Trust Law Flashcards

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Vocabulary flashcards covering key concepts in trust law, based on lecture notes.

Last updated 11:24 PM on 5/15/25
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5 Terms

1
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Beneficiary Remainder

Someone who receives the remaining trust property or assets after a time frame.

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Rule Against Perpetuities Time Frame Exception

Not needing to specify a specific time frame if the event will definitely happen (e.g., death).

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Set Time Requirement

If there's no set time for property transfer (or a set time plus 21 years), you can't have a trust.

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Perpetuity

An event with no measurable time frame, such as 'when you get married'. Cannot be the basis of a trust.

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Trustee Example

Sender names Soren as trustee, Even as beneficiary for Even's life, then Berry would have a remainder.