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QUESTIONNAIRE for WILL and TRUST Form
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People also ask
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What are the essential elements of a trust?
ELEMENTS OF TRUST The person who reposes or declares the confidence is called the author of trust or settler. The person who accepts the confidence is called the trustee. The person for whose benefit the confidence is accepted is called the beneficiary. -
What are the four elements of the creation of a valid express trust?
The creation of express trusts must involve four elements for the trust to be valid. These are capacity, certainty, constitution and formality. Capacity refers to the donor's ability to create a trust in the first place; generally speaking, anyone capable of holding property can create a trust. -
Why a will is better than a trust?
A will can also declare your intentions for your burial. A trust cannot do this, making a will an indispensable tool for long-term financial planning. In addition, you'll assign guardians and caretakers for your minor children and pets, ensuring they receive care from the parties you deem most able. -
What is the legal concept of a trust?
A trust is a legal entity with separate and distinct rights, similar to a person or corporation. In a trust, a party known as a trustor gives another party, the trustee, the right to hold title to and manage property or assets for the benefit of a third party, the beneficiary. -
What is a trust and its components?
A Trust has five main parts: the grantor, assets, trustee, the beneficiary, and terms. Here's a drill down of each: Grantor – Also called the trustor or settlor, the grantor is the creator of the Trust. It can be an individual, a couple, a company, or an organization. -
What are the five elements necessary to form a trust?
The big keys you need to make a trust are: Intent to make a trust (California Probate Code section 15201); Mental Capacity to make a trust; A trust must have property (PC 15202) There must be a legal purpose to trust (PC15203) A trust must have a beneficiary (PC 15205)
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