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Trusts - Coggle Diagram
Trusts
Creation
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Spendthrift Provisions: Beneficiary cannot voluntarily or involuntarily transfer their interests. Does not apply after beneficiary has received their interest, only when it is in the trust.
Discretionary Provisions: Gives additional powers to the trustee to decide when to distribute trust income. Distribution cannot be compelled by creditors or beneficiaries.
Types
Express Trust
Private express trust created by declaration of trustee, property, beneficiary etc.
Charitable Trust
Indefinite beneficiaries, charitable purpose, cy pres if charity is non-existent courts can appoint to the next best thing, RAP has limited application.
Constructive Trust
Equitable remedy in cases involving wrongful conduct and unjust enrichment. Convey the property to the person who would have owned it but for the wrongful conduct. Theft, conversion, fraud, duress, breach of fiduciary duty etc.
Resulting Trust
Arises upon failure of an express trust, from a purchase money resulting trust, or from an incomplete disposition of trust assets. Beneficiary responsible for supplying trust property and trustee holds title, but did not give consideration for the trust property.
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