This paper discusses trusts, a legal instrument through which both personal and real property is held by one individual for another individual's benefit.
Written in 2005; 815 words; 3 sources; MLA; $ 29.95
Paper Summary:
This paper explains that a trust may be created by (1) transferring property to an individual designated as trustee during the lifetime of the settlor or by will or other disposition to take effect upon the settlor's death, (2) by declaration by the owner of the property that the owner holds identifiable property as trustee or (3) by exercise of a power of appointment in favor of another person as trustee. The author points out that the trust shall act in accordance with the express terms of the trust instrument, act impartially, administer the truth property with reasonable care and skill, maintain complete accounts and records and perform taxpayer duties. The paper stresses that an individual wishing to form a trust should employ a trust attorney to guard that the trust is in the desired form.
Table of Contents
Definitions and Terms
Trustee and Delegation of Duties
Summary and Conclusion
From the Paper:
"Requirements for the creation of a trust are not uniform throughout all of the states however; the following elements can be understood to be 'typical' in terms of requirements for the creation of a trust: (a) Consideration: not required although in the absence of consideration there is a question relating to possible transfer of fraud of creditors; (b) Legality: the trust must be created for a lawful purpose; (c) Capacity: The settlor must have the mental capacity to create the trust however; the beneficiary's capacity is immaterial and many times is the primary reason for the creation of the trust; created because the beneficiary is lacking either in the legal or actual capacity needed to manage the property that is assigned to the trust. "
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