Wills Trusts and Estates Flashcards
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Read the first 7 Wills Trusts and Estates flashcards as text
Under the Oregon Trust Code, which elements are required to create a valid express private trust?
Answer: Intent to create a trust, a trustee, a definite beneficiary, and trust property (the res)
A valid express private trust requires: (1) intent to create a trust, (2) a trustee, (3) a definite beneficiary, and (4) trust property (the res).
What does a spendthrift clause in a trust accomplish?
Answer: Prevents the beneficiary from voluntarily transferring their interest and shields it from most creditors before distribution
A spendthrift clause restrains both voluntary transfers by the beneficiary and involuntary transfers to creditors, protecting the interest until the trustee distributes.
Under Oregon's Trust Code, which category of creditors CAN reach a beneficiary's interest despite a valid spendthrift clause?
Answer: Child or spousal support claimants
Oregon's UTC-based trust law creates a public-policy exception from spendthrift protection for claimants asserting child or spousal support obligations.
The cy pres doctrine permits a court to modify a charitable trust when:
Answer: The trust's specific charitable purpose has become illegal, impossible, or impractical to fulfill
Cy pres allows a court to substitute a similar charitable purpose when the original purpose becomes illegal, impossible, or impractical, rather than allowing the charitable trust to fail.
A trustee's duty of loyalty under the Oregon Trust Code requires the trustee to:
Answer: Administer the trust solely in the interest of the beneficiaries, avoiding self-dealing and conflicts of interest
The duty of loyalty requires the trustee to act solely for the benefit of the beneficiaries and prohibits transactions in which the trustee has a personal interest.
Under the Claflin doctrine as applied in Oregon, a trust cannot be terminated by unanimous consent of all beneficiaries if:
Answer: Termination would defeat a material purpose of the trust
Even with unanimous beneficiary consent, a court will not terminate a trust if doing so would defeat a material purpose, such as a spendthrift or support purpose.
A resulting trust arises in which of the following situations?
Answer: An express trust fails or does not exhaust all trust property, and equity implies a return of the beneficial interest to the settlor
A resulting trust is implied by law when an express trust fails entirely or leaves surplus property, returning the beneficial interest to the settlor or the settlor's estate.
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