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22 Cards in this Set

  • Front
  • Back
Express Trust
a trust established by voluntary action; usually in writing, although it may be oral
Precatory
expressing a wish
Testamentary Trust
trust established by a will
Inter vivos trust
trust established during the settlor's lifetime
Charitable trust
trust designed to benefit humankind
Spendthrift Trust
trust designed to remove the trust estate from the beneficiary's control
Implied Trust
a trust created by operation of law
Constructive Trust
trust arising by operation of law to prevent unjust enrichment
Resulting trust
trust arising to fulfill the parties' presumed intent
Duties of a Trustee
1. Carry out the purposes of the trust
2. Act prudently
3. act with utmost loyalty
Termination of a trust
the general rule is that the trust is irrevocable unless a power of revocation is reserved in the trust instrument
Testament
will
Testamentary Capacity
for a will to be valid, the testator must be sufficiently competent to intend the document to be her will
Formal requirements of a will
1. must be in writing
2. must be signed
3. attested to by witness
Codicil
an addition to or revision of a will executed with all the formalities of a will
Course of Descent
each state prescribes rules for the passage of property not governed by a valid will; as a general rule the property passes in equal shares to each child after the widow's statutory rights have been settled
Per Stirpes
a class or group of distributees take the share to which their deceased ancestor would have been entitled, taking thus by their right of representing such ancestor and not as so many individuals
Per Capita
an equal share is given to each of several persons, all of whom stand in equal degree to the decedent, without reference to the right of representation
Probate
the distribution of a decedent's estate
Executor
the person named in the will and appointed by the court to administer the will
Administrator
a person appointed by the court to administer the estate when there is no will or when the person named in the will fails to qualify
Totten Trust
a tentative trust consisting of a joint bank account opened by the settlor