Introduce yourself to one of the more flexible methods for the distribution of property: the trust, including what an express trust is, how an express trust is created, and the requirements for validity.
We’ve talked about intestacy and wills as ways for a person’s estate to pass to their heirs or beneficiaries. Now, let’s turn to the topic of trusts, which are yet another way for a person’s estate to pass to their beneficiaries. Today, we’ll be talking about what trusts are and how they are created.
We’ll start off our discussion by talking about what a typical trust, or an express trust, looks like. Then, we’ll cover the basic requirements for the creation of an express trust, as well as...