Trusts

Question 1

Trust Formation Elements

Answer 1

A valid express trust requires: (1) a definitive beneficiary (the beneficiary can be ascertained now or in the future); (2) a settlor with capacity; (3) an intent to create a trust; (4) a trustee; (5) a valid trust purpose; (6) trust property
(the res); AND (7) compliance with any State formalities (i.e. signed in front of notary).

Intent to create a trust may be established by a promise that
creates enforceable rights in a person who (immediately or
later) holds these rights as trustee. An oral promise supported by consideration is sufficient to create enforceable rights,
unless the State requires certain trust formalities or the statute
of frauds applies.