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The Settlor

The Settlor. Generally. Creates trust by manifesting trust intent. Also called: Trustor (old) Grantor (tax, overbroad) Donor (overbroad) Corporations, partnerships, etc. can be settlors. § 111.004(10). Capacity -- § 112.007. Inter vivos trust = inter vivos gift

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The Settlor

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  1. The Settlor

  2. Generally • Creates trust by manifesting trust intent. • Also called: • Trustor (old) • Grantor (tax, overbroad) • Donor (overbroad) • Corporations, partnerships, etc. can be settlors. § 111.004(10).

  3. Capacity -- § 112.007 • Inter vivos trust = inter vivos gift • Testamentary trust = testamentary capacity

  4. Retention of Powers by Settlor • Westerfeld v. Huckaby – p. 61 • Did settlor reserve too many powers? • 5-4 decision of Supreme Court of Texas.

  5. Retention of Powers by Settlor • Trust Code § 112.033. Settlor may retain: • Legal title (serve as trustee) • Life interest • Power to amend, modify, and revoke • Power to change beneficiary • Control over trust administration • Ability to add property to trust

  6. Retention of Powers by Settlor • “Dacey” Trusts 5 editions from 1965-1993.

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