Future Interests Flashcards by Kat Kat

Q

Remainder Beneficiary

A

Remainder beneficiaries are NOT entitled to receive trust property until termination of the trust

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Q

Vested Interest: Condition on Survivorship

A

Common law: not implied
UPC: implied

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Q

Rule Against Perpetuities

A

Under the common law Rule Against Perpetuities, a gift must vest or fail within 21 years after a life in being.

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Q

Rule Against Perpetuities

(modified)

A

Under the modified “wait and see” approach, the validity of events is judged by actual events as they happen.

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