Discover Top Posts Tagged with #ny trusts

Totten Trust

depositor deposits funds in a bank account in her name as trustee for another

depositor reserves right to withdraw funds at any time

on depositor's death, account passes to named beneficiary

no particular words must be used to create: in trust for or even ITF is sufficient

Pour-Over Gift

pour-over gift from a Will to a revocable trust is valid

trust must be executed prior to OR contemporaneously with the Will AND be identified in the Will

trust receiving pour-over gift may be unfunded

termination of trust prior to testator's death will cause disposition to fail (unless alternate disposition is made)

may be created by someone other than testator

Revocable Trusts

used:

an effective way for a person to manage her assets

to avoid necessity of guardianship or consesrvatorship administration should the settlor become incapacitated

to avoid probate

Trustee

Trust does not fail for want of a trustee

Creation of Trust

Mere expression of intent to create a trust without delivery of legal title in trust assets to the trustee HAS NO LEGAL CONSEQUENCE.

Trusts are only valid as to any assets transferred to the trust.

There must be:

settlor (person who has legal capacity)

res (legal asset(s) whose title is delivered to the trust)

trustee (the one who manages and administers res for the benefit of designated trust beneficiaries)

** No consideration is needed to create a trust. **

Type of Express Trust — Charitable

cannot benefit identifiable beneficiaries

not subject to the RAP

Type of Express Trust — Private

one or more ascertainable persons as beneficiaries

subject to the Rule Against Perpetuities

Type of Trust — Constructive Trust

It arises in case involving fraud and unjust enrichment -- it's created by a court.

#ny trusts