Creating trust for fred multi-million dollar cattle farm

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Reference no: EM131361332

Eric and June are partners in their law firm. A new client, Fred, meets with Eric to discuss drafting Fred's will and creating a trust for Fred's multi-million dollar cattle farm. Fred wants to keep control over the farm during his life but wants his oldest son, John, to take over as the trustee when Fred dies. He wants his children to have the farm when he dies and to avoid having the farm pass through probate upon his death. Eric drafts the will and sets up an irrevocable living trust naming himself as the trustee. Further, Eric sets up bank accounts to embezzle money from the trust. Fred incurs significant losses due to Eric's conduct. Answer/discuss the following questions.

-What are the basic/general requirements for a valid will?

-What type of trust should Eric have created to meet Fred's needs? Briefly describe why.

-While Eric will be liable for his criminal conduct, are June and the law firm (as a partnership) also be liable for Eric's conduct? Why or why not? HINT: Consider the relationship of the partners in a partnership and their rights and duties to each other.

Reference no: EM131361332

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