Trust Creation

Question 1

Creation of a private express trust

Answer 1

1. settler w/ capacity
2. present intent to create a trust
3. specific trust property
4. Rly ascertainable B’s (at least one)
5. a trustee who has the power to hold legal title (or c will appoint one)
6. T duties are either specific in writing or are provided by law
7. Trust purpose is proper: no illegality
8. in writing and signed by the T

Question 2

A promise to create a trust in the future is enforceable as a resulting contractual trust if and only if:

Answer 2

requirements for an enforceable contract are met (offer, acceptance, consideration)

Question 3

When creating a charitable trust, does the ascertainable B’s rule apply?

Answer 3

No

Question 4

Creation of a testamentary trust requires

Answer 4

1. testamentary capacity
2. freedom from fraud or UI
3. in writing
4. coply w/ statue of wills (ID B’s, ID trust prop)

Question 5

Creation of an inter vivos trust

Answer 5

1. present capacity
2. present intent to create a trust expressed w/ appropriate formalities
3. be in writing

Question 6

Words otherwise precatory (hopeful, wishful) in nature will create a trust only if:

Answer 6

the circumstances show the S really meant it