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ATTORNEY [ licensed to practice in KOREA, U.S.A., ILLINOIS ] LEE, JAE WOOK
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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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Copyright 1997-2024
TAX & LAW (ݰ )
site ϴ ƴϸ, ̰ "" Ƿ(¶ ƴ϶ å Ⱓ Ƿ) Ǹ մϴ. , Ƿʿ Ȥö ִٸ, װ ƴϸ, Ͽ ̰ų ̶ Ͻñ ٶϴ. ұϰ ̸ ̶ ϽŴٸ, ϴ Ʈ ƴ϶ Ͽ (å Ⱓ Ƿ) Ƿ Ͻʽÿ. 繫ǿ Ͻ κ ƴմϴ. |
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뵿 |
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Ư PAT ǥ |
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