Parties to Trust & Express Trust

Question 1

Who are the parties to a trust?

Answer 1

grantee/Settlor, trustee and beneficiaries

Question 2

What is an inter vicious trust

Answer 2

a trust crated while the truster is living that transfers some or all of the truster’s property into a trust. The truster can designate himself as the trustee or a third party

Question 3

What’s a testamentary trust

Answer 3

Crated in writing a will or in a document incorporation by reference to a will. The will containing the trust must meet the attested holographic will requirments

Question 4

What invalidates a trust

Answer 4

intent,turstee, trust property, valid trust purpose

intent: the settlor may manifest intent to make a gift orally, in writing or by conduct; manifestation of intent must occur prior to or simultaneously with transfer to property.

Trustee: a court wil appoint a trustee if settlor fails to designate one

Trust prop: Trust must be funded with identifiable trust prop(res) described with reasonable certaintiy

Valid trust purpose: a trust can be created for any purpose as long as it is not illegal or contrary to public policy, alt terms will be honored, or if none, tees will be stricken

Question 5

What are ascertainable beneficiaries

Answer 5

The beneficiary must be identifiable so that the equitable interest can be transferred automatically by operation of law and directly benefit the person.

settlor may refers outside writings or acts to id beneficiaries

Exceptions it Id beneficiaries:
- Class Gifts: Trust for a reasonably definite class

• Charitable Trusts: trust that exist for good of the public at large don’t need individual ascertainable beef

Question 6

What is an committed child?

Answer 6

a child who is omitted from the trust can force an intestte share if certain requirements are met

1. child is born or adopted after the trust is created, or the settlor mistakenly believed the child was dead, or did not know the child existed
2. the child is unintentionally omitted from the trust
   limitations: a share will not be forced if the child has been provided for outside of the trust or if the settlor had other children at the time of the trust was executed and left substantially all of his estate to the committed child’s parent