Term
| What are the 5 requirments of a valid trust? |
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Definition
| Settlor; trustee; beneficiary; property; intent to create a trust |
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Term
| Virginia has enacted the UTC. WHat does tht stand for? |
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Definition
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Term
| What are the 3 types of trusts? |
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Definition
| Private; charitable; honorary |
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Term
| what are the reqs of a valid charitable trust? |
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Definition
| Must benefit an indefinite group pf persons (aka not individuals)and have a charitable purpose. |
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Term
| Honorary Trusts are for, generally, what two things? |
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Definition
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Term
| Are oral trusts valid in virginia? |
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Definition
| Yes, if proven by clear and convincing evidence. |
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Term
| What is a durable power of attorney? |
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Definition
| A durable power of attorney authorizes another person to act on behalf of the principal. |
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Term
| What is a springing durable power of attorney? |
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Definition
| Something that authorizes another person to act on behalf of the principal and it only comes into effect on the principal's disability or incapacity. |
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Term
| What does "cy pres" mean? |
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Definition
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