The person who receives the benefit of the trust. May be a specific charity  and if the settlor's object does not outrage public policy or morals it will be upheld.  

May accept or reject the trust, but creditors do have the right to seize the beneficiary's interest 

Real Property: must be in writing to meet the requirements of the statute of frauds

No particular words, provided the settlor's intent to establish a trust is unmistakable

any trust that has for its purpose the improvement of the whole or a class of humankind, unless it is so vague that it cannot be enforced.

Ex. Gifts for public museums, for park maintenance, and for the dissemination of a particular political doctrine or religious beleif 

A settlor who believes that a beneficiary cannot be trusted to preserve even the limited rights granted to her as a beneficiary may provide that the beneficiary cannot, by assignment or otherwise, impair her rights to recieve principal or income and that creditors of the beneficary cannot attach the fund or the income to the beneficiary

*Creditor's may seize it after the income is received by the beneficiary 

Savings account trust.  Involves a joint bank account apened by the trust settlor.  

Ex. Sally, in trust for John

Sally may make additional depositis into the acct. and may withdraw the money at anytime.  Transfer becomes complete at the time of the depositor's death. 

Results when a court imposes a trust on property to rectify misconduct, to prevent unjust enrichment, or to undo a morally wrongful situation. 

Established when a confidential relationship has been abused or where actual fraud or duress constitutes an equitable ground for creating the trust 

Trustee prohibited from seeking any personal benefit

serves to effect the inferred or presumed intent of parties who have inadequately epressed their actual wishes.

Based off of  presumed intent, and it does not need to be evidenced in writing 

1. A creator/settlor

2. A "corpus" or trust property

3. a trustee

4. a beneficary

5. Unmistakeable intent to establish a trust

1. Carry out the purposes of the trust

2. to administer the trust prudently and carefully

3. to exercise a high degree of loyalty toward the beneficiary 

Determined By: 1. the authority granted to him by the settlor in the instrument creating the trust

2. the rules of law in the jurisdiction in which the trust is estanlished. 

*some states declare a prudent investor rule

-May list types of secruities that are acceptable investments

-Trustee may have to defend his reasoning for stock/bond choice 

Through or by the roots or stock, by representation.  Each heir takes in a representative capacity and stands in the place on the deceased ancestor.  The beneficiary takes according to the share his ancestor would have inherited.  

Wife (.5) Son (.25) Daughter (deceased) Daughter's heirs split (.25)

1. In writing: pencil, ink, and photocopy are all valid

2. Signature of testator at the end of the will

3. Attestation: Certified by two or three witnesses

-Cannot have any interest under the will

1. In writing

2. must be in existence when the will is executed

3. must be adequately described in the will

4. Described in the will s being in existence. 

Revokable by the testaor:

1. Destruction or Alteration

2. Subsequent Will

3. Codicils

By Law:

1. Marriage or Birth of a Child

2. Renunciation by the Surviving Spouse 

Marriage fenerally revokes a will executed before the marriage, but divorce does not revoke a provision in the will of one party for the benefit of the other

Birth of a child may revoke the will as far as that child is concerned.  If child's omission is not apparently intentional the child is entitled to equal the share if the testator had died intestate. 

No issue to anyone else :  All property

Some of issue are not surviving spouse: 1/2 of real poperty, all personal property, 

the person named in the will and appointed by the court to administer the will