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Barbara Williams_PLA2600-2_Unit 4 Homework

Barbara Williams_PLA2600-2_Unit 4 Homework - beneficiary...

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Unit 4 Homework Barbara Williams Wills, Trusts and Probate PLA2600-2 Professor Jarrod Turner Due Date: March 6, 2010
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1. How may a trust be terminated? A trust may terminate when it’s purpose has been fulfilled, when it’s beneficiaries consent to its termination, when it’s term has concluded, when it has been terminated by the trustor, or when its legal and equitable title merge in the same person. 2. What is a pour over will? A pourover will is aka as a pourover trust. It uses a will to transfer the decedent’s property to an executed trust and bypasses probate court. 3. What is the difference between legal titled and equitable title? Legal title is title held by a trustee for the benefits of others. Equitable title is title giving the
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Unformatted text preview: beneficiary the right to trust property that is subject to limitations placed by the trustor. 4. What is the cy pres doctrine? Cy Pres doctrine means as near as possible and allows a court to find a charity with similar cause or purpose to give the trust income to. The use of this doctrine is dependent upon the trustor’s implication of their request being specific or general. 5. What are Crummey powers? Crummey power refers to a technique that allows a person to receive a gift that is not eligible for a gift-tax exclusion, and change it into one that is eligible. Crummey power is typically applied to contributions in an irrevocable trust most often in respect to life insurance....
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