Wills (Decedents Estates)

Question 1

What are the requirements of a valid trust?

Answer 1

Must have a
1) trustee
2) Beneficiary (must be definite and ascertainable) *
3) Trust assets/ property
4) present intent to create a trust

*a trust does not fail for lack of trustee

the the same person cant be the beneficary and the trustee.

Question 2

What are the different kinds of trusts?

Answer 2

1) a pourover will (a will that makes a gift to a trust)
2) spend thrift trusts
3) discretionary trusts

Question 3

What is a pourover will

Answer 3

a will that makes a gift to a trust.
1) the trust must be identified in the testators will
2) the terms must be incorporated in a writing executed before or at the time of the execution of the will.

• modern approach- admendments after the will is executed is valid
• common law- amendments not valid after execution.

Question 4

What is a spend thrift trust

Answer 4

a spend thrift trust restrains both