Trust Essay

Question 1

Resulting Trust

Answer 1

1) Failed Express Trust
2) Express Trust has outlived its purpose
3) Purchase Money Resulting Trust

Question 2

Pour-Over Trust

Answer 2

A settlor can make gifts by will to a trust - even an amendable and recoverable trust - established during his lifetime. The trust may remain unfunded during the settlor’s lifetime. The trust must be clearly identified from language in the will.

1) Incorporation by reference
2) Independent legal Significance
3) Uniform Testamentary Additions to Trust Act

Question 3

Spendthrift Trust

Involuntary Alienation restrained Exception:

Answer 3

1) Child Support
2) Alimony
3) Claims for necessities such as food.

Question 4

Misconduct by the trustee

Breaches

Answer 4

1) failure to follow INSTRUCTIONS
2) Failure to avoid SELF-DEALING
3) Failure to EARMARK and SEGREGATE
4) Failure to act with proper CARE, SKILL or PRUDENCE

Question 5

Trust

Answer 5

A trust requires an identifiable res.

• if cash must be a designed amount

Question 6

Essay

Support Trust

Answer 6

Is where one trustee pays only so much necessary for the beneficiary support.

Question 7

Termination of Trust

Answer 7

1) All beneficiaries in agreement

2) No material purpose remaining.