Law School Trusts and Estates Law Lecture 2 (of 3) (Part 2): Trusts: Creation of Trusts / Trustee Duties
This legal lecture provides a structured overview of trusts and estates law, specifically focusing on the creation of trusts and the duties of trustees. It begins by outlining the five essential elements required to establish a valid trust, including a capable settlor, a trustee, identifiable beneficiaries, the intent to create a trust, and trust property. The lecture then distinguishes between key types of trusts, such as revocable versus irrevocable and testamentary versus inter vivos, highlighting their differing purposes and implications. Finally, it delves into the crucial fiduciary duties that trustees owe to beneficiaries—loyalty, prudence, impartiality, and the duty to inform and account—and discusses the remedies available when these duties are breached, underscoring the significant role trusts play in comprehensive estate planning.
A valid trust requires a capable settlor, a trustee, identifiable beneficiaries, intent to create a trust, and trust property.
Trusts can be classified as revocable or irrevocable.
Trusts can be classified as testamentary or inter vivos.
Trustees have fiduciary duties, including the duty of loyalty.
Trustees have fiduciary duties, including the duty of prudence.
Trustees have fiduciary duties, including the duty of impartiality.
Trustees have a duty to inform and account.
Beneficiaries have legal remedies for breach of fiduciary duty.
Trusts are a key component of estate planning.
Trusts can be used to manage assets.
Trusts can be used to minimize probate.
Trusts can be used to reduce estate taxes.
Trusts can facilitate charitable giving.