User:Lmyoumans/sandbox

Trusts  A trust is generally defined as a relationship where one person (the “trustee”) holds or manages property or money for the benefit of someone else (the “beneficiary”). A person who creates the trust is called the “settlor”

Distinction between trust and power of attorney

Distinction between trust and will = Parties =

Settlor
[are there other words that might be used in a trust instrument instead of “settlor”?]

The settlor is the person who created the trust by placing the property under the trust or management of the trustee for the benefit of the beneficiary

Trustee
Creation

''Creation of an express trust''

An express trust is created if:

(1)  A transfer of property to another person as trustee during the settlor’s lifetime or by will or other disposition taking effect at settlor’s death:

(2)  Declaration by the owner/settlor that he or she holds identifiable property as trustee;

(3)  When the power of appointment is exercised in favor of a trustee.Fla. Stats. 736.04101.

'''Requirements of an express trust:''' power to select a beneficiary from an indefinite class; however, if the power is not exercised within a reasonable time, the power fails and the property passes to the persons who would have taken the property had the power not been conferred.
 * 1) The settlor has capacity to create a trust;
 * 2) The settlor indicates an intent to create the trust;
 * 3) The trustee can be ascertained now or in the future, or the beneficiary is:
 * 4) A charitable trust;
 * 5) A trust for the care of an animal, as provided in [Sec. 736.0408, Florida Statutes];
 * 6) A trust for a noncharitable purpose, as provided in [Sec. 736.0409]
 * 7) The trustee has duties to perform;
 * 8) The same person is not the sole trustee and the sole beneficiary;
 * 9) The section of the beneficiary does not violate the rule against perpetuities;
 * 10) The trust is valid even if it allows the trustee the