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Trusts - Coggle Diagram
Trusts
Types
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Charitable
indefinite benefs; trust cannot be restricted to a small group of ppl even if the benefits are payable for charitable purposes like education or health
Cy Pres Doctrine applies - when designated charity is not in existence at the time of settlor's death, court may redirect the trust to the nearest possible purpose
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Resulting
arises upon the failure of an express trust, etc.
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Trustee
Powers
settle/abandon trusts claims, exercise all rights and powers an unmarried individ has over his own property, borrow money, sell or lease trust estates apportion trust income, an incur reasonable expenses necessary to maintain trust property
Duties
Fiduciary Duties
duty of loyalty and good faith, no self-dealing, no personal benefit, no apparent COI, keep trust assets segregated from personal assets, duty to preserve trust property and make it productive
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Modification
Spendthrift Provisions
the beneficiary cannot voluntarily or involuntarily transfer his interests
*a settlor cannot create a spendthrift provision to avoid creditors
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