Trusts Flashcards
1
Q
express trust
A
intent + complies w. formalities
2
Q
implied trust
A
created by conduct
3
Q
trust creation (BIT)
A
beneficiary + intent (specific conduct) + transfer of property
4
Q
spendthrift
A
cannot be touched by creditors unl. alimony or child support
5
Q
testamentary trust
A
created by will –> eff. at death
6
Q
pour-over trust
A
stuff from will into existing trust
7
Q
modification of a trust
A
presumed irrevocable unl. right reserved
8
Q
trust termination (PAR)
A
purpose satisfied or mutual agmt or revocation
9
Q
trustee duties
A
prudence + loyalty + no loans + records
