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Flashcards in Trusts Deck (9)
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1
Q

What authority to cite to?

A

Texas Trust Code

2
Q

Trust definition

A

management device to hold/manage property + bifurcated transfer of legal interest and equitable interest

3
Q

Merger definition

A

same person cant be the sole trustee and sole beneficiary

4
Q

express trust elements

A

1) intent, 2) trust res, 3) trust purpose, 4) beneficiaries

5
Q

charitable trust elements

A

1) state charitable purpose + 2) exist for benefit of the community

6
Q

charitable trust standing

A

settlor and attorney general

7
Q

trust presumption in texas?

A

revocable

8
Q

list of asset protection trusts

A

1) spendthrift, 2) pour over, 3) support, 4) discretionary

9
Q

what authority governs investing

A

uniform prudent investor act