NY BAR REVIEW - trusts, wills, estates 2019 Flashcards
1
Q
trusts, wills, estates
A
intestate succession.
abandoned property law.
2
Q
if property not disposed of by will, and decedent is survived by these, distribute as follows
spouse and issue:
A
50k and half of residue to spouse and remainder to to issue by representation
3
Q
if property not disposed of by will, and decedent is survived by these, distribute as follows
spouse and no issue:
A
whole to spouse
4
Q
if property not disposed of by will, and decedent is survived by these, distribute as follows
issue and no spouse:
A
whole to issue, by representation
5
Q
if property not disposed of by will, and decedent is survived by these, distribute as follows, parent, but no spouse, no issue:
A
whole to parent
6
Q
if property not disposed of by will, and decedent is survived by these, distribute as follows
no spouse no issue no parent:
A
whole to issue of parent by representation
7
Q
if property not disposed of by will, and decedent is survived by these, distribute as follows
grandparents and issue:
A
half to paternal and their issue, by representation, other half to maternal and their issue, by representation
8
Q
issue of grandparents includes who?
A
only children and grandchildren
9
Q
by representation, distribution ends with whom?
A
first cousins
10
Q
if no children or granchildren of decedent’s grandparents survive dcedent?
A
half to great grandchildren of maternal per capita, and half to great grandchildren of paternal grandparents per capita
11
Q
what is per capita
A
in equal shares
12
Q
if decedent isnt survived by all mentioned relatives,\?
A
estate escheats to state
13
Q
when is a parent disqualified from inheritance?
A
failed to support/ abandoned child while was under 21, whether child dies before 21.
14
Q
what is abandonment according to ct of appeals?
A
settled purpose to be rid of all parental obligations or forego all parental rights
15
Q
how may a parent regain right to inherit?
A
if resumes parental duties, financial support, and continues fulfilling until death of child
16
Q
when is a spouse disqualified from sharing in intestacy?
A
marriage was void under DRL; parties were legally separated or divorced under final decree; surviving spouse abandoned or refused to support deceased spouse and the abandonment or refusal to support continues through time of death
17
Q
inheritance rights of nonmarital child?
A
full inheritance from mother and her family
18
Q
inheritance rights of nonmarital child from father?
A
only if paternity is established
19
Q
how is paternity established
A
order of filiation declaring the paternity. motehr and father acknowledge paternity under public health law. father files a witness and acknowledged affidavit of paternity with the putative father registry.
paternity established by clear and convincing evidence , such as DNA test, or he openly and notoriously acknowledged the child as his own.
20
Q
rights of nonmarital children extend to whom?
A
their issue as well
21
Q
child conceived using genetic material of deceased is considered what?
A
a distributee of child’s genetic parent and may be included in any disposition to a class described as issue, children, descendants, heirs, or another term included in a will, trust, other instrument, created by genetic parent
22
Q
genetic parent MUST have created a written instrument within how many years of their death and the instrument must provide consent for use of their genetic material?
A
7
23
Q
child MUST be conceived no later than ___ months after genetic parents death or born no later than ____ months after genetic parent’s death
A
24; 33
24
Q
formalities of a will
A
signed at end by testator or on their behalf in their presence and by their direction.
testator must sign name and declare to each of attesting witnesses that the instrument theyre signed is his will.
minimum of 2 attesting witnesses must sign at end of will in testator’s presence. testator may sign in their presence, who see him sign, or he may acknowledge his signature to them.
attesting witnesses must attest his signature as affixed or acknowledged in their presence and at request of testator, sign their names within 30 days of each other.
25
oral/nuncupative and holographic/handwritten wills are valid or not in NY?
NOT
26
formalities of codicil
same as will
27
codicil wasnt executed with the formalities results in what?
will remains as originally executed
28
a will may or may not incorporate by reference any doc that was not signed and attested with the formalities?
NOT
29
a testator may direct in his will that the assets be poured over into what?
a lifetime trust
30
pour over trust MUST be in existence when?
before or be executed contemporaneously with the will
31
trust formalities
writing.
signed by creator and at least 1 trustee.
acknowledged like a deed or signed by two witnesses.
32
revocation how?
physical act.
| subsequent writing.
33
will can be revoked by what?
another will.
writing of testator clearly indicating intention to effect such revocation, executed w formalities prescribed by statute for execution and attestation of will, or by physical act.
34
revocation of will by physical act- how?
```
burning.
tearing.
cutting.
canceling.
obliterating.
mutilating.
```
35
testator may destroy will with whom?
by himself or direct another to do so in his presence and in presence of 2 witnesses other than the destroyer of the will.
36
question of fact for courts to decide
whether a marking is sufficient to constitute revocation
37
nuncupative or holographic declaration of revocation
a will may be revoked or altered by this
38
revocation is effective only if what?
intended by testator
39
revocation of will revokes codicils?
yes
40
can one partially revoke a will by physical act?
NO
41
will may be partially revoked?
YES, by another will or a writing executed and attested with formalities of a will.
42
copy of lost or destroyed will may be submitted for probate only if establish what?
will hasnt been revoked.
will was properly executed.
AND
all provisions of will can be clearly and distinctly proved by each of at least 2 credible witnesses or by copy or draft of will proved to be true and complete
43
what is the presumption if will previously executed cannot be found after death of testator?
was revoked by destruction of testator
44
proponent of lost/destroyed will has burden of proof to show what?
testator didnt destroy the will w intent to revoke it
45
testator executes will that is revoked by a later will containing revocation clause, first will cannot be what?
revived by testator merely revoking later will.
46
how can a prior will or disposition be revived?
execute a codicil that incorporates provisions of will by reference. writing executed w will formalities declaring revival of old will.
OR
reexecution and reattestation of prior will in accordance w will formalities.
47
what is the doctrine of dependent relative revocation?
where intention to revoke a will is conditional and where condition is not fulfilled, revocation is not effective. usually where testator cancels a will w intent to make new testamentary disposition and new disposition is not made or fails for some reason
48
dispositions that are revoked if spouses are judicially separated, divorced, or if marriage annulled or declared void or dissolved on ground of absence?
dispositions by will, by powers of appointment, by beneficiary designations for securities, life insurance, pension, retirement benefits, revocable trust, totten trust.
49
nominations of a former spouse to serve in fiduciary or representative capacity is what?
revoked
50
former spouse is treated as?
having predeceased testator; disposition passes to alternate beneficiaries
51
anti lapse statute
testator makes disposition to brother, sister, or issue in a will, and that beneficiary predeceases testator, disposition passes to issue of predeceased brother, sister, or issue
52
if will executed after 8.31.92, disposition passes how?
by representation
53
if will executed before 8.31.92, disposition passes how?
per stirpes
54
class gift to issue
not subject to anti lapse statute.
| disposition to issue will pass by representation - from 8.31.92
55
when residuary disposition of 2 or more residuary beneficiaries is ineffective in part, then?
ineffective disposition will pass to other residuary beneficiaries, ratably, unless testator provided otherwise or unless anti lapse statute applies to lapsed portion
56
identity theory of
| ademption
testator makes specific disposition of property and property is not part of estate of testator's death, disposition fails
57
where specifically devised property changes form, specific gift adeems or not?
NOT
58
conveyance, settlement or other act of testator by which an estate in his property, previously disposed of by will, is altered, but not wholly divested does what?
does not revoke such disposition, but the estate in the property that remains in teh testator passes to the beneficiaries pursuant to the disposition.
59
any such conveyance, settlement, or other act of testator which is wholly inconsistent w such previous testamentary disposition does what?
revokes it
60
if specific disposition of property is damaged or destroyed before decedent's death and insurance company reimburses executor after decedent's death, then who is entitled to that money?
the beneficiary
61
what is the doctrine of advancement?
testator may satisfy part or all of disposition or intestate shareby making lifetime gift to beneficiary
62
doctrine of advancement is limited to what type of situations?
where such gifts are accompanied by writing, which MUST be executed contemporaneously w the gift and signed by the decedent, or acknowledged by the donee, stating that donor intended the gift to be an advancement. decedent MUST intend to substitute the gift for donee's share of the estate
63
an attesting witness beneficiary - disposition valid?
VOID, unless there are 2 other disinterested attesting witnesses available to testify.
64
an interested witness remains competent and may be called to testify as to what?
validity of will
65
if interested witness is also an intestate distributee, witness is entitled to what?
recieve the lesser of his intestate share or disposition made to him in the will
66
what is renunciation?
disclaim a gift, renounce an interest in decedent's estate
67
a person who disclaims a gift/ renounces, is considered what?
to have predeceased the decedent
68
in order for disclaimer to be valid, formalities are?
writing.
signed and acknowledged before notary public.
accompanied by separate affidavit stating no consideration was received for disclaimer by person whose interest will be accelerated.
MUST renounce within 9 months of transfer and disclaimer is irrevocable.
69
what retains priority over dispositions under a will and distributions in intestacy?
funeral expenses.
debts.
taxes.
administration expenses.
70
if assets of testator's estate are insufficient to pay all obligations of estate and distributions under the will, interests in estate will abate how?
this order:
1. distributive share in property not disposed of by will.
2. residuary dispositions.
3. general dispositions.
4. demonstrative dispositions.
5. specific dispositions.
6. dispositions to decedent's spouse eligible for estate tax marital deduction.
* testator may provide for a diff order of abatement
71
dispositions to issue will pass by representation if instrument created when?
after 8.31.92.
72
what is by-representation disposition?
issue of deceased issue take equal share w other survivors at their level
73
dispositions to issue prior to 8.31.92 will pass how?
per stirpes
74
what is per stirpes?
issue of deceased issue take their parent's share
75
who is entitled to share when a testator disposes of property in favor of a class described as his issue?
children:
adopted.
posthumous.
non marital.
76
a genetic child may be included when?
in any disposition to a class
77
what is issue?
descendants.
| adopted children and their issue.
78
what are adopted children?
the issue of their adoptive parents
79
what are adopted children NOT?
the issue of their biological parents
80
an adopted out child wont take when?
in a class gift from a birth relative unless that child is specifically named in a biological ancestor's will or the gift is expressly made to issue including those adopted out of the family
81
an adopted out child may share ina class gift to whom?
issue of his biological family if testator or grantor is his grandparent or descendant of grandparent - aunt, unlce, cousin, and adoptive parent is a stepparent, grandparent, or descendant of grandparent
82
who has the burden of proving due execution?
proponent of will
83
who has testamentary capacity?
person 18 y of age.
sound mind.
sound memory.
may dispose by will of real and personal property and exercise power to appoint such property.
84
courts will look to whether the testator
understood nature and consequence of executing will.
knew nature and extent of property that he was disposing of.
knew those who would be considered natural objects of his bounty and his relationship to them.
85
who has burden of proving testator possessed testamentary capacity?
proponent of the will
86
who has burden of proving undue influence?
the objectant
87
what MUST the objectant show?
that the influencing party's actions are so pervasive that the will is actually that of the influencer, not the decedent
88
what MUST the influence amount t?
moral coercion, which restrained independent action and destroyed free agency, or which, by importunity which could not be resisted, constrained testator to do that which was against his free will and desire, but which he was unable to refuse or too weak to resist
89
how to prove fraud?
MUST be shown that proponent knowingly made a false statement that caused decedent to execute will that disposed of property in manner diff from disposition he would have made in teh absence of that statement
90
objectant has the burden of what?
establishing existence of fruad
91
will is entitled to probate even if decedent was mistaken concerning extraneous facts which might have caused decedent to make diff disposition, unless what?
mistake of fact was product of undue influence
92
where mistake affects decedent's testamentary intentions, will may be what?
denied probate
93
objectant has burden of proving what?
mistake
94
what is in terrorem clause?
no contest clause
95
testator may include no contest clause which does what?
prevents disposition from taking effect if will is contested by beneficiary, even if beneficiary has probable cause for contest
96
no contest clause enforcement is subject to following exceptions:
beneficiary objects, based on probable cause, on grounds of forgery or revocation by later will.
guardian contests on behalf of infant beneficiary.
beneficiary objects to court's discretion, refuses to join in probate petition, or waives service of citation.
beneficiary provides info pertinent to probate of will.
beneficiary conducts preliminary exams under law to evaluate merits of his objections.
institutes, joins, or acquiesces in a proceeding for construction of provision in will.
97
who has standing to contest probate of will
person whose interests would be adversely affected
98
non probate transfer
inter vivos gift
99
what makes an inter vivos gift valid?
intent of part of donor to make a present transfer.
delivery of gift- actual or constructive, to donee.
acceptance by donee.
100
proponent of gift has burden of proving each of elements by what standard?
clear and convincing evidence
101
property owned by individual or more than one person as:
joint tenants.
tenants in common.
tenants by entirety.
102
disposition to 2 or more persons creates what?
tenancy in common (unless otherwise specified)
103
what is a totten trust?
bank acct in name of decedent payable on his death to named beneficiary.
creator ofsuch may revoke or modify during creator's lifetime or by will.
104
trust MUST be described in will as being trust for whom?
named beneficiary in named financial institution
105
will neednt mention an intent to what?
revoke or modify trust, but MUST dispose of part of whole of trust account in order to effect revocation or modification of trust
106
what rights does beneficiary have in trust?
NONE.
| only expectancy that he might receive trust in future
107
transfer-on-death security registration act
owner of securities can register them in his name and upon death, pass to designated beneficiary
108
joint bank acct
deposit of funds in bank acct in name of depositor and another person and in form paid or delivered to either, or survivor of them, creates prima facie evidence of intent ot create joint tenancy w right of survivorship.
109
presumption of prima facie evidence of intent to create joint tenancy w right of survivorship can be rebutted by
providing direct proof that no joint tenancy was intended or substl circumstl proof that joint acct had been opened for convenience only.
110
life insurance assets pass under will or intestacy?
ordinarily they DONT
111
life insurance assets pass how?
under beneficiary designation
112
insurance beneficiary's rights are affected by laws governing transfer of property by will or intestacy unless what?
insured fails to properly designate beneficiary.
no named beneificary survives the insure.
insured expressly designates his estaet or personal representatives as beneficiary.
113
designation of beneficiary MUST be done how?
signed writing
114
insurance carrier may set forth what?
rules in its contract how to designate beneficiary and carrier MUST agree to designation of beneficiary
115
no statete or laws governing transfer of property by will, gift or intestacy may impair or defeat rights of beneficiaries of what?
pension, retirement, profit-sharing, or other specified benefit plan
116
right of person entitled to receive money or other property pursuant to benefit plan may NOT be what ?q
defeated by testamentary disposition
117
rights under retirement plan are what type of rights?
contractual.
| are limited by provisions of contract.
118
surviving spouse has right to take 50k or what?
one third of net estate, whichever greater
119
what does net estate consist of?
property in decedent's name that could pass under a will/net probate asset.
property that passes in intestacy.
testamentary substitute.
debts owed to decedent.
120
what does testamentary substitute include?
gifts cause mortis made before /after marriage.
totten trust, including bank acct in testator's name in trust for anotehr and payable on death securities.
survivorship estate- joint tenancy, tenancy by entirety, joint bank acct, survivor bank acct, to extent of decedent contribution.
employee pension, profit sharing, deferred compensation plan, if plan is qualified plan under irs 401 and payable to surviving spouse, only one half is consideref testamentary substitute.
lifetime transfer in which decedent retained power to revoke such disposition or power to consume, invade or dispose of principal, or name new beneficiaries, including annuities.
property over which decedent retained presently exercisable general power of apptmt.
gifts made within one year of death but exclduing portion not subject ot federal gift tax pursuant to annual exclusion.
121
what is a survivorship estate?
joint tenancy.
tenancy by entirety.
joint bank account.
survivor bank acct to extent of decedent contribution.
122
life insurance contract is not what?
a testamentary substitute
123
one third share is reduced by what?
property received by intestacy, testamentary sub, bequests under will.
124
elective share is paid how?
ratably, unless otherwise directed by will, by decedent's beneficiaries, such as intestate beneficiaries, beneficiaries under will, beneficiaries of testamentary subs.
125
surviving spouse MUST exercise right of election when?
within 2 years of decedent's death, but court may in its discretion extend time period upon showing of good cause.
126
right of election may be waived how?
by agreement written, signed, acknowledged before notary
127
surviving spouse disqualified from sharing in wrongful death recovery, intestacy or electing against will under certain circumstances.
including where theres a final judgment of divorce or separation, surviving spouse abandoned decedent and abandonment continued until decedent's death, or surviving spouse failed or refused to support decedent.
128
child born after execution of testator's will shall succeed to what ?
portion of testator's estate if after born child was left unprovided for by any settlement or without any mention in the will
129
if the testator had no living child when executed last will?
afteborn child succeeds to portion of such testator's estaet as would have passed to such child had testator dies intestate
130
if testator had 1 /more children living when executed last will and no provision made for such child,
afterborn child NOT entitled to share in testator's estate
131
if testator had 1/more children living when executed last will and provision made therein for one/more of children, an afterborn child is entitled to what?
share in testator's estate as follows:
portion of testator's estate in which afterborn child may share is limited to disposition made ot children under will.
afterborn child shall receive such share of testator's estate as he would have received had testator included all afterborn children w children upon whom benefits were conferred under will, and given an equal share of estate to each such child.
if intention of testator was to make a limited provision to be applied only to testator's children lviing at time will was executed, afterborn child succeeds to portion of such testator's estate as would have passed to such child had testator died intestate.
132
public health law authorizes any competent adult to appoint a health care agent how?
by health proxy, signed and dated by adult in presence of 2 adult witnesses, who must sign and cannot be the appointed agent.
133
agent's authority commences when?
upon determination that adult lacks capacity to make health care decisions
134
agent's decisions must be consistent with what?
known wishes of principal, including religious and moral beliefs- adult having executed living will/having expressed such beliefs
135
if principal's wishes arent reasonably known or cant reasonably be determined, agent may act how?
in accordance w adult's best interests.
136
if adult's wishes regarding admin of artificial nutrition and hydration are not reasonably known and cannot w reasonable diligence be ascertained, agent shall what?
NOT have any authority to make decisions regarding these measures.
137
if agent doesnt know adult's wishes concerning life-sustaining treatments, then?
ARENT authorized to make decisions regarding those measures
138
how proxy revoked?
notifying agent or health care provider orally or in writing.
any other act evidencing specific intent, execution of subsequent health care proxy, and divorce from agent unless principal specifies otherwise
139
what is apower of atty
permits another person / agent to copmlete financial transactions on principal's behalf.
GENERAL OBLIGATIONS LAW.
forms creating durable and nondurable statutory and short form power of atty.
140
durable power of atty
survives principal's incapacity
141
nondurable power of atty
DOESNT survive principal's incapacity
142
statutory short form power of atty
durable unless principal expressly states otherwise in doc
143
what are the execution requirements for power of atty
certain specific language.
signed and dated by principal w capacity, signed and dated by agent and their signatures must be acknowledged in same manner as required for recording of deed. a
144
for power of atty, does agent have to sign at same time as principal?
NO
145
in order for principal to grant agent the authorities, principal MUST what?
place his initials in bracket preceding each specific authority.
146
if principal qwishes to grant his agent authority over all matters enumeratedin form, needs to what?
place initial inside bracket enumerated P and DOESNT need to initial other lines.
147
marking X or other marks rather than principal's initials is what?
invalid and DOESNT serve to grant to agent any authority unless principal lacks capacity for standard signature and routinely signs his name w such mark
148
power of atty may contain what?
modifications.
| additions.
149
principal may modify power of atty to give agent what?
access to principal's digital assets, including efiles and email communications
150
according to statutory short form power of atty, agent may NOT do what ref gifts?
in excess of 500 bux in aggregate in any calendar year.
151
if principal wishes to grant his agent authority to make gifts in excess of annual total of 500 buxfor all gifts, principal MUST what?
initial sttmt in statutory short form power of atty.
simultaneously execute separate statutory gifts rider in exact wording as set in general obligations law.
principal MUST sign statutory gifts rider in presence of 2 witnesses or acknowledge his signature before 2 witnesses.
statutory gifts rider may contain modifications or additions as expressly permitted in general obligations law.
152
what is the standard of care by an agent?
observing standard of care that would be observed by prudent person dealing with property of another and exercising a fiduciary duty to act in best interest of principal.
153
what is included in agent's fiduciary duties?
act according to instructions from principal, or where none, in the best interest of P, and avoid conflicts of interest.
keep principal's property separate and distinct from any other property owned or controlled by agent.
keep record of all rceipts, disbursements, transactions, entered into by agent on behalf of principal and make such record and power of atty available to principal or to 3rd parties at request of principal.
not make gifts to oneself w/o authority under statutory gifts rider.
154
when does power of atty terminate?
principal dies.
principal becomes incapacitated, if poa isnt durable.
principal revokes it.
principal revokes agent's authority and theres no coagent or successor agent.
agent dies, becomes incapacitated or resigns and theres no coagent or successor agent.
purpose of poa is accomplished.
court order revokes it.
155
power of atty terminates when authority of agent terminates, which can occur when?
principal revoked agent's authority.
agent dies, becomes incapacitated or resigns.
poa terminates.
agent's marriage to principal is terminated by divorce or annulment.
156
grantor may create trust of real or personal property for what purpose?
any lawful
157
how many parties does a trust have?
3.
creator.
trustee.
beneficiary.
158
is a trust merged or invalid bc a person, including but not limited to the creator of the trust, is or may become sole trustee and sole holder of persent beneficial interest therein?
NO.
| provided 1 or more other persons hold beneficial interest therein.
159
who may make a lifetime trust?
any person or entity who MUST intend to create a trust, and it must have at least 1 definite and ascertainable beneficiary whos not the trustee and a grantor who delivers corpus to trustee
160
lifetime trust
any kind of estate in property may be disposed of in this way
161
execution of a trust how?
writing.
executed by creator of trust and at least 1 trustee.
acknowledged like real estate deed for recording or exectued in presence of 2 witnesses, who MUST then sign it.
162
trust is NOT valid until when?
funded.
| except life insurance, pension trust, pour over trust.
163
in order to be sufficiently funded, assets MUST be transferred how?
through recording of deed or completing registration of stock certificate.
164
if asset is NOT recordable or registrable, grantor MUST waht?
assign the asset to trust in writing.
165
trustee holds what?
legal title to trust property and co-trustees share legal title jointly w right of survivorship
166
what happens when sole trustee dies
trust property vests in court, which can then appoint a successor trustee, unless trust otherwise provides.
167
what the trust types?
```
revocable.
irrevocable.
testamentary.
pour over.
charitable/cy pres
```
168
revocable trust
grantor may amend or revoke trust in writing that is executed and acknowledged w same formalities as initial trust instrument.
governing instrument can eliminate the need for formalities, but all revocations /modifications MUST be in writing. grantor may revoke /amend lifetime trust in his will, provided he specifically refers to the trust.
169
irrevocable trust
it is such unless trust instrument expressly provides that its revocable. may be revoked or amended pursuant to eptl.
170
testamentary trust
trust created in a will. only becomes effective upon death of testator.
171
pour over trust
testator may direct in his will that his assets be poured over into a lifetime trust. NEEDNT be executed w same formalities as a will and may be amendable or revocable, but MUST be in existence before or be executed contemporaneously w the will. MUST be in writing, signed by creator, and at least 1 trustee, and either acknowledged like a deed or signed by 2 witnesses.
172
charitable trust.
for charitable purposes is valid despite lack of definite or ascertainable beneficiary.
state atty general represents beneficiaries of charitable trusts.
it will not fail for lack of a trustee.
title will pass ot court with jurisdiction to appoint trustee.
173
charitable trust may be reformed under by pres doctrine:
court MUST find 3 conditions-
gift / trust is charitable in nature.
language of will or trust instrument indicates donor demonstrated general, not specific, charitable intent. AND
particular purpose for which gift or trust was created has failed, or has become impossible or impracticable to achieve.
174
income interests in a trust a alienable or not?
NOT
175
income interests in trust are beyond reach of whom?
creditors.
| this is spendthrift protection.
176
if grantor of trust expressly makes income interests alienable in the trust instrument, then who can reach them?
creditors
177
an income beneficiary may assign all or part of income to whom?
spouse or children he is legally obligated to support, or income over 10k per year to heirs pursuant to acknowledged doc.
178
court may in its discretion make an allowance from principal to what?
any income beneficiary's support and education
179
remainder interest alienable?
freely alienable, unless by specific provision in trust, grantor makes trust remainder inalienable.
180
disposition in trust by creator for own benefit is valid or not against existing or subsequent creditors?
VOID
181
creditors may reach ___% of income from a trust
10
182
unless a trust requires accumulation of income, creditor may what?
levy ag income in excess of what is necessary for income beneficiary's support and education
183
if trust is revocable, creator can revoke how?
without consent of beneficiaries by written notice of revocation delivered to at least 1 other trustee w/in reasonable time if person executing revocation is NOT sole trustee
184
if trust is irrevocable, grantor MUST execute what?
instrument in writing acknowledged or proved in manner required for recording of conveyance of real property, w consent of all living beneficiaries, executed in like manner. trustee is NOT an interested person, and consent of unborn child is NOT needed to revoke or amend a trust.
185
court may terminate trust upon applicaiton by trustee or beneficiary if finds that?
continuation of trust is economically impracticable.
express terms of disposing instrument DONT prohibit early termination. AND
such termination would NOT defeat specified purpose of trust and would be in best interest of beneficiaries.
186
when purpose of trust ceases, then?
it terminates, and the estate of trustee also ceases.
187
what is the rule against perpetuities
limits ability of owners to control future disposition of their property.
188
rule ag perp applies to?
real prop.
personal prop.
NOT charities!
189
how to determine validity of a disposition of property?
suspension of absolute power of alienation.
AND
remoteness of vesting of the estate.
190
suspension of alienation rule
any estate in which conveying instrument suspends absolute power of alienation for longer than lives in being at creation of estate plus 21 years is VOID
191
no estate in property shall be valid unless it MUST vest, if at all, not later than?
21 years after one or more lives being at creation of estate and any period of gestation involved
192
beneficiaries of a trust MUST be what?
definite and ascertainable within perpetuities period
193
where an estate would be invalid under rule ag perp bc of a person reaching age in excess of 21 years?
age contingency is reduced to 21 yrs for person subject to that contingency, whose interests would otherwise be invalidated- REDUCTION OF AGE CONTINGENCY
