Trusts Flashcards
1
Q
Trusts
A
If revocation is permissible, it must be made in writing and signed by the settlor
A settlor may revoke a testamentary trust during his lifetime
A lifetime trust may be either revocable or irrevocable
2
Q
Life Insurance Trust
A
Is a trust at the time it was created
3
Q
Beneficiaries Creditors Can Reach Trust…
A
Under a spendthrift trust when the creditor is entitled to alimony or child support.
4
Q
Modern Duty of Prudence
A
The trustee must exercise reasonable care, skill, and caution in selecting an agent.
The trustee must ensure that trust property investments are diversified.
The trustee may invest in any type of property so long as he exercises the judgment and care of a prudent person.
