Section 1.56 Consideration
| Library | Trusts and Powers 2013 Supp |
XV. (§1.56) Consideration
No consideration is needed to create a trust of property by the owner. Restatement (Third) of Trusts § 15 (2003); Ketcham v. Miller, 37 S.W.2d 635 (Mo. 1931); Davis v. Rossi, 34 S.W.2d 8 (Mo. 1930). Gratuitous declarations of trust and transfers in trust are valid. Most trusts that are family settlements are gratuitous, the consideration being love and affection. But a promise to create a trust must be supported by consideration and accompanied by all the requirements for a valid...
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