Express Trusts

Question 1

What is required for a valid express trust?

Answer 1

1. Intent - evidence by specific words
2. Property in trust
3. Purpose for trust
4. Ascertained beneficiary

Question 2

When must a trust be in writing?

Answer 2

1. Conveying real property - statute of frauds

2. A devise - trust must be in existence at the time the will was created

Question 3

What types of language is not strong enough to create a trust?

Answer 3

1. Precatory language - hope / wish
2. Ambiguous language
3. Distinguishing between trust and gift

Question 4

What are exceptions to the requirement for ascertained beneficiaries?

Answer 4

1. Unborn children
2. Class gifts if class is definite
3. Charitable trust - must be indefinite beneficiaries

Question 5

What is the cy pres doctrine?

Answer 5

Can modify a trust if the purpose is no longer possible

Question 6

What is required for a valid cy pres?

Answer 6

1. General charitable purpose - not specific purpose

2. Make new purpose as close as possible to original purpose

Question 7

How does a settler create an inter vivos trust?

Answer 7

1. Declaration - settlor is also trustee

2. Deed - convey property, can’t be trustee

Question 8

What is a pour over provision?

Answer 8

A provision in a will that puts property to a trust so that property passes according to terms of trust
Amended trust will governs what came from pour over