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Estates - Coggle Diagram

- - - - Payable out of general assets of estate
    - - Certain sum to be paid out of a particular fund (i.e. shares of stock)
      - Beneficiary entitled to value of shares if not in existence
    - - Property identified/distinguished from all other things of the same kind and satisfied by delivery of specific thing
- - - - 18yo
        Undertands nature of act
        Understands nature and extent of property
        Beneficiaries are natural objects of bounty
        Testator understands nature of disposition made
    - - Influence exerted on testator
        Effect of influence overpowers testator's mind and free will
        Will would not have been executed but for influence
      - Presumed if confidential/fiduciary relationship exists, beneficiary participated in procuring/drafting will, and provisions appear to be unnatural/favor beneficiary
    - - In fact
        
        Misrepresentation as to nature of contents of will
      - In inducement
        
        misrepresentation as to facts that influence motivation to make will
- - - - Beneficiaries:
        If conflicts w/ material purpose, settlor consent required
        If all beneficiaries do not agree then court may modify if trust could have been consented to and interests of non consenting beneficiares are adequately protected
      - Trustee: can terminate trust when property's value is less than $50k and amount is insufficient to justify cost of administration
      - Settlor: can revoke/amend unless terms state irrevocable
    - - Spendthrift
        
        Beneficiary cannot voluntarily/involuntarily transfer interest
        
        Does not protect against claim by gov't, child support, spousal maintenance, or necessary supplies/services rendered to beneficiary
      - Discretionary
        
        Vest additional powers in trustee to decide when to distribute income of trust
  - - - Distinctive trusts construed to effectuate purpose of settlor
      - Indefinite beneficiaries, charitable purpose, limited RAP
      - Cy pres: when designated charity not in existence, court may redirect to a purpose as near to charitable endeavor designated by settlor
      - If cannot fulfill purpose and cy prep inapplicable, terminated and converts to resulting trust
    - - Arises upon failure of express trust
      - Beneficiary is one responsible for supplying trust property and trusteed holds title but did not give consideration
    - - Created by inter vivid trust created by declaration or transfer of property, or by testamentary trust created by will
    - - Equitable remedy in cases involving wrongful conduct/unjust enrichment
      - Property conveyed to person who owned it but for wrongful conduct
  - - - Settle or abandon trust claims
      - Exercise all rights and powers an unmarried invdividual has over his own property
      - Borrow money
      - Sell or lease trust assets
      - Apportion trust income
      - Incur reasonable expenses necessary to maintain trust property
      - Matters w/in trustee's discretion not subject to attack unless discretion abused
    - - Loyalty and good faith
      - To preserve trust property and make it productive
      - To dispose of wasting or non-productive assets
      - To maintain accounting of transactions
      - To enforce claims and defend trust from attack
- - - - Equity doctrine where court disregards revocation when testator revokes based on mistake of law or fact where testator would make different bequest but for mistake