Express is Valid for a Trustee fiduciary not a Petition

Question 1

Express

Answer 1

Express Inter Probate

(1) Express trusts = covered in RCW 11 = settler places property + fiduciary trustee’s control to keep / administer
(2) Inter vivos = effective immediately = irrevocable unless instrument says otherwise, nevertheless irrevocable upon death; revoke power = power to amend
(3) Probate != witness = protect from creditors, will disputes, spendthrifts

Question 2

Valid

Answer 2

Valid RAP intended

(1) Valid = SPIRIT = Settler = 18 capacity, Property = owns or insurance proceed, real = deed, intent != declare
(2) RAP = in 2002, future interest must w/n 150 years of trust creation
(3) Intended ascertainable = identifiable (class) != knowledge; By representation = per stirpes = equal share, pre-deceased = split share !+ per capita; Disclaimer = pre-deceased

Question 3

Trustee

Answer 3

Trustee Co Omitted

(1) Trustee = legal title for beneficiaries = equitable = competent, capable of K, can be appointed; Merger = sole legal and equitable = fails/terminates
(2) Co-trustees = must agree unless otherwise specified
(3) Omitted = right to administer CP, but no homestead/omitted spouse provisions

Question 4

Fiduciary

Answer 4

Fiduciary Liability Defenses

(1) Fiduciary = not self deal, proper admin, inform, no delegate, no commingle, account annually of receipts/debits or w/n 60 days of request, litigate
(2) Liability = sue to enforce a condition, diminution , lost earnings
(3) Defenses = exculpatory provision, consent, SOL, laches

Question 5

Petition

Answer 5

Petition Instrument Specific

(1) Petition court = trustee = notice + ask to determine; resulting/constructive = good faith effort / equitable
(2) Instrument = control, but no waiver of fiduciary; powers in document, else only court can change/terminate
(3) Specific + discretionary = invade when defined condition; Terminate = only if all agree + does not defeat material purpose