Rigos_Trusts, Wills, & Estates Flashcards
Required Trust Elements: SIT with PA
*Trusts, Wills & Estates
“S”ettlor / Donor / Grantor / Trustee
“I”ntent to Properly Create a Trust
“T”ustee Necessary
“P”roperty / Res
“A”scertainable Beneficiaries
(c) 2014 Rigos Professional Education - All Rights Reserved
Trustee’s Responsibilities and Liability: PIN CALL
*Trusts, Wills & Estates
“P”roperly Administer Assets
“I”nform Beneficiaries
“N”ot Delegate Decisions
“C”ommingling of Assets Not Allowed
“A”ccount to Beneficiaries
“L”itigate on Behalf of Trust
“L”oyalty to Trust
(c) 2014 Rigos Professional Education - All Rights Reserved
Trustee Loyalty to Trust Violations: SOB
*Trusts, Wills & Estates
“S”elf-Dealings with Trust
“O”pportunity of the Trust Taken
“B”orrowing from the Trust
(c) 2014 Rigos Professional Education - All Rights Reserved
Formal Will Requirements: SIT with MA
*Trusts, Wills & Estates
“S”igned by Testator
“I”ntent to Create
“T”estamentary Age
“M”ental Capacity Required
“A”ttested to by Witnesses
(c) 2014 Rigos Professional Education - All Rights Reserved
Testator Mental Capacity Requires Understanding of: POT
*Trusts, Wills & Estates
“P”roperty: Nature and Extent of One’s Property
“O”bjects: Natural Objects of One’s Bounty
“T”estamentary Effect of Executing the Devise Understood
(c) 2014 Rigos Professional Education - All Rights Reserved
Testamentary Undue Influence Factors: LOAF
*Trusts, Wills & Estates
“L”arge Unnatural Devise
“O”pportunity to Exert Undue Influence
“A”ctive Participation in Devise
“F”iduciary Relationship
(c) 2014 Rigos Professional Education - All Rights Reserved
