1. CONSIDERATION

2. General Rule
Consideration is not required for creation of a valid trust. §
A trust is a conveyance; not a contract.
Problem 1, p. 33

3. Promise to Create Trust in Future
Consideration is needed to enforce a promise to create a trust in the future. §
Problem 2, p. 33

4. Promise as Trust Property
If trust property is a promise, it needs to be supported by consideration to have value.
Question: Settlor transfers my promise to give settlor $1,000 on December 1 to the trustee of a trust. Is this trust property?