Suggested Time to Complete: 24 minutes
Paul’s Trust – Medium
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This question should be answered using two IRAC structures. Please include all relevant keywords in your answer.
Paul executes a trust instrument to create a revocable trust, but does not specify how the trust may be revoked. The trust contains $1 million and is set to make its first distribution of $100,000 to Paul’s daughter Polly on May 1. However, on April 1, Paul removes the $1 million from the trust and writes a letter to Polly explaining that he is revoking the trust. Polly does not receive the letter until May 2. Now, Polly is arguing that Paul did not validly revoke the trust and that, even if the trust was revoked, the revocation was not effective until May 2. Polly believes she is entitled to receive the $100,000 that should have been distributed on May 1.
Is Polly’s argument likely to succeed in court?
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To answer this question, you will need to think about and discuss first whether Paul validly revoked the trust, and second, when that revocation was effective.
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