MEE Trust

Question 1

Trust Creation

Answer 1

To create a valid trust there must be settlor, who, intending to create a trust for a valid trust purpose, delivers the trust property to the trustee to hold for the benefit of one or more beneficiaries.

Question 1

Spendthrift Trust

Answer 1

A spendthrift trust is one in which the beneficiary is unable voluntarily or involuntarily to transfer his interest in the trust. He cannot sell or give away his rights to future income or capital, and his creditors generally are unable to collect or attach such rights

Question 2

Support Trust

Answer 2

A support trust is one which the trustee is required to pay or apply so much of the trust as is necessary for the beneficiary’s support.

Question 3

Trust Termination