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Published byIrene Goodman Modified over 8 years ago
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Under certain circumstances, a trust must be evidenced by a writing. Why? Whom does the writing requirement protect?
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1. Written evidence of the trust’s terms which is 2. Signed by the settlor (or settlor’s agent).
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1. Oral trust if all below are true: Personal property Trustee is not the settlor Trustee is not the beneficiary Settlor expresses trust intent prior to or simultaneously with transfer
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2. Self-declaration if all below are true: Personal property Settlor states in writing that settlor holds property in trust, even though the writing does not comply with normal requirements.
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3. Part performance If alleged trustee acts like a trustee, alleged trustee estopped from denying existence of trust.
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All changes and any revocation must also be in writing, even if trust could have been oral originally.
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1. Alleged trustee Thus, can carry out a trust even if Statute of Frauds defense exists (e.g., oral trust of land). 2. Trustee in bankruptcy
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Not required. But, prudent practice so trust may be recorded.
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