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Estates and Trusts - Coggle Diagram

- - - - Intent (manifestation of intent to create trust, "trust" language not required)
      - Settlor's capacity (similar to testator's capacity to form will)
      - Trustee (must have mental capacity to admin trust; settlor cannot name self as trustee)
      - Res (Trust Property) - an inter vivos transfer or a testamentary trust
      - Identifiable beneficiary (except for charitable trusts, must have definite or ascertainable trust beneficiaries)
      - Proper purpose (purpose must be legal and cannot violate Rule of Perps)
      - Statue of Frauds and Statute of Wills apply, if necessary.
  - - - Trustee has the Power to: settle or abandon trust claims; borrow money; sell or lease trust assets; apportion trust income; and incur reasonable expenses necessary to maintain trust property.
    - - Trustees incur liability to beneficiary when duties are breached, Duty of Loyalty and good faith to beneficiaries,
- - - - Written documents, signed by testator, and properly witnessed
    - - Also signed by testator and material provisions are handwritten by testator; witnesses may or may not be required
  - - - Beneficiary intentionally kills testator to benefit - barred from benefiting automatically