High - Trusts Flashcards
1
Q
Formation -Trusts
A
(1) definite beneficiary (2) settlor with capacity (3) intent to create trust (4) trustee (5) valid trust purpose (6) trust property (7) compliance with formalities
2
Q
Cy Pres Doctrine
A
applies to charitable bequests and charitable trusts
Courts will modify charitable trust to be consistent w/ and “as near as possible” w/ settlor’s or testator’s intent if purpose has been frustrated
3
Q
Powers and Duties of Trustees
A
Fiduciary duty to beneficiaries (care & loyalty)
Care: reasonable prudent person
Loyalty: (1) refrain from self-dealing (2) best interest of beneficiaries (3) same care and deference to each beneficiary
