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Wills & Trusts Flashcards

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1
Q

KEY TOPICS: WILLS

A
  1. EXECUTION OF WILLS
  2. REVOCATION OF WILLS
  3. INCORPORATION BY REFERENCE AND FACTS OF INDEPENDENT SIGNIFICANCE
  4. CHANGES IN BENEFICIARIES AND PROPERTY AFTER WILL’S EXECUTION
  5. AMBIGUITIES AND MISTAKES
  6. INTESTATE SUCCESSION
  7. RESTRICTIONS ON POWER OF TESTATION
  8. PROTECTION ON THE CHILD
  9. CONDUCT BARRING HEIR OR BENEFICIARY FROM TAKING
  10. WILL CONTESTS
  11. PROBATE AND ESTATE ADMINISTRATION
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2
Q

KEY TOPICS: TRUSTS

A
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3
Q

EXECUTION OF WILLS

A
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4
Q

STATUTORY FORMALITIES

A
  1. Age 18 or over
  2. In Writing
  3. Testator Must Sign (Liberally construed)
  4. At the End of the Will
  5. Two Attesting Witnesses
  6. Witnesses must sign in testator’s presence and in the presence of each other

NOTE: no publication requirement in FL, witnesses don’t need to know that they are witnessing a will and no particular order of signing is required

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5
Q

TESTATOR’S SIGNATURE

A

Signature: mark affixed by the testator with the intent that it operate as a signature. May be made by another person at the testator’s direction and in the testator’s presence.

Signature marks the end of the will

Signature At End Requirement: If a portion of the will follows the testator’s signature the entire will is invalid. Testator’s signature must follow immediately after the final dispositive provision of the will.

If a will provision is added after the testator’s signature after the will is executed, the will is valid, but the provision is not

Electronic Signature is Permitted: for any instrument under the Florida Probation Code

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6
Q

HOLOGRAPHIC AND ORAL WILLS

A

NOT VALID IN FLORIDA

Holographic Wills: meaning a will in the testator’s handwriting and without witnesses. Not valid in FL even if validly made in another state

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7
Q

PRESENCE REQUIREMENTS

A

Presence: Scope of Vision v. Conscious Presence

  • Scope of Vision: in presence only if they could see each other sign if they were to look-no impediment to visual contact (minority rule)
  • Conscious Presence: witnesses are conscious of where each other is and what each other is doing (majority of jurisdictions)
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8
Q

REMOTE WITNESSING

A
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9
Q

FOREIGN WILLS

A

A will executed by a non-resident of Florida is valid in FL if validly executed under the law of the place where the testator was at the time of execution

Foreign Domiciliary with Land in Florida:

  1. Primary administration in place of domicile at death
  2. Ancillary administration anywhere testator owned real property
  3. Will in Foreign language valid but English translation must be provided
  4. Will recognized if complies with law of place of testator’s domicile at the time of execution (EXCEPTION - no unattested holographs)
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10
Q

ANCILARY ADMINISTRATION

A
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11
Q

INTERESTED WITNESS

A

At Common Law: witness who is also a beneficiary wasn’t competent, and the will couldn’t be probate unless there were two other witnesses.

FL has abolished this rule and allow interested witnesses to take under the will

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12
Q

PROOF OF WILLS

A

To be probated a will must be proved

  1. Oath of one attesting witness before circuit judge or court clerk; or if not possible
  2. Oath of personal representative named in will

Self Proving Wills: During testator’s lifetime: testator and witness sign affidavit under oath before notary public. Execution of formalities conclusively presumed

Witness signatures on self-proving affidavit satisfy witness signature requirement for will

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13
Q

ELECTRONIC WILLS

A

FL permits a will to be carried out online

Signature, attestation of witnesses, and the execution of a self-proving affidavit may all be done remotely (by supervised video conference with an online notary)

Remote witnessing provisions don’t apply in a will for a vulnerable adult

May be self-proving: must be attached or associated with the electronic will with a designated qualified custodian (consistantly maintains a system for controlling electronic materials)

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14
Q

REVOCATION OF WILLS

A

Best way: Expressly and executed just like a will

Other Methods:

  1. Revocation by Physical Act - burning, tearing, canceling, defacing, obliterating, or destroying it with the intent to revoke. Intent must be concurrent with act. Note - cancellation act must touch some language of the will - MUST CROSS THE LANGUAGE OF THE WILL IT’S SELF, NOT A COPY OR PICTURE
  2. Revocation by Written Instrument - all or part of a will may be revoked or altered by a subsequent instrument executed with the same formalities as a will. If there is an inconsistency, later document controls
  3. Revocation By Operation of Law
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15
Q

REVOCATION BY PHYSICAL ACT

A

Burning, tearing, canceling, defacing, obliterating, or destroying it with the intent to revoke.

NOTE: accidental destruction of a will or codicil does not revoke it, the intent to revoke must be present at the time of the physical act of destruction.

Duplicates: ACT OF REVOCATION ON ONE EXECUTED COPY REVOKES ALL EXECUTED COPIES)

NOTE: Electronic - deleting, canceling, or obliterating with the intent and for the purpose of revoking shown by clear and convincing evidence.

PRESUMPTIONS:

  1. Will found in mutilated condition - presumption is the testator did that act with intent to revoke
  2. Will last seen to be in T’s possession and control and can’t be found - presumption is reason it can’t be found is that T destroyed with intent to revoke

Revocation by Proxy: FL permits a will to be revoked by a physical act by another person, provided that the revocation is [Intent+Act+Presence]

  1. At the testator’s direction and
  2. In the testator’s presence
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16
Q

LOST OR DESTROYED WILLS

A

The lost will statute must be satisfied by proving the testimony of two disinterested witnesses or by one disinterested witness and a photocopy or carbon copy (but not a draft) of the will

Due execution by the oath of one of the attesting witnesses and specific contents by the testimony of to disinterested witnesses or by one disinterested witness and a photocopy or carbon copy of the will

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17
Q

REVOCATION BY WRITTEN INSTRUMENT

A

All or part of a will may be revoked or altered by a subsequent instrument executed with the same formalities as a will. If there is an inconsistency, later document controls

Effect of Revoking a Codicil: revocation of a codicil to a will does not automatically revoke the will - it is presumed that the testator intended their will as originally executed

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18
Q

REVOCATION BY OPERATION OF LAW

A

A will may be partially or totally revoked by operation of law in the event of subsequent marriage, divorce, annulment, or birth or adoption of children. We assume the testator wouldn’t want the will to operate in view of the changed family situation

Petermitted Spouses and Children: marriage after the execution, or children born or adopted after the execution of the will are pretermitted and entitled to a share of the estate

Divorce or Annulment Revokes All Provisions in Favor of Former Spouse: the will is read as if the former spouse predeceased the testator - REVOKES ALL PROVISIONS IN FAVOR OF THE EX-SPOUSE, CONSTRUE THE WILL AS IF SPOUSE IS DEAD

Mere separation has no effect on rights under a will UNLESS in conjunction with complete property settlement - the rights waived

Effect of Remarriage: Will provisions remain revoked, but FL probate code says status in most non-probate transfers are revived (life insurance, POD TOD accounts, joint back accounts) unclear what happens with a revocable trust

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19
Q

INTERLINEATIONS AND CHANGES AFTER EXECUTION

A

Disregarded unless they are so extensive as to show intent to revoke the entire will. They can be given effect only if the will is republished by codicil or re-executed

NOTE: Can’t revoke part of a will by physical act in FL

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20
Q

NO REVIVAL OF REVOKED WILLS

A

Revival: at common law an earlier will is automatically revived when a later will is revoked

In FL - once a will is revoked by language of revocation contained in a later will, it is legally dead and cannot be revived unless the will is:

  1. Re-executed with the necessary formalities
  2. Republished by executing a codicil to the will

Merely destroying the later will and the language of revocation therein doesn’t revive the earlier will

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21
Q

DEPENDENT RELATIVE REVOCATION (DRR)

A

Doctrine allowing courts to disregard revocation that would not have occurred but for the testator’s mistaken belief that another disposition was valid

Applies when a testator revokes their will under the mistaken belief that another disposition of their property would be effective, and but for this mistaken belief, they would not have revoked the will.

BUT FOR is the key to this test - to apply this test - compares the consequences of undoing the revocation of will 2 with not undoing the revocation - undo the revocation when that comes closer to meeting the testator’s intent

Other Circumstances: defective execution of a second document (i.e. only one witness) and will one is revoked by physical act, because of the mistake belief that 2 was valid, can undo the revocation of will 1

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22
Q

INCORPORATION BY REFERENCE AND FACTS OF INDEPENDENT SIGNIFICANCE

A

Incorporation: When can you incorporate extrinsic documents by reference/

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23
Q

INCORPORATION BY REFERENCE

A
  1. Writing in existence at time of will execution
  2. Will must manifest intent to incorporate documents, AND
  3. will describes writing sufficiently to permit identification
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24
Q

EXCEPTION - LIST DISPOSING OF ITEMS OF TANGIBLE PERSONAL PROPERTY

A

In FL - permits will to refer to written statement that disposes of tangible personal property

  • must be signed by the testator
  • must describe property with reasonable certainty
  • list may be written or altered at any time

TANGIBLE PERSONAL PROPERTY ONLY - NO MONEY, REAL ESTATE, STOCKS OR BONDS

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25
Q

FACTS OF INDEPENDENT SIGNIFICANCE

A

A will may dispose of property by reference to acts and events, even though they are in the future and unattested, if they have significance apart from their effect on dispositions made by the will

Acts having an independent lifetime motive may impact on the will as well

Any lifetime motive will allow impact to a will

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26
Q

CHANGES IN BENEFICIARIES AND PROPERTY AFTER WILL’S EXECUTION

A

MOST FREQUENTLY TESTED WILLS ISSUES - Post execution, pre-death changes

LAPSE

ADEMPTION

EXONERATION OF LIENS

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27
Q

LAPSED GIFTS AND ANTI-LAPSE STATUTE

A

Lapse (most frequently tested wills issue!) - when the beneficiary names in the will or revocable trust dies before the testator it lapses (IT FAILS, falls to the residue, and passes as part of the residuary estate)

UNLESS - saved by the state anti-lapse statute

FL STATUTE: applies when the predeceasing beneficiary is the:

  1. Testator’s grandparent OR
  2. Lineal descendant of grandparent AND
  3. Leaves issue

If satisfied, substituted in to take the person’s place.

Anti-lapse statute doesn’t apply if there is an “if x survives me” clause

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28
Q

CLASS GIFT

A

If a will makes a gift to a class, only the class members who survive the testator take a share of the gift, unless the will provides otherwise or the anti-lapse statute’s requirements are met

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29
Q

LAPSE IN RESIDUAARY GIFT

A

“All the remainder to….”

If the residuary estate is devised to two or more persons and the gift to one of them fails for any reason, the surviving residuary devisees take the entire residuary estate in proportion to their interests in the residue

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30
Q

CLASSIFICATION OF TESTAMENTARY GIFTS

A
  1. Specific Devise: Gift of specific asset
  2. General Legacy: is a gift of a general economic benefit payable out of the general assets of the estate without requiring any particular source of payment - specified pecuniary amount
  3. Demonstrative Legacy: Gift of specified pecuniary amount with funding instructions
  4. Residuary Bequest: rest, reside, and remainder of estate
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31
Q

ORDER OF ABATEMENT

A

Abatement is the process of reducing testamentary gifts in cases where the estates assets aren’t sufficient to pay all claims against the estate adn satisfy all bequests adn devises

  1. Intestacy Property
  2. Residuary Estate
  3. General Legacies
  4. Demonstrative Legacies
  5. Specific Gifts

In FL - this is the process used when you need to raise money for share amounts (more on this later)

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32
Q

ADEMPTION

A

Specific gift not in estate at death fails - beneficiary takes noting

Applies only to specific gifts and bequests

FL Law: Special Rules (outline these more) - Ademption does not apply:

  1. Testator Incapacitated - if specifically devised property is sold by a guardian, or if condemnation award or insurance proceeds relating to the property are paid to the guardian, the specific devisee has a right to a general legacy equal to the net sale price, condemnation award, or insurance proceeds unless the testator’s disability has been adjudicated to have ceased and the testator survives the adjudication by one year
  2. Certain Proceeds to Extent Unpaid at Testator’s Death - In cases not involving sale by guardian, a specific devisee has a right to the remaining specifically devised property and:
  • any balance owing under a contract that’s still executor at the testator’s death
  • Any amount of a condemnation award for the taking of property by eminent domain - but only to the extent that the award is unpaid at the testator’s death
  • Any fire or casualty insurance proceeds unpaid at the time of T death
  • Property acquired as a result of a foreclosure of a security interest on a specifically devised note
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33
Q

INCREASE IN STOCK

A

Specific Devisees take the increase caused by stock split or dividend

A SD of stock is entitled to any additional or other securities of the entity owned by the testator because of action initiated by the entity, excluding shares acquired by the exercise of purchase options

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34
Q

BEQUESTS OF SECURITIES

A

The courts will construe a bequest of securities as a general legacy, if it is possible to do so, in order to avoid application of the ademption doctrine. The cases turn on whether the testator made a gift of “x Shares” or of “my x shares”

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35
Q

EXONERATION OF LIENS

A

No exoneration unless intent shown in will -

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36
Q

AMBIGUITIES AND MISTAKES

A
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37
Q

LATENT AMBIGUITY

A

Exists when the language of the will is clear on its face but cannot be carried out without further clarification.

Rule: Extrinsic evidence is admissible to clear up a latent ambiguity

In the absence of clarifying evidence, gift will fail and fall into residue

38
Q

MISTAKE

A

If an interested party proves by clear and convincing evidence that a will provision was based on a mistake of fact or law, the court will reform the will to reflect the testator’s intent - even if the language of the will is unambiguous

Court will consider evidence relevant to the testator’s intent even if it contradicts an apparent plain meaning of the will

Mistake in Execution: extrinsic evidence is admissble to show…

Mistake in Inducement:

39
Q

INHERITANCE

A

Intestate succession is the statutory method of distributing assets that aren’t disposed of by will

40
Q

INTESTATE SHARE OF SURVIVING SPOUSE

A

If survived by a spouse but no descendants - the spouse takes all of the estate

If survived by spouse and one or more descendants who are also descendants of spouse - the spouse takes all if no other descendants of the survivng spouse or one-hald of the estate if there are other descendants of the surviving spouse

If survived by spouse and descendants at least one of whom is not a descendant of the surviving spouse, the spouse takes one half of the estate

The share that does not pass passes to:

  1. Children, grandchildren, If none to
  2. Parents, if none to
  3. Parents descendants, if none to
  4. One half to paternal grandparents and descendants and one half to maternal grandparents, if none to
  5. Family of last deceased spouse
  6. State of FL

Cant disinherit an heir by fiat in FL - heir takes even if you’ve expressed desire that they not share in estate. To disinherit have to leave completely to someone else

41
Q

HOW TO DISTRIBUTE: PER STIRPES

A
42
Q

PROBATE ESTATE

A

The estate that could have been controlled by will if one was executed, PROPERTY NOT INCLUDED:

  1. Right of survivorship property
  2. Life insurance proceeds
  3. Death benefits
  4. Property held in trust
  5. Property over which the decedent had a power of appointment
43
Q

DISCLAIMERS

A

A solvent heir or will beneficiary can disclaim their interest in a decedent’s estate. Disclaimer can be total or partial and results in property passing as though disclaimant pre-deceased decedent (lapse potentially subject to anti-lapse statute)

Can be made by guardian or personal representative

FL can be made at any time prior to acceptance, but for tax purposes must occur within 9 months of decadents death

44
Q

NON-MARITAL CHILDREN

A

Children born out of wedlock are heirs of the mother but not the father UNLESS he marries the mother, is adjudicated the father before or after his death, or acknowledges paternity in writing (legitimizes)

45
Q

STEPCHILDREN

A

Child cannot inherit from stepparent unless unperformed agreement to adopt (virtual adoption)

46
Q

ADOPTED CHILDREN

A

Inherit from adoptive family

Do not inherit from biological family

Adoption by a stepparent - From adopted parent and remarried parent, if adopted after death of original parent, relationship not severed. If adoption during original parent’s life, relationship with original parent is severed

Orphan Adopted by close family member, doesn’t affect the family tree

47
Q

HALF SIBLINGS

A

Half blood kindred take half as much as whole blood kindred

48
Q

SIMULTANEOUS DEATH

A

If no evidence that persons died other than simultaneously, heir or beneficiary treated as having predeceased

Applies to:

  1. Wills
  2. Intestacy
  3. Insurance
  4. Right of Survivorship
49
Q

ADVANCEMENT OF INTESTATE SHARE

A

Common Law: Lifetime gift to child presumed advancement of intestate share

FL: No advancement unless:

  1. Contemporaneous writing by decedent or will so provides or acknowledgement in writing by heir/beneficiary
50
Q

SATISFACTION OF LEGACIES

A
51
Q

RESTRICTIONS ON POWER TO TESTATION

A
52
Q

PROTECTION FOR SPOUSE AND FAMILY ****

A

Various provisions intended to financially protect a spouse and minor children

Homestead, exempt personal property set aside, and family allowance protections are over and above:

  1. property given to spouse by will
  2. elective share award
  3. intestate share of surviving spouse or children
53
Q

PRETERMITTED SPOUSE

A

If marriage occurs after will executed, spouse may claim intestate share unless:

  1. Antenuptial or Postnuptial Agreement
  2. Testamentary Gift to Spouse Made in Contemplation of Marriage (made a gift in the will to the spouse in contemplation of marriage)
  3. Intention not to provide for spouse
54
Q

SPOUSE’S ELECTIVE SHARE - GO BACK THROUGH THIS

A

Share of estate.

Notice must be filed within 6 months of notice of administration

55
Q

ELECTIVE SHARE TRUST

A
56
Q

PRETERMITTED CHILDREN

A

Child born or adopted after the execution of the will

Entitled to an intestate share UNLESS

  1. They received an advancement equal to intestate share
  2. Omission was intentional
  3. Testator had other children and left most of his estate to the other parent of the omitted child

The intestate share here is the entire estate!!

57
Q

CONDUCT BARRING HEIR OF BENEFICIARY FROM TAKING

A

Homicide = no benefit (unlawfully and intentionally killed - involuntary manslaughter, negligent, criminally negligent will not trigger the slayer statute, acquittal at criminal law not controlling, this law is triggered by a civil standard - perponderance)

JT property passes half to the killer and half to decedent’s estate

58
Q

WILL CONTESTS

A

Standing: anyone whose share would increase if contest successful has standing (economic stake in winning)

Grounds:

  1. Testamentary capacity - when the will was executed: did the testator understand nature of the act he was doing, did T know the nature and character of his property and know natural objects of his bounty and the disposition he wished to make (practical effect)
  2. Insane Delusion: belief with no basis in reason or evidence to which testator adheres despite all arguments to contrary - is gift product of insane delusion
  3. Undue Influence - must show EACH - existence and exertion of influence, overpowering mind and will of testator, will would not have been executed but for influence
59
Q

EVIDENCE OF UNDUE INFLUENCE

A
60
Q

ESTATE ADMINISTRATION - GO THROUGH THIS MORE CAREFULLY

A

Pay attention to forms of administration

61
Q

TYPES OF ADMINISTRATION

A
  1. Disposition without administration
  2. Full Blown Administration
  3. Caveat Procedures
62
Q

PERSONAL REPRESENTATIVE

A
63
Q

ELIGIBILITY TO SERVE AS PR

A
64
Q

POWERS OF PERSONAL REPRESENTATIVES

A

All powers necessary for the proper administration of the estate, but court orders needed for

  • sale of real property or
  • continue operation of unincorporated business for more than 4 months
65
Q

NOTICE TO CREDITORS

A
66
Q

NOTICE TO OTHERS

A
67
Q

TIME LIMITS ON CREDITORS’ CLAIM

A

All must file within applicable statute of limitations:

  1. No notice to creditors published - within 2 years of death
  2. If notice - 3 months from first date of publication, accept those with actual notice have 30 days
68
Q

ORDER OF PAYMENT

A
  1. Expenses of administration
  2. funeral expenses up to 6K
  3. Medicaid claims and debts and taxes with preference under fed law
  4. Medical expenses incurred in last 60 days
  5. Family allowance
  6. Child support arrearages
  7. Post death expenses in continuing business
  8. All other creditors
69
Q

TRUSTS

A
70
Q

TRUSTS DEFINED

A

A trust is an arrangement under which the trustee holds legal title to property for the benefit of the beneficiaries.

Trustee: has burdens - duty to manage, repair, pay the taxes… with a fiduciary duty (not privileged to use the trust property as their own)

Beneficiaries: hold equitable title, have benefits of property ownership

71
Q

CATEGORIES OF TRUSTS

A

EXPRESS: Private and Charitable

IMPLIED: Resulting and Constructive [Prevent UE] (not true trusts, nothing with respect to express applies to implied) These are really remedies

72
Q

REQUISITES FOR A TRUST

A

Settlor - creator

Delivers legal title

of trust property

to Trustee for benefit of beneficiaries

with intent to create trust and

for a valid purpose (doesn’t offend public policy)

73
Q

SELF-DECLARATION OF TRUST

A

Settlor declares themselves trustee of own property for benefit of others - no delivery requirement

74
Q

TESTAMENTARY TRUST

A

Testamentary Trust - trust created by settlor’s will - no delivery requirement

75
Q

INTER VIVOS TRUST

A

Has a delivery requirement

76
Q

INTENT

A

Present Intentional to Create a Trust - manifested by words, writing or conduct

Intent=legal title to property in one person’s name with a duty to manage it for others

Oral trust of personal property is valid in almost all jurisdictions

Note: precatory language of suggested use = no trust (hope, wish, or mere suggestion that the property be used in a certain way)

77
Q

PRECATORY EXPRESSIONS

A

Wish and desire generally doesn’t create a trust UNLESS

  1. The directions are definites and precise, not vauge
  2. The directions are addressed by a decedent to their executor or administrator, or to one who otherwise occupies the position of a fiduciary
    1. …
78
Q

TRUST PURPOSE

A

For any purpose that is not:

  1. Illegal
  2. Contrary to Public Policy
  3. Impossible to achieve
79
Q

ACTS CONTRARY TO PUBLIC POLICY

A

If there is an unreasonable condition antithetical to public policy the trust may still be valid, but the condition contrary to public policy is void

Provisions that Tend to Violate:

  1. Prevent marriage
  2. Encourage Divorce
  3. Encourage Crime
  4. Retrain right to procreate
  5. Restrain right to practice religion

We’re worried about CONDITIONS in this area - you can not provide for someone for any reason, the issues come up when you give to someone with a CONDITION against public policy

80
Q

REQUIREMENT OF TRUST PROPERTY (RES)

A

Res: Trust Property

Must be some specific interest in property that the trustee’s duties relate to

The subject matter of the trust must be certain and identifiable

Debtor cannot hold own debt in trust - but a debtor can declare himself trustee of a particular property from which the debt is to be paid, and the debt can be held in trust by another person (go back through this)

81
Q

MUST BE EXISTING INTEREST IN EXISTING PROPERTY

A

Trust property must be an existing interest in existing property

A future interest may be held in trust, but an interest not yet in legal existence can’t be held in trust

Expectancy does not equal property that can be held in trust

82
Q

UNENFORCEABLE GRATUITOUS PROMISE CANNOT BE RES

A

Where a promise to create a trust isn’t supported by consideration (gratuitous), a trust arises when all elements of a valid trust have been met, if, but only if, at the subsequent time the settlor manifest an intention then to create the trust

  1. All elements of valid trust met and
  2. Settlor reaffirms intent to create trust

Need a reaffirmation, inicia of trust might include:

  1. distributing income to the beneficiary or keeping records like a trustee would, can be conduct doesn’t have to be an express reaffirmation
83
Q

PROMISE SUPPORTED BY CONSIDERATION

A

Under K law - trust attaches when property is received, no reaffirmation of attended needed if it’s not a gratuitous promise

84
Q

NO TRUSTEE NAMED

A

No trust fails for want of a trustee - if clearly manifested trust, the lack of trustee will just be filled in by the court to execute the trust

85
Q

POWERS PERSONAL TO THE NAMED TRUSTEE

A

If trust powers intended to be personal to the named, such that the trust should fail if that person can’t or won’t perform, then the trust will fail

THIS IS RARE

86
Q

THREE EXCEPTIONS TO THE BASIC PRINCIPLE OF RES

A

When Otherwise Empty Trust Is Valid: trust names as beneficiary of life insurance policy or pension plan death benefit, or gift under settlor’s will in FL

87
Q

TRUST BENEFICIARIES

A

Private trust must have ascertainable beneficiaries

Charitable trust must benefit reasonably large and unidentifiable segment of the public

TRADITIONAL RULE: trust invalidated for want of definite beneficiaries cannot be given effect as power of appointment

FLORIDA RULE: trust invalid for want of definite beneficiaries can be given effect as power of appointment

88
Q

CLASS GIFTS

A

A private trust may exist for the benefit of members of a class. As long as the class is reasonably definite, it is permissible that the members of the class are to be selected by the trustee in their discretion, or that the property is to be held for such members of the class as the trustee finds meet certain requirements

Law does not require that beneficiaries need to be alive, guardian ad litem will enforce the trust. If no beneficiaries born - property returned to settlor by resulting trust

89
Q

RESULTING TRUST

A

Implied Reversion -

90
Q

NOT REQUIRED FOR CHARITABLE AND HONORARY TRUSTS

A

The rule requiring a private trust to have definite beneficiaries does not apply to charitable trusts; beneficiaries of a charitable trust must be indefinite

Honorary Trust - for the care of animals, valid in FL for the lifetime of the animals

  • Who enforces the trust: trust or court designates enforcer
91
Q

WILL SUBSTITUTES

A

Person wants to transfer property at the moment of death

92
Q

REVOCABLE TRUSTS

A

Bar Prep 2022 (20 decks)

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