Trusts Flashcards

You may prefer our related Brainscape-certified flashcards:
1
Q

Elements of a TRUST

A
  1. SETTLOR w/ capacity to convey title to T’ee
  2. INTENTION to create trust
  3. 1 or more definite BENEFICIARIES
  4. a TRUSTEE w/ duties to perform
  5. same person isn’t SOLE T’ee and SOLE Beneficiary
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2
Q

Is writing req’d to make trust?

A

No, even if real property involved

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3
Q

Does VA recognize oral trusts?

A

Yes, requires CLEAR & CONVINCING E

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4
Q

Is an I/V trust revocable and/or amendable?

A

Yes, unless trust terms expressly provide otherwise

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5
Q

What is a CONSTRUCTIVE TRUST?

A

A FLEXIBLE EQUITABLE REMEDY imposed to prevent unjust enrichment as a result of fraud, undue influence, breach of F/D, mistake and the like.

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6
Q

What is constructive trustee’s only duty?

A

To convey the property to the person who would have owned the property but for the wrongful conduct.

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7
Q

What is a spendthrift provision?

A

A provision that RESTRAINS THE TRANSFER OF A BENEFICIARY’S INTEREST

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8
Q

Can a creditor reach trust assets (if they have j’ment against beneficiary)?

A

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

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