Exam (elaborations)
GUARDIANSHIP & TRUSTS QUESTIONS AND ANSWERS
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GUARDIANSHIP & TRUSTS QUESTIONS AND ANSWERS
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How can a trustee or beneficiary terminate a trust?
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Either a trustee or beneficiary can petition to modify or terminate a trust. A
court will if one of these three?
1. purposes fulfilled or become impossible
2. Changed circumstances (more than death)
3. achievement of tax purposes
, What court do you file trust issues in?
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District court and statutory probate court have concurrent jurisdiction. In
the county where the trustee maintains the trust
What is a spendthrift clause
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Prohibits voluntary assignment or involuntary transfer of beneficiary's
interest. Prevents Judgment creditor from reaching by garnishment or
attachment
What must a trustee maintain with investments under the UPIA:
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a. the role that each investment plays with the overall trust portfolio
b. the expected total return form income and capital gains
What facts would a guardianship have to establish to become a guardian, and what
burden of proof?
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