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8/2/2019 Trusts and Estates Altv1
http://slidepdf.com/reader/full/trusts-and-estates-altv1 1/3
Professional Responsibility
Four areas of Malpractice Fail to arrange proper execution of will; Fail to clearly document the T’s intentl; violation of theRAP ; tax violations; Inter-vivos gifts v. upon deathIntestacy
Share of Surviving Spouse. Simultaneous Death - personsucceeds to the property of an intestate or testate decedent onlyif survives the decedent for an instant of time. Janus UniformSimultaneous Death Act: where no sufficient evidence of theorder of deaths, beneficiary presumed to predeceaseForced Share: amount spouse takes by renouncing willOmitted Spouse provision: stat amt when decedent spousehad will before 2 marriage, no alter will to include new spouseDivorced Spouses:spouse until divorce decree finalized
Shares of Descendents
Negative Disinheritance Old Rule: disinheritance is notpossible by a declaration in a will that “my son John shallreceive none of my property.” entire estate must be devised toother people New Rule : UPC 2-101(b) authorizes a negativewill. The barred heir is treated as having “predeceased theintestate.”Shares of Ancestors and Collaterals
When there is no descendant, after deducting spouse’s share,rest of the intestate’s property distributed to decedent’s parents.Collateral kindred: All persons related by blood to decedentbut who not descendants or ancestors First-line collaterals:descendants of the decedent’s parents, other than the decedentand the decedent’s issueSecond-line collaterals: descendants of the decedent’sgrandparents, other than decedent’s parents and their issueparentelic system: intestate estate passes to grandparents anddescendants, if none to great-grandparents and descendants,degree-of-relationship system: intestate estate passes to theclosest of kin, counting degrees of kinship.Escheat intestate leaves no survivors – property goes to state.Half-Bloods A relative of a half-blood (half-sister) is treatedthe same as a relative of the whole-blood.Laughing heirs Heirs descended from parentelic ancestorsbeyond grandparents.
Transfers to Children
Posthumous Children child will be so treated if born alivefrom time of conception for purposes of inheritance or propertyrights,. Rebuttable presumption 280 days.Adopted Children
From: a child inherits “from” the parent aloneThrough: a child can inherit from grandparents, etc.By: inheritance by the child from either parentIn Hall , court held that once child is adopted, the rights of bothnatural parents and relatives are terminated. adopted childrenunable to take property form a deceased natural uncle. UPCprecludes natural parents from inheriting “from” or “through” achild except where the parent treats child as his own and caresfor him. Biological Parents: once the child is adopted, no
longer part of the biological parents family and child does notinherit from any biological ancestors or relatives. Other mayallow adopted child to inherit from all four parents, biologicaland adoptive. UPC allows adopted children to inherit vianatural parents if adopted by step parent. Natural parents cannotinherit through their children unless they hold the child out astheir own.Adult Adoption: Natural parents refuse to permit adoption.child reaches majority, child can be adopted. used to fulfill thewishes of the testators. Eliminates challenges from collateralkindred in intestacy. Can also be used to avoid will challenges.Foster Parents: Children can often inherit through equitable
adoption (Wilkes). The law treats the child as a child of thefoster parent for purposes of inheritance. an oral agreementbetween natural and adoptive parents is implied after performance and the foster parents holding thechild out as their own. The child can inherit from the foster parents, but not vice versa.Nonmarital Children All jurisdictions permit inheritance from
the mother, but the rules regarding inheritance from the father vary. paternity can be proved by c/c evidence.Advancements presumption that an inter vivos gift to a hild isan advancement. can be rebutted by c/c evidence that the giftwas absolute during decedent’s lifetime. Hotchpot Transfer of an Expectancy likelihood that person will becomean heir upon the decedent’s intestacy. may not be transferredManaging a Minor’s Property Guardian of the Person;Guardianship/Conservatorship; Custodianship; Trust(established during life or via will); Uniform Gift to Minors Act
Bars to Succession Homicide;
Disclaimer UPC/Majority: allows universal disclaimerstreating the heir/devisee as predeceasing the decedent. UPC:“disclaimer relates back for all purposes.” Therefore, A’screditors cannot reach her share if she disclaims and the estategoes to A. The disclaimed property is treated as passingdirectly to hers, bypassing the disclaimant.
will.
Wills: Capacity and Contests
Mental Capacity The testator has to have ability to know: (1)the nature and extent of the testator’s property (2) the personswho are the natural objects of the testator’s bounty(3) thedisposition the testator is making, and (4) how these elementsrelate so as to form an orderly plan for the disposition of thetestator’s property. a mental capacity argument (only relevant atthe time of the will’s execution) invalidates the entire will.Insane Delusion false conception of reality with no rsbl basis.T adheres to insane delusion against all evidence and reason tothe contrary. Mistake: mistaken belief is susceptible to changeonce the T is told truth. Courts rarely correct mistakes – important to distinguish from i.d. ID only invalidates the part of the will produced by the delusion. To rebut ID challenge,attack the rational basis of the T’s belief.Undue Influenceonly when the will of a person who becomes a
T is coerced into doing that which he or she does not desire todo, that is UI. Look for psychological domination. (1)Relationship the T was subservient to the influencer; thereexisted a relationship of trust and confidence; the influencer was mentally superior to the T; T was susceptible to influence.(2) Disposition and Opportunity influencer must havedisposition to influence T and his decision; have ability andopportunity to exercise influence; look at influencer’s motive(3)Result Did UI result in change in will benefiting influencer Testamentary Liable
No-Contest Clauses: clause that provides that a beneficiarywho contests a will shall take nothing or a token amount in lieuof the provisions made for the beneficiary in the will. UPC/:Supports NCCs unless probable cause exists for the contestBequests to Attorneys presumption of UI arises whenattorney/ drafter receives legacy, except when atty is related.Rebuttable by c/c ev. Moses court found UI when old womandevised to young lover.Fraud T is deceived by an intentional misrep and does that
which T would not have done but for mis. Fraudulently produced provisions are excluded from wills unless they taint.entire will. impose a constructive trust on the wrongdoer. (1)Intent to deceive (2)purpose of influencing the disposition; and(3) causation: intentional misrep produced a fraudulent result Fraud in Inducement : occurs when person misrepresents facts,causing T to execute will, include particular provisions inwrongdoer’s fav, refrain from revok will, not to execute will. Fraud in the execution: occurs when a person misrepresentsthe character or contents of the instrument signed by the T,which does not carry out the T’s intent.Remedies Contest the will in probate court Constructive Trust:Tortious Interference with an Expectancy (not a will contest).
Wills: Formalities and FormsExecution of Wills
(1)Ritualistic function: effectuating the requirements of atransfer/guarantees the completion of the will; impressing uponthe transferor the significance of his statements.(2)Evidentiary Function: requiring satisfactory evidence toinsure a transfer/goes to the reliability of an execution(3)Protective Function: safeguarding the T from UI and other forms of impositionEx: acknowledgment over the phone maynot be acceptable (may argue “conscious presence” in somecircumstances) prophylactic purpose.Execution (1) in writing (2) signed by the testator (3) signed by at least two individualsPresence Requirement Line of Sight Test: (English andMinority): a will is valid only if the T is able to see the W inthe act of signing were he to look . Conscious Presence Test:Ws is in the presence of the T if the T, through sight, hearing, togeneral conscious events, comprehends that W is in act of signing. Physical Presence -UPC 2-502(a)(3): no presencerequirement – UPC doesn’t require witnesses to be immediately present. sufficient if they sign within reasonable time after Tor with T’s cknowledgment of th signature. T mustacknowledge that will is his – UPC has no presence req.Additions after Signatures
Order of Signing W must attest after the T has signed the will.A signature intent of the testator/witnessVideotaped Wills NOT allowed.Purging Statutes (interested witness) any devise to an attestingwitness is void, who then takes nothing under will. Maj-statutes purge witness only of benefit he receives that exceeds benefit he would have received if will had not been executed.Attestation Clause: PRESENT TENSE – required (witnesses).An attestation clause is not an affidavit.self-proving affidavit indicating the procedure with which willwas signed. Past Tense. typed at end of will and swear beforenotary public that will has been duly executed. UPC allowscombined attestation clause / self-proving affidavit. a self- proving aff does not satisfy the attestation req for any state
Alternatives to Strict Interpretation
Substantial Compliance If will is in substantial compliancewith the law, may be probated. formal defect should lead toinquiry as to whether doc expressed the decedent’s test intentand does its form sufficiently approximate Wills Act formality
to enable crt to conclude that it serves purposes of Wills Act.
Harmless Error – Dispensing Statutes Allows a docume be rewritten and probated if the proponent of the documenestablish by clear and convincing evidence that the decedeintended the document to constitute the decedent’s will (etHolographic Wills A will written by the T’s hand and si by the T. Attesting witnesses are not necessary. If thesignature and material portions of the document are in t
testator's handwriting. Intent that the document constitute the testator's will can bestablished by extrinsic evidence, including, for holograpwills, portions of the document that are not in the testatorhandwriting. a few states require that the will be dated.nuncupative wills (oral) in view of imminent death.Conditional Wills: still valid even if condition is not metI die from X”. merely a statement of the inducement for execution of the will, which can be probated upon death fr
any cause.
Methodology -Analyzing Validity of Will Execution: 1.the document strictly comply with the statutory requiremenfor an attested will? 2.Does the J recognize holographic wIf so, does the document work as a holographic will? 3.Dofacts show substantial compliance with the statutoryrequirements? 4.Should the will be allowed under a dispestatute? (statute must exist in j and testator’s intent must bestablished by clear and convincing evidence.) 5.If all elsfails, try to argue constructive trust.Revocation of Wills
subsequent writing executed with the usual formalities
will (2) amendment to will or codicil (3) document revokwill Express or Inconsistency Codicil – occurs where thno complete disposition of property through the supplemewriting. Holographic codicils. Some states observe theseallowing written changes of a will if accmp by sign.a physical act destroying, obliterating, or burning the wil+ intent) T must have the intent to revoke the part of th
Probate of Lost Wills In the absence of a statute, a will tlost, destroyed without the T’s consent, or not destroyed inconformity with a wills statute can be admitted to probat
its contents can be proven. contents must be proven by cleand convincing evidence – e.g. a copy in the lawyer’s offiPresumption through possession Where evidence establithat T had possession of will before death, but will cannofound, presumption arises that the will has been destroyedRevocation by Operation of Law: Changed Circumsta
Divorce revokes any provision in decedent’s will for divospouse, unless appears from will that omission was intentMarriage: Omitted Spouse : if testator executes will andsubsequently marries, majority of states give spouse intestshare unless it appears from will that omission was intentiBirth of Children: Pretermitted Children : almost all stathave statutes giving child born after execution of parent’s and not provided for in will, a share of parent’s estate.
Method: Look for revival statute first. If there none, use
Dependent Relative Revocation (DRR)If T purports to revoke will upon mistaken assumption of or fact, revocation is ineffective if T would not have revokwill had known the truth. DRR is used to carry out T’s
intent. If court finds that T would not have destroyed willhe known new will was ineffective, crt, applying DRR, wicancel revocation and probate destroyed will. The mistak
and the subsequent revocation must be part of the sam
scheme (“relative”). Courts have held that DRR applies (1) alternative plan of disposition fails (don’t’ need subseqwill, you just need revocation by mistake); or (2) mistake irecited in terms of revoking instrument; or where mistakeby c/c evidence.Revival When a 2d will revokes a 1st by either express claor inconsistency, and later the 2d is revoked.UPC Presumptions: how the 2d will is revoked, to know
the 1st will is revived. Revoked by Act will wholly revo= revoked presumption; exception: must show intent to rewill partially revoked = revived presumption; exception: m
show contrary intent not to revive. Revoked by SubsequWill wholly/partially revoked = revoked presumption;exception: intent to revive must be shown in 3d will.
Components of a WillIntegration of Wills All papers present at time of will’sexecution intended to be part of will are integrated into wRepublication by Codicil A will is treated as reexecuted(republished) as of date of codicil. Only where updating wcarries out testator’s intent . you can only republish thingshave been valid prior wills – no bootstrapping.Incorporation by Reference Any writing in existence at time a will is executed may be incorporated by reference iflanguage of will manifests this intent and describes writingsufficiently to permit its identification. Intent: T must havintent to incorporate writing In Existence: writing T wisto incorporate must have been in existence when T executwill Identification: T must identify writing to be incorpo\ with sufficient specificity so that no other document coureasonably be referred to by that description. Clark
Separate Writing Identifying Bequest of Tangible Pro
8/2/2019 Trusts and Estates Altv1
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regardless of holographic will statutes, a will may refer to a
written list disposing of non-currency property not specificallydisposed of by the will. signed by the T; describe items anddevisees with rsble certainty. may be executed after the will
and altered after its preparation. can have no ind significance.Acts of Independent Significance Permits use of e/e, facts,and circumstances outside of will, to identify will beneficiariesor property passing under will. have lifetime motive andsignificance apart from effect on will, gift will be upheld
Contracts Relating to Wills
Contracts to Make a Will governed by K law, and wills aregoverned separately. allow remedies such as specificperformance of will, quantum meruit, or constructive trust Insome states, K must be in writing. To make an oral contract
enforceable, the following must be proven: terms are provedby c/c evidence; rendition of services is wholly referable to K;services of such peculiar value to promisor as not to beestimated or compensable by any pecuniary standard.Revocation of a K without altering a will does not alter the willContracts Not to Revoke a Will Joint Will one instrumentexecuted by 2 or persons as the will of both Mutual Will:separate wills of 2 or more persons that contain similar or reciprocal provisions Joint and Mutual Wills: terms used todescribe joint will devising property in accordance with a K.Mutuality refers to K, not to reciprocal provisions of sep wills.
Will Substitutes: Nonprobate Transfers
Contracts with Payable-on-Death Provisions insurancepolicy, contract of employment, bond, mortgage, promissorynote, certificated or uncertificated security, account agreement,custodial agreement, deposit agreement, compensation plan,pension plan, individual retirement plan, employee benefit plan,trust, conveyance, deed of gift, marital property agreement, or other written instrument of a similar nature isnontestamentary.Divorce. Unlike will, normal K not revoked by divorce.
Multiple-Party Bank Accounts Joint/Survivor Accounts:Both A and B have power to draw on the account with the rightof survivorship. Both own the account from inception.Payable-On-Death Account: B is not allowed to draw on theaccount but is entitled to the balance upon the death of A.Agency Account: B is entitled to draw on the account for thebenefit of A and B does not receive the balance upon the deathof A. Savings Account Trust (Totten Trust): O madedeposits in a savings account in the name of “O as trustee for A”. O retains the right to revoke the trust by withdrawing thefunds at any time during his life. Safety Deposit Boxes thereis a presumption of joint access as opposed to joint ownership. Joint ownership can be found through c/c evidence
Joint Tenancies Upon death of one joint tenant or tenant bythe entirety, survivor owns property absolutely, freed of anyparticipation by decedent. theory is that decedent’s interestvanishes at death, and therefore, no probate is necessarybecause no interest passes to the survivor at death
Revocable Trusts
A revocable, inter vivos trust is most flexible of all willsubstitutes. trust settlor transfers legal title to property toanother person, trustee (which could also be settlor) to hold intrust for future benefit of another, and settlor retains power torevoke, alter or amend the trust and right to trust income duringsettlor’s lifetime.Funding you must fund the trust with a “corpus” or “res.”2 inquiries to establish a valid Inter Vivos Trust
(1) whether beneficiary has an interest in property uponexecution of trust - (2)Whether P’s control over stock was akinto that of a trusteeRevocation of Trust: At common law, where trust expresslystates the methods through which the trust could be revoked,those methods were exclusive manner of revocation of thattrust. In order to have power to revoke the trust, the power must be reserved in the trust.Creditors: a revocable trust allows creditors to reach assetsafter the death of the settlor. depends on control settlor hadover the assets.
Pour-over Wills will devising the residue of an estate to anexisting inter vivos trust to be held under terms of trust. Allassets are subject to unified trust administration. Incorporationby Reference: instrument must be in existence at time of will’sexecution. Independent Significance will may dispose of property by referring to some act that has significance apartfrom disposition of probate assets.Unfunded Life Insurance trust. Valid.Advantages: Property management by a fiduciary; keep titleclear; income/gift taxes; dealing with incompConsequences of Death of Settlor: Costs; Delays; Creditors;Publicity; Ancillary Probate; Avoiding Restrictions ProtectingFamily Members; Avoiding Restrictions Placed onTestamentary Trusts; Choosing the law of another jurisdictionto govern; Lack of certainty in the law; Avoiding will contests;Estate taxation; Controlling a surviving spouse’s disposition;Custodial trusts (some states);
Construction of Wills
Admission of Extrinsic Evidence Interpretation of Wills
plain meaning rule. Patent Ambiguity: on the face of the will
– susceptible to two or more interps. Latent Amb: where factssurrounding clear words in doc create ambiguity. any evidencecan be brought in to show the existence of an ambiguity. After an amb exists, e/e be used to show the meaning of anambiguity. T’s intent shown ONLY through circumstantial ev – no direct ev.Personal Use Exception T always referred to a person in anidiosyncratic manner Extrinsic evidence only allowed for misdescription (4 603); personal usage; statutory reasons – dependant relativerevocation- harmless error (c/c ev); scrivener’s error; executionof a will; latent ambiguity; . Russell (Roxy). Fleming (e/e for improper execution – sex).Equivocation e/e admitted to clear up latent ambiguity wheredescription fits two or more external objects equally well . – may allow direct ev.
Correcting Mistakes Generally, courts WILL NOT correctmistakes in documents. ( Erickson – marriage; ct allowed e/e of intent). Exceptions: Insane Delusion; DRR; misdescriptionevidence of the scrivener’s error should be admissible if scr err and intent can be shown by c/c ev.Gifts by Implication/Doctrine of Probable Intent (NJ)
Death of Beneficiary Before Death of Testator
If devisee does not survive T, devise lapses (fails) and goes toT’s residuary devisee or heirs (in absence of res devisee). If a specific or general devise lapses, devise falls into the residue.No-residue-of-a-residue rule If devise of entire residuelapses, heirs of T take by intestacy. If a share of residue lapses,lapsed residuary share passes by intestacy to T’s heirs.Class Gift If devise is to class of persons, and one member of the class predeceases the T, the surviving members of the classdivide the gift. [cf antilapse] check for “group minded” lang. Agift to “A and the children of B” is a gift to ind and class inabsence of other factors. Thus, if A dies before T, his sharelapses and does not pass to children of B.
Void devise: Where dvee dead at time will ex, de voidAntilapse Statute When ben predeceases T (or ben dies before ex or disclaimer, homicide, etc) issue of ben will take.Only descendents of grandparents, not spouses. applies to classdevises descendants of class -beneficiary will take share.Generally, words of survivorship in the devise indicated intent that the anti-lapse statute not apply but (1990)changed this.Nonprobate Transfers. POD K law, 3d pty beneficiaries notreq to survive and may pass K rights to heirs or devisee.Revocable Trusts no req of survivorship for remainder. Joint
Tenancy antilapse statutes cannot apply because the interestvanishes at death.
Changes in Property After Execution of Will:
Specific Devise: disposition of spec item of T’s propGeneral Legacy: $. If not enough for bequest, assets must besold to satisfy beneficiary’s claim.Demonstrative: gen legacy payable from spec sourceAdemption by Extinction If T makes spec devise by will andsubsequently T changes property devised, sells, gets rid, then Tsubsequently dies without changing will, spec devise adeemed
Identity theory: c/l does not look at T’s/Settlor’s intent.Identity theory provides that if specific property was disposedof during T’s life, the devise fails. C/l merely examines where property is located at time of death.. 1969UPC uses id theory.1990 version adopts intent approach.Bank account: closed, CDs purchased –adeemed.Stock splits v. dividends
Ademption by Satisfaction Transfer in lieu of a devise (specand gen). when T makes trnfr after executing will. Dependson intent. Rebuttable.Abatement T attempts to give away more property in the T’swill than the Tis actually able to give. Intestate, residuary,general, specific.Exhoneration of Liens presumed, absent contrary lang in will,that T wanted debt to be paid out of residuary. UPC reverses.
Trusts
inter vivos trust created by declaration of trust, where the
settlor declares he holds certain property in trust, or by a deedof trust, where the settlor transfers property to another person astrustee.Trustee holds legal title to the trust; the beneficiaries have anequitable interest. fid duties. Trustee must accept the position to become liable. trust will not fail for lack of a named trustee.“passive” or “dry” trustee with no duties causes trust to fail.Creation of a Trust No particular form of words. Did grantor
manifested an intention to create trust . Where S is T an oral declaration of trust is sufficient . deed of trust in situations inwhich T is not s to form a valid trust. A transfer of propertywith intent to vest beneficial ownership on third person issufficient to create trust. Trustees have a duty to administer trust for the sole benefit of the beneficiaries ( Jiminez ).Precatory Language wish or desire expressed in trust that doesnot create a legal obligation.Equitable Charge person devises property, subject to paymt of $ to another, T creates equitable charge, not trust. no fiduciaryrelationship.
Hebrew U : no trust-must manifest intent to impose enforcduties of trust nature on himself. trust will not be used to etrnsfr which fails as iv gift for lack of delivery. ok withconstructive delivery for gif.t (trust/gift).Necessity of Trust Property corpus may be any transferaint in property (contingent remainders, life estates, royaltielife ins policy) Unthank ($200).Resulting Trust: an express trust fails or makes an incomdisposition; one person pays the purchase price for propertcauses title to be taken in name of another person who is nnatural object of purchaser’s bounty. once resulting trust ifound, trustee must reconvey property on demand.Constructive Trust equitable remedy used to prevent unjenrichment. A confidential or fiduciary relationship; an exor implied promise by the transferee; a transfer of propertyreliance on the promise and unjust enrichment of the trans
fraud, murder, undue influence, etc.Change of Position If donee, in reliance on gift, changes position so much that inequitable to preclude trfr, ct will imeq conveyanceEffect of Death of Donor if nat object ; const trust Brainard expectancy cannot be subject matter of trust andattempted creation, being merely promise to transfer propefuture, is invalid unless supported by consideration. (not otrust). Speelman All that was necessary to be established wan intention that the title of the donor be presently divested presently transferred as stated in the letter. (OK as gift).Necessity of Trust Beneficiaries must have one or more beneficiaries (clark “friends”) Whenever trust fails and property is in hands of people who were supposed to betrustees, a resulting trust is created.Honorary Trust The trust remains in the trustee’s name whis conscience to dictate the trust’s use. Noncharitable,nonhuman purpose. Searight (dog).Oral Inter Vivos Trusts of Land Where owner of int in l
transfer it inter vivos to another in trust for transferor, but writing outlining agreement as required by SOF and transfrefuses to perform trust, transferee holds int upon conste trfor transferor.if there exists a confidential relationship between the particonfidential relationship must be more than a parent/childrelationship; must be relationship of trust and confidenceOral Trusts for Disposition at Death
Secret Trust transfer in will with accompanying trust, butindication of trust’s existence. (const trust)
Semi-secret Trust: indication of the trust’s existence in w but no identifiable beneficiaries. The trust will fail. It wicause a resulting trust in transferee. (Olliffe)Discretionary Trust trustee has discretion over payment oeither tincome or principal or both. act in good faith, honand for purposes settlor stated in trust. Duty to inquire(Marsman – con trust ). beneficiary’s creds can’t reach prin a discretionary trust until discretion exercised by trusteeMandatory Trust trustee must distribute all income by
predesiganted distributions.Spendthrift Trusts beneficiaries cannot voluntarily alienatheir interestsnor can their creditors reach their interests.Shelley (2 ex wives). # of exceptions.Support Trusts Trusts making payments as necessary fo beneficiary’s support
Modification and Termination of Trusts
If the settlor and all beneficiaries consent, a trust can bemodified or terminated, even if the trust contains a spendthclause. Material Purpose Doctrine (termination) Clafli
Doct. active trust may not be terminated, even with conseall beneficiaries if material purpose of the settlor remainsaccomplished. Modification: a trust can be modified, if compliance with trust’s provisions would defeat or substantially impair the purpose of trust. not allowed if dosolely for beneficiary’s gain.administrative problemt -trustee can petition court for achange. successive interests
Charitable Trusts
must have charitable purposerelief from poverty; advanceof education; advancement of religion; promotion of healgovernment or municipal purpose; or purposes beneficial tcommunity as a whole. A trust from which the income is t paid at stated intervals to each member of a designated segof the public, without regard to whether the recipients are por in need is mere benevolence and not a charity.Modification of Charitable Trusts – Cy Pres
When using cy pres, ask if it’s impossible, impracticable,
illegal to accomplish trusts’ purpose.
The Fiduciary Obligation
Duty of Loyalty: Self-Dealing: no further inquiry is madto a trustee’s motives. trustee’s good faith and thereasonableness of his motives are irrelevant. D = settlor authorization, full disclosure to beneficiaries.Conflict of Interest: nostrict liability. no liability if transis fair and if trustee receives fair price for property.Duties relating to Care of Property;Duty to Earmark
Property;Duty to not commingle trust funds with the