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Trust Property. Basic Requirement -- § 112.005. A trust must have property. A trust is a method of holding title to property; a conveyancing relationship. Additional Trust Property -- § 112.006. New property may come from any source unless: Trust prohibition, or

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basic requirement 112 005
Basic Requirement -- § 112.005
  • A trust must have property.
  • A trust is a method of holding title to property; a conveyancing relationship
additional trust property 112 006
Additional Trust Property -- § 112.006
  • New property may come from any source unless:
    • Trust prohibition, or
    • Property unacceptable to trustee.
types of property 111 004 12
Types of Property -- § 111.004(12)
  • Any transferable property:
    • Real (present & future)
    • Personal (tangible, intangible, choses in action, right to be a beneficiary, etc.)
types of property 111 004 121
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
delivery trust funding
Delivery (trust funding)
  • Real Property = deed
  • Personal Property = possession, deed of gift, title registration, etc.
    • Marshall – p. 72