trusts

Question 1

self trusted trust

Answer 1

if revocable by settlor or settler is mandatory distributee

Question 2

creditors

Answer 2

revoc may reach assets
Irrevoc may reach to extent the assets may distributed to or for benefit of settlor

Question 3

duty to trustee

Answer 3

to settlor so may d things in contray to provisions in direction of settlor

Question 4

elements

Answer 4

Settlor, intent, trustee, res (delivery)(specific identified), bene, valid purpose , writing (for land and test)

Question 5

res

Answer 5

real pro, tangible prop, intan prop
Res must exist
-Expectancy (anticipated gift may not be res) pour over trust res can have right of trustee to receive, future res could be future earnings from contract or interest like remainder

Question 6

promise

Answer 6

-Trust won’t arise from promise to make from prop settlor intends to get until prop acquired and settlor has intent
-Promise to make trust supported by consideration trust will arise when prop acquired no need intent
-Debtor may not hold debt in trust for another person

Question 7

settlors capacity

Answer 7

18, competent , capacity
Test trust - will cap required
Revoc trust - will cap required
Irrevoc trust - power to convey the trust is required

Question 8

intent

Answer 8

present intent to create manifest, intent oral or written

Question 9

precatory language

Answer 9

not enforceable

Question 10

trustee

Answer 10

18, competent , capable, (could be corporate entity), settlor
may receives reasonable compensation
accepts, complies or excites power
Written notice to reject

Question 11

bene

Answer 11

person or entity with interest
- of private trust must be ascertainable
class may be unborn as long as describes unborn and satisfies rap
Charitable must not have ascertainable bene

Question 12

secret trust/ semi

Answer 12

testator devises an oral trust
court will enforce secret trust for bene over devisee

prop devised to trustee in trust without bene
court will not enforce in conflict with heirs

Question 13

qualified bene

Answer 13

(present or future interest)
current bene - current
Intermediate - gets when current bene interest terminates
First line - gets when when trust terminates

Question 14

special rights of bene

Answer 14

-modification an termination of irrevocable may be used by qbene
-Notice requirements
-Must provide accounting to bene
-Right to seek removal of trustee extends to all bene settlor co

Question 15

florida stat for rap

Answer 15

Non vested trust interest
-1000 after July 2022, 360 December 31 2000, 90 before
Non trust interest 21 years of alive individual or 90 years vests or terminates after its creation

Question 16

Indefinite beneficiaries of private trust

Answer 16

trustee may have power to chose bene (scholars) if power fails then goes to person next person who would have (children)

Question 17

writing requirement

Answer 17

satisfy stat f frauds for realty, testamentary with will formalities
196 table

Question 18

trust contest

Answer 18

Trust contests
Can’t contest revoc trust until its irrevocable by terms or settlors death
Guardian of the property on incapacitated settlor can still bring challenges

Question 19

modification of revocable trust

Answer 19

May be modified by method provided in trust or by : later will any method establishes settlors clear and convincing intent
Amendment must be made in writing

Question 20

undue influence

Answer 20

Same shit
PAGE 201

Question 21

Reformation to correct mistake

Answer 21

court may reform to settlors intent clear convince there was mistake

Question 22

New trust anti lapse stat

Answer 22

Applies to all testamentary and interviews trusts same as wills
Doesn’t apply if settler had contrary intent after 2014**]

Question 23

Spendthrift trusts

Answer 23

arises if settlor provides that bene interest may not be transferred voluntary by bene and may not be attached by genes creditors
Basically bene cent give it away and safe from creditors