Trusts: Revisit

2005 Feb Q6... Obviously, even model answers are imperfect. (So Just write down the shit you know.)

Both of them seem running out of time. The answers are pretty short.


7 element:

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Settlor
Delivery
Trustee
Intent
Trust Property(Res)
Beneficiary( Charitable Trust)
Purpose


Types of trusts:

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Discretionary
Mandatory
Spendthrift:prohibiting both voluntary and involuntary alienation of B's right to future payment

• exception:surplus(consider reasonable expenses of B)
  
• exception:necessaries
• exception:spouse support, children support
• exception:government debt(ex.IRS)
• exception:child/spousal support/alimony

Honorary
Secret(Semi-Secret)
Revocable
Totten
Charitable


Modification and Termination of Trusts:

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General Rule
Claflin Doctrine. the
Changed Circumstances


Trust Administration and Trustees Duties:

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Fiduciary Duty
Self-Dealing
Conflict of Interest
Duty Relating to care of Trust Property
The Prudent Investor Rule