Validity Flashcards
1
Q
TRUST VALIDITY
A
The first step in any trust question is to ascertain whether the trust is
valid. There are five main elements of a valid trust:
* Intent
* Identifiable corpus
* Ascertainable beneficiaries
* Proper purpose
* Mechanics and formalities
2
Q
intent
A
Express trusts are governed by the Uniform Trust Code (“UTC”),
which has been adopted by almost all states. The five elements
required for an express trust are: (1) a settlor with capacity to convey,
(2) a present intent to create a trust relationship, (3) a competent
trustee with duties, (4) a definite beneficiary, and (5) the same
person is not the sole trustee and sole beneficiary.
