Other Info Flashcards
SOF requirement for land
Signed by settlor (can’t use if part performance)
What is a pour over trust?
A trust that comes from a will
Requirements for pour over trusts
(1) clearly ID in will
(2) in writing
Modification after will executed (modern vs. common law approach)
Modern = later made amendments valid
CL = later made amendments not valid
What is a spend thrift trust?
Restrains voluntary and involuntary transfer of beneficiaries interest and creditors can’t reach prior to the beneficiary
What creditors can reach a spendthrift trust (exceptions)
•Child/spouse support
•Judgement creditors who provided services
•State for unpaid taxes
•Necessaries
Can a settlor be a beneficiary in a spendthrift trust?
No because this would just allow him to protect himself from creditors
What is a support trust?
Trust to support the beneficiary (can’t be assigned)
Are trusts revocable?
Yes unless stated otherwise
Are trusts modifiable?
Yes can modify if can revoke
Termination of trust
Settlor can do if all beneficiaries agree
What are trustees duties
Loyalty
Carry out goal of trust
Good faith
No self dealing
UPIA (Uniform Prudent Investor Act)- trustee must use reasonable care, skilled and caution when investing
What are the remedies of trustees breaches duty?
Specific performance
$ damages
Restore prop
Suspension/remove trustee
Cy Pres Doctrine
Applies to charitable trust, when trustee can’t carry out trust as written so does “near as possible” to settlors primary purpose
