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Oral Trust Agreement

An oral trust agreement is a legal agreement between a grantor and a trustee that is made verbally, rather than in writing. In a typical trust agreement, the grantor transfers assets to a trustee to hold and manage for the benefit of one or more beneficiaries. The terms of the trust, including the identity of the assets, the rights of the beneficiaries, and the duties of the trustee, are typically spelled out in a written document.

However, in some cases, a trust agreement may be made orally between the parties. Oral trust agreements are recognized in some states, but not all, and are subject to certain limitations and requirements.

One key requirement of an oral trust agreement is that it must be established with clear and convincing evidence. This means that the grantor must provide sufficient proof of the existence and terms of the trust agreement, such as through witness testimony or other evidence. This requirement is intended to prevent fraud or disputes over the validity of the agreement.

In addition, oral trust agreements are subject to certain limitations under state law. For example, some states may require that the trust be for a specific purpose, such as the care of a minor child or the management of a specific property. Other states may require that the value of the assets transferred to the trust be above a certain threshold, or that the trust be established for a certain period of time.

While oral trust agreements may be recognized in some states, it is generally advisable to establish a trust agreement in writing to provide clarity and avoid disputes. A written agreement can also provide additional protections for the grantor and beneficiaries, such as a clear statement of the trustee`s duties and obligations.

If you are considering establishing a trust, it is important to consult with an experienced attorney who can guide you through the process and help you understand the legal requirements in your state. An attorney can also help you draft a comprehensive trust agreement that meets your specific needs and protects your interests and those of your beneficiaries.