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Trusts - Coggle Diagram
Trusts
Creation; determine:
- Settlor's capacity: analyze similar to testator's capacity to form a will
- Intent: present intent to create a trust, not future.
- Trustee: must have mental capacity to administer the trust
- Res-- trust property: settlor places title to the trust property and delivers to the trustee by: an inter vivos transfer or testamentary trust
- Identifable beneficiary: all trusts [except charitable] must have definite and ascertainable beneficiaries
- Proper purpose: virtually any purpose except an illegal purpose, or purpose that violates the Rule Against Perpetuities
- Statute of Frauds and Statute of Wills, if necessary
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