Trusts

Question 1

express trust

Answer 1

intent + complies w. formalities

Question 2

implied trust

Answer 2

created by conduct

Question 3

trust creation (BIT)

Answer 3

beneficiary + intent (specific conduct) + transfer of property

Question 4

spendthrift

Answer 4

cannot be touched by creditors unl. alimony or child support

Question 5

testamentary trust

Answer 5

created by will –> eff. at death

Question 6

pour-over trust

Answer 6

stuff from will into existing trust

Question 7

modification of a trust

Answer 7

presumed irrevocable unl. right reserved

Question 8

trust termination (PAR)

Answer 8

purpose satisfied or mutual agmt or revocation

Question 9

trustee duties

Answer 9

prudence + loyalty + no loans + records