Trusts Flashcards

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

Will a child born after the trust was created take a share of the assets?

A

If the class is still open the child will take.

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2
Q

Will a child that predeceases the life tenant take a share of the trust assets?

A

Survival is usually not required, unless it is expressly written (surviving children).

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3
Q

Does a beneficiary have a right to disclaim?

A

Yes, within a reasonable time after learning of the trust, to disclaim the beneficial interest, absent some act of expressed or implied acceptance.

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4
Q

In most states a disclaimer is effective if

A

in writing an filed within 9 months of decedent’s death.

If valid disclaimer, treated as if predeceased Settlor.

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5
Q

As a trustee, the duty to preserve and protect includes

A

investing (making trust property productive)

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6
Q

To act prudently the trustee must

A

exercise reasonable care, skill, and caution

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7
Q

Spendthrift trust

A

beneficiary id unable voluntarily or involuntarily to transfer his interest in the trust. Cannot sell or give away his rights to future income or capital, and his creditors are unable to collect or attach such rights. (usually created to provide a fund for the maintenance of the beneficiary which will be free from creditor’s claims).

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8
Q

Perps Sit Bad

A

purpose, settlor, intent, transfer of property to trust, beneficiary, acceptance, and delivery.

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