Private Express Trust

Question 1

PET - Def

Answer 1

Fiduciary relation w/r/t property whereby one holds legal title f/b/o another, which arises out of manifestation of intent to create it for a legal purpose

• writing not required unless real property
• T: required (court will appt)
• Prop: any present tx interest (no liability/expectancy)
• Ben: any ascertainable person or reas. sized group (subject to RAP)

Question 2

PET - Manifestation of trust intent

Answer 2

Present intent, precatory words insufficient unless parol E establishes

Death: will

Life
–Transfer in Trust: 3rd party T, real prop req’s deed and personal property req’s delivery

–Declaration in Trust: S trustee, real prop req’s writing

Question 3

PET - Purpose

Answer 3

Any legal

• Illegal after created: Resulting Trust
• Illegal at creation: ct will excise condition if possible. If not, ct will (1) invalidate trust (S retains ownership) or (2) if S unclean hands, allow trustee to keep