentionally places prop in hands of trustee to keep (legal title) & administer for benefit of intended beneficiaries (equitable title)
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