creating trust Flashcards
1
Q
how can you create a trust?
A
transfer property to someone as T during S lifetime
S declares he owns as T
testamentary
2
Q
trust elements
A
capacity
intent
lawful purpose
1+ Bs
1+ Ts
3
Q
what is the legal capacity to create a trust?
A
18
4
Q
what would destroy intent?
A
fraud, undue influence
5
Q
what if trust creation is invalid?
A
constructive trust
6
Q
beneficiary requirement
A
definite and ascertainable
T can select Bs from indefinite class
7
Q
trustee requirement
A
T has duties to perform
capacity
cant have trustee be the sole B
8
Q
when do you not need ascertainable Bs
A
charitable trust
pet trust
noncharitable trust limited to 21 years
9
Q
VA RAP
A
wait and see if it vests or not in 90 years
10
Q
what trusts do VA RAP not apply to
A
charitable, retirement, pet
