Trusts: Where You Pretend to Be Generous but Actually Control Everything
Today, we turn our focus to
Trusts: the ultimate flex for people who want to give away money but still micromanage it from beyond the grave.
Pretty simple. General partnerships are dangerous for this reason.
Pretty simple. General partnerships are dangerous for this reason.
We'll learn:
- How to create a valid trust
- Why "my friends" doesn’t count as a proper beneficiary
- The difference between revocable vs irrevocable, private vs charitable, and support vs discretionary vs spendthrift trusts
- The cy pres doctrine, aka the bar's favorite way to ask "What happens if the Girl Scout cookie trust fails?"
- How modification and termination work, including what happens when the settlor and beneficiaries get into it
- Plus: how to avoid the dumb mistakes that trip everyone up, like forgetting that a settlor can’t make himself the sole trustee and beneficiary without collapsing the trust
Get in there and let's write some essays together.
