A trust is a fiduciary relationship in which one person holds legal title to property for the benefit of another or for a permitted purpose.

What are the basic elements of a valid private express trust?

A valid private express trust generally requires intent, identifiable trust property, an ascertainable beneficiary, a trustee, capacity, and a lawful purpose.

What is the duty of loyalty?

The duty of loyalty requires the trustee to administer the trust solely in the interests of the beneficiaries and avoid self-dealing and improper conflicts of interest.

What is a spendthrift clause?

A spendthrift clause restricts the beneficiary's ability to transfer the beneficial interest and limits most creditors from reaching that interest before distribution.

Cy pres allows a court to modify a charitable trust when the original charitable purpose becomes impossible or impracticable, in order to carry out the settlor's general charitable intent as nearly as possible.

What is a resulting trust?

A resulting trust is an implied-in-law trust that returns beneficial ownership to the settlor or the settlor's estate when an express trust fails or does not exhaust the trust property.

What is a constructive trust?

A constructive trust is an equitable remedy imposed to prevent unjust enrichment when property was wrongfully obtained or retained.

Can a trustee delegate duties?

A trustee may delegate functions prudently under modern law but must exercise reasonable care in selecting, instructing, and monitoring the agent.

When may a beneficiary sue a trustee?

A beneficiary may sue when the trustee breaches a fiduciary duty, mismanages trust property, fails to account, or otherwise violates the terms of the trust or governing law.

Can a trust be modified or terminated?

Yes. A trust may be modified or terminated by its terms, by consent where allowed, by statute, or by court order under doctrines such as deviation or cy pres.

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Critical Pass
Trusts | MEE Subject | Critical Pass Flashcards

Critical Pass

Trusts | MEE Subject | Critical Pass Flashcards

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Study 100 Trusts MEE flashcards covering trust creation, formalities, revocation, trustee duties, administration, beneficiary rights, spendthrift trusts, charitable trusts, resulting and constructive trusts, and remedies

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Trusts | MEE Subject | Critical Pass Flashcards

100 high-yield Trusts flashcards designed for MEE review. Study creation, formalities, trustee duties, administration, beneficiary rights, spendthrift clauses, charitable trusts, resulting trusts, constructive trusts, and remedies in one clean study section.

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Trusts | MEE Subject | Critical Pass Flashcards

Trusts | MEE Subject | Critical Pass Flashcards

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