Trusts Flashcards
Elements of a TRUST
- SETTLOR w/ capacity to convey title to T’ee
- INTENTION to create trust
- 1 or more definite BENEFICIARIES
- a TRUSTEE w/ duties to perform
- same person isn’t SOLE T’ee and SOLE Beneficiary
Is writing req’d to make trust?
No, even if real property involved
Does VA recognize oral trusts?
Yes, requires CLEAR & CONVINCING E
Is an I/V trust revocable and/or amendable?
Yes, unless trust terms expressly provide otherwise
What is a CONSTRUCTIVE TRUST?
A FLEXIBLE EQUITABLE REMEDY imposed to prevent unjust enrichment as a result of fraud, undue influence, breach of F/D, mistake and the like.
What is constructive trustee’s only duty?
To convey the property to the person who would have owned the property but for the wrongful conduct.
What is a spendthrift provision?
A provision that RESTRAINS THE TRANSFER OF A BENEFICIARY’S INTEREST
Can a creditor reach trust assets (if they have j’ment against beneficiary)?
As long as NO SPENDTHRIFT, ct may authorize cr’or to reach beneficiary’s interest by attachment of present or future distributions.
But cr’or CANNOT REACH TRUST CORPUS