Wills/Trusts essay 2

Question 1

pour-over will

Answer 1

a testator can make gifts by will to a trust, even a revocable and amendable trust, provide that the trust instrument was executed before, concurrently with, or within 60 days after execution of the will, and thrust is adequately identified in the will.

Question 2

committed child

Answer 2

If a decedent fails to provide for a child born or adopted after the execution of the decedent’s testamentary instruments, the child receives his intestate share of the decedent’s property. This rule has been extended to cover a child who was alive when the testamentary instruments were executed but the testator either believed the child was dead or was unaware of his birth

Question 3

Resignation of trustee

Answer 3

A trust will never fail merely because a trustee refuses to serve. In such cases, the court will simply appoint a new trustee. Until then, legal title will reside either in the settlor’s estate or in the court itself.

Question 4

Termination by Beneficiaries

Answer 4

Most jurisdictions permit the beneficiaries to terminate an irrevocable trust only if (i) all beneficiaries consent and (ii) the termination will not impair a material purpose of the trust

Question 5

Duties owed to trustee v. beneficiaries

Answer 5

With a revocable trust, a trustee’s duties are owed exclusively to the settlor. A trustee of an irrevocable trust owes her duties exclusively to the beneficiaries

Question 6

Liability to Beneficiaries

Answer 6

If a trustee commits a breach of trust, the beneficiaries may sue the trustee for the amount necessary to restore the trust property and distribution to what they would have been without the breach