Parties to a Trust Flashcards
What happens when a trust lacks a trustee?
A court will appoint a successor trustee,
UNLESS
Settlor expressed that the trust may only continue if a certain person is the trustee.
What is a vested remainder?
A vested remainder is a future interest, or a present right to possess trust property in the future, created in an ascertainable grantee with no express condition precedent required before the interest becomes possessory.
Look to see if a trust provides a beneficiary with this interest!
What is a Fee Simple Subject to an Executory Interest?
A FSSEI is a present fee simple estate that is limited in duration such that it will terminate upon the occurrence of a specified condition, and title will pass to a third party.
Look to see if a trust provides a beneficiary with this interest!
