Will Substitutes Flashcards
1
Q
Trust v Will
A
Does the transfer create a present gift (even if it is a future interest subject to divestment)
2
Q
Revokable trust
A
used for convenient management of asset, plan for incapacity, avoid probate costs and delays, permit secrecy as to bennies,
3
Q
Trotten Trusts
A
bank account where the depositor is the trustee for a person who is to receive the money at the depositor’s death
Depositor retains full control of $ during his lifetime
Revokable by: withdrawal; intent; contradictory provision in a will
Account creditors can have access to it
4
Q
Transfers to minors
A
UTMA- transfered to “custodian”-
Custodian- is not a trustee because no legal title - the legal title is to the minor
Custodian is the fiduciary
