Trusts & Wills

Question 1

Trustee’s responsibilities and liability – PIN CALL

Answer 1

P- Properly administer assets
I- Inform beneficiaries
N- Not delegate decisions

C- Commingling of assets not allowed
A- Account to beneficiaries
L- Litigate on behalf of trust
L- Loyalty to trust (SOB)

Question 2

Trustee loyalty to trust violations – SOB

Answer 2

S- Self dealings with trust
O- Opportunity of the trust taken
B- Borrowing from the trust

Question 3

Formal will requirements – SIT with MA

Answer 3

S- Signed by testator
I- Intent to create
T- Testamentary age

M- Mental capacity required
A- Attested to by witnesses

Question 4

Testator mental capacity requires understanding of – POT

Answer 4

P- Property (nature and extent of one’s property)
O- Objects (natural objects of one’s bounty)
T- Testamentary effect of executing the devise understood

Question 5

Testamentary undue influence factors – LOAF

Answer 5

L- Large unnatural devise
O- Opportunity to exert under influence
A- Active participation in devise
F- Fiduciary relationship

Question 6

Required Trust Elements — SIT PA

Answer 6

S- Settlor/ trustor
I- Intent to properly create trust
T- Trustee

P- property/ red
A- Ascertainable beneficiaries