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Trusts and Estates (creation (modification (settlor may revoke/amend…
Trusts and Estates
creation
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modification
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beneficiaries- consent from settlor, or all beneficiaries agree and it does not conflict with purpose of trust.
trustee- less than $50,000 and it is no longer feasible
spend thrift- beneficiary may not transfer his interest. not applicable if beneficiary has already received the trust money. (protection from creditors) - N/A to gov/spouse/child/ necessities
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Revocation
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dependent relevant revocation- if a will is revoked with the intent that another document be a new will, if the new will is not valid the revoked will may be used.
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Beneficiaries
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after-born child- gets a share, unless the child was intentionally omitted or provided for elsewhere.
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disclaimer- in writing, declared, describe the interest, signed, delivered or filed. (no more interest)
Validity
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capacity
fraud 1 factum- lying about what is in the will, 2 inducement- lying to induce testator to sign.
mental capacity- 18 and older, understand: nature of act, nature and extent of property, natural objects of his bounty, and nature of disposition.
undue influence-influence on testator, overpower's testator's free will, product would not have been executed but for the influence.
codicil- an amendment, executed the same way.
no contest clause- disqualify anyone challenging it. typically invalid if contestant had reasonable cause to contest will.
Bequests
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satisfactions- when a gift has been given during the testator's life, not preferred, must be in writing
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types
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implied trust- operation of law- resulting trust- places property in hands of rightful owner. constructive trust- takes property from a wrong doer.
charitable
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charitable purpose- poverty, education, religion, health, gov. purpose may be broad
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Cy Pres Doctrine- when charity no longer exists, may redirect to as close as possible.
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Trustee
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duites
loyalty and good faith- no self-dealings, conflict of interest, segregate trust assets
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