Private Express Trusts

Question 1

Private express trust

Answer 1

fiduciary relationship w/ respect to property whereby the trustee holds legal title for the benfit of another, the bene which arise out of manifestation of intent to create it

Question 2

property of trust

Answer 2

nay presently existin ginterest in property

illusory interests

1. future profits
2. debt
3. mere expectancy (inheritance)

Question 3

the benef

Answer 3

any acertainable person or group can be benef

can include corps

can include unincorporated associations

can include chairty

WATCH OUT FOR RAP PROBLEMS -

Question 4

trustee

Answer 4

must have trustee

cannot fail soley becaues there is no trustee or refuses to serve

court can appoint trustee, settlor or estate will hold legal title

Question 5

manifestation of intent

Answer 5

must be PRESENT manifestation of intent

precatory words (words of wishes) are not enough

can use parol evidence to overcome precatory words

trusts of personal property don’t have to be in writing (only real property)

Question 6

how to create

Answer 6

cab take place at death, then he’s really a testator

transfer in trust during life

1. real property - must execute a deed conveying the real property to trustee
2. perosnal prop - must delive rto trustee at the time manfiest intetn to create trust. deliveyr can be actual, symolic or constructive

declaration in trust - settlor is trustee

1. real property - must have some writing showing transfe rof real property
2. personal property - can’t deliver personal property so just need to show intent

Question 7

legal purpose

Answer 7

can be etsablished for any legal purpose

agianst public policy - just strike out the public policy part (e.g you only get if you divorce)

illegal at creation - if you can’t excise illegal from legal

1. invalidate the trust and settlor remains owner
2. allow the trustee to keepthe property

illegal after creation - transfer back to the settlor if alive, if not alive then to teh settlor’s estate