Elements and Limits on Creation and Duration of Interests Self-Quiz
Joseph gives
$500 each month to his sister-in-law, Ali. Joseph then devises his property
to his children, Lizzie and Marisol, but states: “I request that
Lizzie and Marisol . . . pay to Ali $500 as long as she shall live.”
Joseph did not create a trust for Ali’s benefit.
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Jean-René
(JR) tells Britney that he intends to purchase 10,000 shares of Vivendi
stock and, when he does, to hold them in trust for her. Two weeks later,
JR purchases the stock. JR created a trust for Britney’s benefit.
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Colin’s
father died three months ago. Colin was the sole beneficiary of his father’s
will. Not long thereafter, Colin created a trust with respect to “any
property I may inherit from my father.” The trust is for the benefit
of his children. Colin effectively created a trust.
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In January
2003, Colin decided to establish a trust with respect to “any property
I may inherit from my father.” At the time of this declaration,
his father was still alive. Colin’s father died in March 2003. Colin
was the sole beneficiary of his father’s will. In May 2003, Colin
again mentioned his intention of creating such a trust. The trust is for
the benefit of his children. The effective date of the trust is:
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Susan’s
will leaves certain land in trust for her son, Quentin. She named her
brothers, Tyrone and Fabian, as the co-trustees. When Susan died five
years later, Tyrone had predeceased her. Her younger brother, Fabian,
was 16 years old at the time. What happens with the trust?
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Genie established
a trust, giving the trustees the power “to dispose of my property
to my children, family and friends as they shall select.” Which
class of beneficiaries is definite and ascertainable?
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Xavier leaves
his estate in trust, the income to be shared equally among his three children,
Renata, Irene and Portia “until my youngest grandchild reaches the
age of 25.” At that time, 1/3rd of the corpus is to be split among
Renata and her children, 1/3rd is to be split among Irene and her children
and 1/3rd is to continue in trust for Portia (who has no children). There
is no residuary provision in the will, if the above bequest fails for
any reason. Which gift DOES NOT violate the Rule against Perpetuities?
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Tamora established
a trust for the benefit of her son, Marcel: “to Maurice in trust
for Marcel.” Although Marcel was 22 years old at the time of the
trust creation, he was very irresponsible with his money. Tamora’s
trust would be considered a spendthrift trust.
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