Your supervising attorney is ready to draft a trust for a client. The attorney needs to know which provisions are needed in the trust. Complete the following information. You may create 'make up' information.

1. Powers and duties of trustee (yes or no)

Retention of investments of testator. See O.C.G.A. 53-12-341.

Sale.

Pledge or mortgage of property.

Improvements to realty.

Voting of stock and giving of proxies.

Delegation of powers.

Diversification of investments.

Combination of separate trust funds.

Discretion to sprinkle income.

Compromise of claims.

Authority to carry on business.

Apportionment of credits, taxes, and expenses.

Distribution of income.

Accumulation of income.

Invasion of principal for benefit of income beneficiaries.

Partial distributions during trust.

Distribution of principal on termination of trust.

Duty of inquiry.

Minimum size termination.

Periodic accountings.

Total return investing.

2. Immunity of trustee from liability for losses. (yes or no)

3. Exemption of trustee from duty to supervise application of proceeds.

4. Income beneficiaries.

• Time of payment.
• Method of payment.

5. Principal beneficiaries.

• Time of payment.
• Method of payment.

6. Duration of trust (year or date certain or age).

7. Survivorship requirement. (yes or no)

8. Common disaster clause (yes or no)

9. Conditions precedent or subsequent affecting trust. (yes or no)

10. Gift to spouse in addition to statutory share. (yes or no)

11. Compelling election by spouse. (yes or no)

12. Division of trust estate when children reach majority. (yes or no)

13. Separate shares retained in trust for children. (yes or no)

• Payments of income and principal.
• Distribution in stages.
• Per stirpes or per capita distribution.
• Provision for child dying before full distribution.

14. Separate shares retained in trust for issue of deceased children.

15. Provision if all beneficiaries die before full distribution.

16. Perpetuities savings clause.

17.Manner of making payments to minors and incompetents.

18. Exclusion of power of appointment from residual trust.

19. Termination

Answer rating: 100% (QA)

1 Powers and duties of trustee Yes Retention of investments of testator Yes Sale Yes Pledge or mortg... View the full answer