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Trust Property

This document outlines the foundational requirements for establishing a property trust, emphasizing the necessity of title ownership. It describes the types of property that can be included in a trust, encompassing both real and personal property. New property can originate from various sources, assuming no trust prohibitions exist. Moreover, it highlights exclusions, such as non-assignable rights and future acquisitions. Understanding these principles is crucial for effective trust management and property conveyancing.

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Trust Property

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  1. Trust Property

  2. Basic Requirement -- § 112.005 • A trust must have property. • A trust is a method of holding title to property; a conveyancing relationship

  3. Additional Trust Property -- § 112.006 • New property may come from any source unless: • Trust prohibition, or • Property unacceptable to trustee.

  4. Types of Property -- § 111.004(12) • Any transferable property: • Real (present & future) • Personal (tangible, intangible, choses in action, right to be a beneficiary, etc.)

  5. Types of Property -- § 111.004(12) • But not property the settlor cannot immediately transfer: • Non-assignable contract right • Spouse’s share of community • Property to be acquired in the future • Expectancy to inherit from someone still alive • Birk – p. 69

  6. Delivery (trust funding) • Real Property = deed • Personal Property = possession, deed of gift, title registration, etc. • Marshall – p. 72

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