Trusts

Question 1

Who are the parties of a trust?

Answer 1

Parties of a trust include the Grantor/Settlor, Trustee, and Beneficiaries.

Question 2

What does a private express trust require?

Answer 2

intent, trust property, valid trust purpose, and ascertainable beneficiaries.

Question 3

What are three types of private express trusts?

Answer 3

(1) Inter Vivos (living) trust, (2) Testamentary trust, and (3) Charitable trust.

Question 4

May a charitable trust be modified?

Answer 4

Yes. A charitable trust may be modified under the cy pres doctrine. Court must analyze whether the trust has a specific intent to help one charity or a general intent to generally benefit charity. If general intent, the court will likely modify the trust and substitute a charity.

Question 5

What duties does a trustee have?

Answer 5

Trustee has various duties: Loyalty, Prudence, Disclose, and Account.