Alienability of Trust Interests Flashcards
1
Q
What is the general rule for alienability?
A
Trusts are alienabe, devisable, and descendible unless the terms of the trust expressly or impliedly state otherwise.
2
Q
What is the exception to the alienability rule?
A
Spendthrift trusts are not alienable.
3
Q
What is disclaimer?
A
Not accepting a trust/gift.
4
Q
Under the majority rule, how do you disclaim a trust?
A
A beneficiary has nine months to disclaim an interest. In some states, it’s not a effective unless it’s in writing
5
Q
What is the UPC rule for disclaiming a trust?
A
A beneficiary may disclaim, in writing, any time before acceptance.
6
Q
What are the effects of disclaimer?
A
Under common law, the disclaimed share passes to the surviving class members, under the UPC, the disclaimer’s issue (children) take the shares.
