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