Trusts: Attack Outline

I. What Counts as a Trust

• Only the express trust is a true trust; resulting and constructive trusts are equitable remedies, and honorary trusts are not trusts at all.
• Express trusts are lifetime (inter vivos) or testamentary (created in a will). No consideration is required.

II. Elements of a Valid Express Trust

1. Settlor with capacity (age 18 and able to contract).
2. Delivery of legal title to the trustee. Titled assets (such as stock) must be formally retitled; physical handover alone is not enough.
3. Property (res) that the settlor presently owns and that is identified. An expectancy (such as an inheritance not yet received) or "whatever I decide to contribute later" fails.
4. Trustee holding legal title. A lifetime trust can use a