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Trusts - Coggle Diagram
Trusts
Creation
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Intent:
Present intent to create a trust now, not in the future. No particular words required, not even "trust"; just a manifestation of intent to create a trust.
Trustee:
Must have mental capacity to administer the trust. Cannot be a minor or a mentally incompetent person. Corporations are allowed to be trustees.
Res-trust property:
Settlor places title to the trust property and delivers to the trustee by inter vivos transfer or a testamentary trust.
Identifiabe beneficiary
Except for charitable trusts, trust must have definite or ascertainable beneficiaries.
Proper purpose.
Virtually any purpose except an illegal purpose, a purpose that violates the Rule Against Perpetuities, or a purpose contrary to public policy.
Types
Express trust:
Created by:
An inter vivos trust created by a declaration of trust by the property owner, stating the trustee holds the property as trustee in trust.
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Resulting trust:
Arises upon the failure of an express trust, from a purchase money resulting trust or form an incomplete disposition of trust assets.
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