Final Review Flashcards
What’s a resulting trust
Arises from the conduct of parties
What is constructive trust?
Arises by operation of the law in the interest of equity and fairness
What are implied trust
They are created by law
What’s testamentary trust
Created as part of a will, comes into existence atTestators death
What is a living trust?
Created by and effective during the grantor lifetime
What is an express trust
In writing
What is an express trust
In writing
What are the elements of a trust?
Name of trustee, names of beneficiaries, the property included in the trust, and delivery of assets to trustee
What is a trust?
An agreement where property is transferred to a trustee for administration according to the grand tours directionS
What is the order of distribution?
Pay debts first, spouse line, errors, collateral errors, and then the state
What’s is intestate
Death without a will
Ways of revocation of a will
Physical act, subsequent writing, new marriage, divorced, and children
What are the requirements of a will
Testamentary capacity, holographic, or type written, testators signature, two witnesses, notary in publication
What are the types of gifts?
Specific, general, residual
What is the definition of a will?
A final declaration of how someone wants their property disposed of after their death
What is eminent domain?
The government can only take private land for public use with just compensation
