Part 5- Property, Chapter 26: Estates and Trusts, Doc 5 | Summary - Edubirdie

University:
Indiana University Bloomington
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
Views:

215

Pages:

1
Author:

bratrochanter

Here is a summary of key points from this portion of the text regarding trusts and estate issues: 1. Termination and Modification of Trusts: A trust typically cannot be revoked unless the settlor reserved the right. It may, however, be modified or terminated with the consent of all beneficiaries, provided this doesn’t defeat the trust’s primary purpose. Courts may allow deviation from a trust’s terms if unforeseen circumstances hinder its intended goals. 2. Implied and Constructive Trusts: o Resulting Trusts: These arise when there is an incomplete disposition of trust property, as in cases where trust terms are not fully executed, or a trust fails. For example, if funds remain after a designated beneficiary dies, the remaining property reverts to the settlor or their heirs. o Constructive Trusts: Imposed by law to prevent unjust enrichment, such trusts may arise when someone fraudulently acquires property. The court can enforce the return of property to the rightful owner. 3. Spendthrift Trusts: Provisions in these trusts limit beneficiaries’ ability to transfer their interests or have those interests claimed by creditors. Spendthrift clauses typically apply except in cases of spousal or child support, creditors supplying essentials, and claims against distributions already received. 4. Case Examples and Problem Cases: o Various cases outline common legal conflicts in trust and estate matters, such as:  Adoption and Intestate Succession: Adoption can alter inheritance rights, often restricting the inheritance of biological family members unless adopted by the same family.  Validity of Wills: Holographic wills (handwritten) must meet statutory requirements, like fully handwritten material provisions and signatures in proper order, to be considered valid.  Resulting Trusts: Trusts can revert to heirs if their purpose no longer exists, as seen with trust-funded projects whose goals become obsolete or incompatible with new developments. These points address the legal mechanisms available in trust and estate law to ensure fair distribution and uphold the settlor’s or decedent’s intentions, highlighting the complex nature of trust administration, modification, and potential for dispute.

Related Documents

Part 5- Property, Chapter 26: Estates and Trusts, Doc 5

Part 5- Property, Chapter 26: Estates and Trusts, Doc 5 - Page 1

of 1

Recommended Documents

Part 11- Regulation of Business, Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws, Note 7

Part 11- Regulation of Business, Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws, Note 7

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 10- Corporations, Chapter 43: Management of Corporations, Doc 3

Part 10- Corporations, Chapter 43: Management of Corporations, Doc 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 6

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 6

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 6- Credit, Chapter 28: Introduction to Credit and Secured Transactions, Doc 1

Part 6- Credit, Chapter 28: Introduction to Credit and Secured Transactions, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 6

Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 6

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 1

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 11- Regulation of Business, Chapter 49: Antitrust The Sherman Act, Note 3

Part 11- Regulation of Business, Chapter 49: Antitrust The Sherman Act, Note 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 3- Contracts, Chapter 12: Consideration, Doc 1

Part 3- Contracts, Chapter 12: Consideration, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 7

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 7

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 8: Intellectual Property and Unfair Competition, Doc 3

Part 2- Crimes and Torts, Chapter 8: Intellectual Property and Unfair Competition, Doc 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 2

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 2

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 11- Appendix B: Uniform Commercial Code, Note 15

Part 11- Appendix B: Uniform Commercial Code, Note 15

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

New Documents from this Course

Chapter 4: Appendix P7

Chapter 4: Appendix P7

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 21: Summary Cheat Sheet

Chapter 21: Summary Cheat Sheet

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 15: Quick Study

Chapter 15: Quick Study

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 2: Accrued Revenue

Chapter 2: Accrued Revenue

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Inventory Costing Illustration

Chapter 4: Inventory Costing Illustration

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 25: Future Value of an Annuity

Chapter 25: Future Value of an Annuity

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 21: Appendix

Chapter 21: Appendix

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 24: Problem Set A

Chapter 24: Problem Set A

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 23: Decisions and Information

Chapter 23: Decisions and Information

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 17: ABC for Service Providers

Chapter 17: ABC for Service Providers

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Appendix P6

Chapter 4: Appendix P6

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Problem Set A

Chapter 4: Problem Set A

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary