The Law of Trust
If the settlor retains power to ______ or ______ the trust, or control the ______ and _____ during life, _____ may reach the trust assets after _____ if the ______ is insufficient to pay debts. (_____)
amend; revoke; income; principal; creditors; death; estate; Reiser
A _____ for the care of a specific ______ is valid if the transferee ______ the gift and agrees to carry out the testator's ______, and the duration is properly ______. (_____)
bequest; animal; accepts; wishes; limited; Searight
In a _____ trust, ______ generally cannot compel ______ or reach trust ______. (_____)
discretionary; creditors; distributions; assets; UTC
A ______ trust gives the ______ discretion over whether to make ______ to beneficiaries. (______)
discretionary; trustee; payments; Marsman
A trustee owes ______ duties to the beneficiaries and must act ______, ______, and in the beneficiaries' _____ interests. (_____; ______)
fiduciary; loyally; prudently; best; In re Rothko; Harman
A pet may benefit from an _____ trust if the transferee ______ the gift, agrees to carry out the testator's ______, and the trust complies with ______ (21 years, not the life of the _____). (______)
honorary; accepts; wishes; RAP; pet; In re Searight Estate
Beneficiaries may seek ______ of a trustee who ______ fiduciary duties. (_____)
removal; breaches; Marsman
A trust is created when: (1) the ______ has ____; (2) the settlor indicates an ______ to ____ a trust; (3) there is a definite ______ ; (4) the trustee has ______; and (5) the same person is not sole ______ and sole ______. (_____)
settlor; capacity; intent; create; beneficiary; duties; trustee; beneficiary; UTC
A ______ trust imposes a disabling ______ preventing beneficiaries from ______ transferring their interests and preventing most ______ from reaching them. (_____)
spendthrift; restraint; voluntarily; creditors; UTC
A ______ trust directs the trustee to use trust ______ or ______ as necessary for the beneficiary's ______. (______)
support; income; principal; support; In re Estate of Brown
A _____ is an arrangement in which a trustee manages property as a ______ for one or more ______. (______)
trust; fiduciary; beneficiaries; UPC
A _____ cannot be ______ or ______ before the _____ set for termination if doing so would violate a ______ purpose of the settlor. (_____)
trust; modified; terminated; time; material; Claflin
If a trustee sells _____ property and acquires new ______ with the proceeds, the beneficiaries may _____ the trust on the newly ______ property. (_______)
trust; property; enforce; acquired; UTC
If a _____ wrongfully ______ trust property, the beneficiaries may ______ the property unless it has gone to a ____ ____ _____ for value. (_______)
trustee; disposes; recover; bona fide purchaser; UTC
No particular ______ are required to create a trust — only ______ to create a trust relationship is necessary. (______)
words; intent; UTC
