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TRUSTS ELEMENTS (6) Ascertainable Ben's (B. Qualified
Current…
TRUSTS ELEMENTS
4) T'ee
- Indiv: 18, competent, & capable of acquiring prop
- Corp: if charter gives power of T'ee
- Settlor can be sole T'ee if not sole Ben
- Reasonably compensated & reimbursed
- Accepts by complying, accepting delivery, or exercising
- Rejects by written notice even if preserved/inspected
6) Ascertainable Ben's
B. Qualified
- Current Beneficiary
- Intermediate gets when CB ends
- 1st Line Remainder gets when T ends
- Descendant of 1st may become Qualified
C. Special Rights
- Modify/terminate
- Notice; annual accting
- Remove T'ee
- Presumed accepted
D. RAP
- 360 after 12/31/00
- 90 on/before 12/31/00
A. Types
- Person/entity w ben int, present/future
- Person w POA other than T'ee
- Private: must be specific name or definite class
- Charitable: may not have ascertainable
*T'ee or court cures indefinite class
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3) Settlor
Must be 18
B. Capacity
- Irrev Trust: Power to convey
- Rev Trust: Will capacity
- Test Trust: Will capacity
C. Present Intent
- PRESENT intent
- Manifested at time
- Written, oral, conduct
A. Intended a T & indicated
- Precatory (Glenn) semi-fix
- Mandatory (Corbin) failed bc no oral
1) Writing
B. Rev IVT
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RP:
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3d Party
- Create: same as SS
- Fund: Deed, signed, 2 wit's
C. Testamentary T
-
Pour-Over T vs Test T
- POT: signed, T elements, & will formalities for test aspects of Rev T; before/concurrent with Will
A. Irrev IVT
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RP:
Self-Settled
- Writing, signed, T elements
3d Party
- Create: same as SS
- Fund: Deed, signed & 2 wit's
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