Trust Property.

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Presentation transcript:

Trust Property

Basic Requirement -- § 112.005 A trust must have property. A trust is a method of holding title to property; a conveyancing relationship

Additional Trust Property -- § 112.006 New property may come from any source unless: Trust prohibition, or Property unacceptable to trustee.

Types of Property -- § 111.004(12) Any transferable property: Real (present & future) Personal (tangible, intangible, choses in action, right to be a beneficiary, etc.)

Types of Property -- § 111.004(12) But not property the settlor cannot immediately transfer: Non-assignable contract right Spouse’s share of community Property to be acquired in the future Expectancy to inherit from someone still alive Birk – p. 551

Delivery (trust funding) Real Property = deed Personal Property = possession, deed of gift, title registration, etc. Marshall – p. 551