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ATTORNEY [ licensed to practice in KOREA, U.S.A., ILLINOIS ] LEE, JAE WOOK
∗ [FOR AlienS - ENGLISH LANGUAGE LEGAL SERVICES in Counseling, Application and LITIGATION & TRIAL IN COURTS and TRIBUNALS in KOREA]
INTERNATIONAL DIVORCE, CIVIL, REAL ESTATE, PERSONAL INJURY, DAMAGES, TRAFFIC ACCIDENT, FRAUD, PENAL LAW, CRIMINAL TRIAL, FELONY, GUILTY PLEA, LEASE, RENTAL LAW, IMMIGRATION, INVESTMENT, TAX, INCORPORATION, TRADE, CONTRACT, DISPUTE IN CORPORATION, GOVERNMENT TREATMENT, REFUGEE, REMOVAL, VISA, PERMANENT RESIDENCE, CITIZENSHIP]
For more information for the services Attorney LEE provide for the Aliens who want for legal services in Korea, Please do not hesitate to click the below MENU link for "SERVICES FOR AlienS".

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[Category]
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[Title]
ĶϾ Ź
Start →

I. INTRODUCTION

A.         TRUST DEFINED


A trust is a fiduciary relationship

        a) in which a trustee holds
                i) legal title
                        (a) to specific property
                ii) under a fiduciary duty
                                (i) to manage,
                                (ii) invest,
                                (iii) safeguard, and
                                (iv) administer
                                        (A) the trust assets and
                                        (B) income
                iii) for the benefit of designated beneficiaries,
                        (a) who hold equitable title.

B.         TYPES OF TRUSTS


Trusts are classified
        a) according to the method of their creation:
                (i) express trusts,
                        (a) which arise from the expressed intention of the owner of property
                                (i) to create the relationship
                                        (A) with respect to the property;
                (ii) resulting trusts,
                        (a) which arise from the presumed intention
                                (i) of the owner of property; and
                (iii) constructive trusts,
                        (a) which
                                (i) do not depend on intention
                                (ii) but rather constitute a useful equitable remedy
                                        (A) in cases involving
                                                (I) wrongful conduct and
                                                (II) unjust enrichment.

C.         CATEGORIES OF EXPRESS TRUSTS


Express trusts fall into two categories:

        a) private trusts and
        b) charitable trusts.

These two categories of trusts are distinguished
        a) primarily
        b) by the identity of
                i) their beneficiaries.

A private trust is created
        a) for the benefit of
                i) certain ascertainable persons;

thus, a trust "to T
        a) in trust for my husband and
        b) at his death to my children,"

1) is a private trust.

A charitable trust, on the other hand, is created
        a) for the benefit of
                i) an indefinite class of persons or
                ii) the public in general;

thus, a trust
        a) providing scholarship funds
                i) for needy students
                        (a) at a named university

1) is considered a charitable trust.

D.        UNIFORM TRUST CODE


Much of trust law is
        a) founded
                i) on the common law,
                        (a) best represented in the Restatement of trusts and
                        (b) the basis for this outline.

In 2000, the Uniform Law Commission promulgated the first national codification of trust law.

The Uniform Trust Code ("UTC"),
        a) enacted in nearly half the states,
        b) draws on
                i) the common law and
                ii) existing state law, and
        c) for some issues
                i) incorporates trust law reform.

Although for purposes of the bar exam

1) you will need to be familiar with the common law of trusts,
1) references to the UTC will be made throughout this outline
        a) to highlight some of these reforms.



← End



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  • U.S.A. California Civil Procedure Code (̱ ĶϾ λҼ۹)
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  • U.S.A. Federal Rules of Civil Procedure (FRCP. ̱ λҼ۱)
  • U.S.A. Uniform Prudent Investor Act (UPIA. ̱ ǥ ڹ)
  • U.S.A. Uniform Trust Code (̱ ǥ Ź 𵨾)
  • U.S.A. Uniform Principal and Income Act (UPAIA. ̱ ǥ й 𵨾)
  • U.S.A. California Trust Code (̱ ĶϾ Ź)
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