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Bar Exam Trust Creation and Types Flashcards

Master 27 trust creation and types concepts for the Bar Exam.

Trust Requirements

7 cards

Question

What level of capacity must a settlor possess to create a valid trust?

Question

What are the elements required to create a valid trust?

Types of Trusts

8 cards

Question

How is an inter vivos trust created, as opposed to a testamentary trust?

Question

Unless the trust instrument states otherwise, what is the default rule regarding whether a trust is revocable or irrevocable?

Alienability and Creditor Rights

6 cards

Question

Absent a restriction, can a beneficiary transfer their interest in a trust?

Question

What recourse do a beneficiary's creditors have against a discretionary trust?

Remedial and Implied Trusts

6 cards

Question

When does a resulting trust based on the failure of an express trust arise?

Question

When is a resulting trust created based on an incomplete disposition of assets in a trust?

Also study

Intestate Succession14Execution and Components of Wills21Revocation and Revival8Construction and Gift Failure11Will Contests and Family Protection14Trust Administration and Fiduciary Duties13Future Interests and Powers of Appointment21

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