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TRUSTS - Coggle Diagram
TRUSTS
Creation
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Res (trust property) - settlor places title to the trust property and delivers to the trustee by (1) an inter vivid transfer OR (2) a testamentary trust
Identifiable Beneficiary - except for charitable trusts, trust must have definite or ascertainable beneficiaries
Proper Purpose - virtually any purpose is allowed except those for an illegal purpose, a purpose that violates the Rule Against Perpetuities, or a purpose contrary to public policy
Statute of Frauds and *Statute of Wills apply, if necessary
Types
Express
arises from property' owner's intent; may be created by (1) inter vivos trust created by a declaration of trust by the property owner, (2) inter vivos trust created by transfer of property during settlor's lifetime, or (3) in a testamentary trust created by a will
Charitable
liberally construed to effectuate the purpose of the settlor: (1) indefinite beneficiaries, (2) charitable purpose, (3) Rule Against Perpetuities, (4) Cy pres doctrine, (5) termination
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Trustee
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Duties
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Duty not to delegate, but reasonable use of professional advisors is permitted