chaps 7,8,9 review terms

Terminology in Adoption and Parental Rights

. Post-mortem conception: Conception of a child that occurs after a purported parent has died, through in vitro fertilization.

. Uniform Transfer to Minors Act: A legal provision that allows a minor to receive gifts, such as money, patents, royalties, real estate, and fine art, without having a formal trustee to manage the property until they reach majority age.

. Equitable Adoption: A legal concept recognizing the rights of a child in informal or non-legal adoptions under certain circumstances.

  • In Loco Parentis: A Latin term meaning "in the place of a parent," used to describe a person or entity that takes on the responsibilities and duties of a parent without formal adoption.

Chapter Eight: Trusts

  • Elements of a Trust:

    • Trustor: The individual or entity that creates the trust.

    • Trustee: The person or entity appointed to manage the trust assets and administer the trust.

    • Beneficiary: The individual or group that receives benefits from the trust.

    • Trust Purpose: The specific goals or directives stated by the trustor in establishing the trust.

    • Corpus: Also known as trust property, represents the assets held within the trust.

  • Types of Trusts:

    • Revocable Trust: A trust that can be altered or revoked by the trustor during their lifetime.

    • Fiduciary Trust: A trust where the trustee has a legal obligation to act in the best interests of the beneficiaries.

    • Implied Trust: A trust that is created by the courts rather than explicitly stated by the trustor.

    • Constructive Trust: Imposed by a court to address wrongdoing or unjust enrichment.

    • Pour Over Will: A will that directs the transfer of a decedent's assets into a previously established trust upon death.

    • Irrevocable Trust: A trust that cannot be modified or terminated without the permission of the beneficiary.

    • Expressed Trust: A trust explicitly created by the trustor's declarations.

    • Resulting Trust: Arises when the trustor inadvertently does not properly transfer property into a trust.

    • Testamentary Trust: A trust created as part of a will that comes into effect upon the death of the testator.

Chapter Nine: Specialized Trusts

  • Life Insurance Trust: A trust designed to hold life insurance policies, allowing for tax benefits and control over policy benefits.

  • Discretionary Trusts: A trust that gives the trustee the discretion to determine how and when distributions to beneficiaries are made.

  • Spendthrift Trusts: A trust that protects a beneficiary's interest from creditors by preventing the beneficiary from transferring their interest in the trust.

  • Sprinkling or Spray Trusts: A trust that allows for the distribution of assets among multiple beneficiaries in varying amounts at the discretion of the trustee.

  • Special Needs Trust: A trust created to provide for a disabled beneficiary without jeopardizing their eligibility for government assistance programs.

Upcoming Quiz

  • Quiz Schedule: A quiz will occur on Wednesday regarding the material discussed, including chapters eight and nine.