Trusts

Question 1

Trusts: General Roadmap

Answer 1

I. Generally
II. Elements of a Private Trust
III. Types
IV. Trust Substitutes
V. Protection of Beneficiary’s Interest
VI. Future Interests
VII. Modification or Termination
VIII. Principal and Income Allocations
IX. Trust Administration and Duties
X. Remedial Trusts

Question 2

I. Generally

Answer 2

A. Types (Express (Private, Charitable), Implied (Resulting, Constructive))
B. Revocability

Question 3

II. Elements of a Private Trust

Answer 3

A. Settlor
B. Trustee
C. Intent
D. Trust Property (Res)
E. Valid Trust Purpose
F. Ascertainable Beneficiary

Question 4

III. Types

Answer 4

A. Express
B. Charitable
C. Honorary

Question 5

IV. Trust Substitutes

Answer 5

A. Totten Trust
B. Uniform Transfers to Minors Act (UTMA)
C. Life Insurance Trust

Question 6

V. Protection of Beneficiary’s Interest

Answer 6

A. Generally (discretionary vs. mandatory)
B. Support Trust
C. Spendthrift Trust

Question 7

VI. Future Interests

Answer 7

A. Types (Remainder, Possibility of Reverter, Right to Entry, Executory Interest)
B. Disclaimer
C. RAP
D. Children as Trust Beneficiaries

Question 8

VII. Modification or Termination

Answer 8

A. Generally
B. Unfulfilled Material Purpose
C. By the Court
D. By the Trustee
E. Resignation or Removal of Trustee

Question 9

VIII. Principal and Income Allocations

Answer 9

A. C/L
B. Modern Rule (UPAIA)
C. Allocation of Receipts
D. Allocation of Expenses

Question 10

IX. Trust Administration and Duties

Answer 10

A. Generally
B. Powers
C. Duties (Care, Loyalty, Delegation, Investments, Impartiality, to Inform, to Account)
D. Remedy for Breach

Question 11

X. Remedial Trusts

Answer 11

A. Resulting
B. Constructive