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15 Cards in this Set

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Definition of Trust
A fiduciary relationship with respect to property, subjecting the person by whom legal title is held to equitable duties to deal with the property to the benefit of another person which arises from a manifestation of intention to create it
In the example--
A-->T income to B, remainder to C
who is A; what is being transferred; who is B; who is C
A=creator/settler/trustor
Transferred=Property/corpus/principle
T=Trustee(BoA)
B=Income Beneficiary (Equitalbe Title)
C=Remainderman (Equitalbe Title)
4 Rights dealing with property
1) Possess; 2) Use; 3)Enjoy; 4) Dispose
Two types of property
1)Real; 2) Personal
2 Types of personal property
1) Tangible (Car); 2) Intangible (Stock)
6 Different Interests in Real property
Big Ones:
1. Fee Simple; 2. Fee Tail; Life Estate.
Lesser Ones:
1. Tenancy for years; 2. Periodic Tenancy; 3. Tenancy at Will
Dealing with different interests in REAL property, the most absolute form of ownership that we recognize. If you have this, no one else has ownership.
Fee Simple Estate
Dealing with different interests in REAL property, ex. A--> “B and the heirs of his body”= Children, grandchildren. This is not common at all anymore
Fee Tail
Dealing with different interests in REAL property, ex. Aà “B for life” B has the right to use the property for as long as he is alive. Upon B’s death it is either going to (1) pass back to A or (2) to anyone in the world other than A. If it states AàB for life, then to A (Revisionary). If you add on “then to C” then you have a remainder. If it is not stated specifically, than it is an implied revisionary.
Life Estate
Dealing with different interests in REAL propertyDoesn’t mean it has to be a year. Ex. Renting an apartment with an established time period.
Tenancy for Years
Dealing with different interests in REAL property,Comes into being after the termination of a tenancy for years.
Periodic Tenancy
Dealing with different interests in REAL property, ex. You own a house and you tell someone they can stay there until you tell them they must vacate the property.
Tenancy at Will
What are some of the undivided interests you might have
1. Tenancy in Common; 2. Joint Tenancy with the Right of Survivorship; 3. Tenancy by the Entirety
Dealing with undivided interest you might have, AàB and C. If B dies first, then B’s interest passes to B’s heirs.
Tenancy in Common
Dealing with undivided interest you might have, Aà B and C as Joint tenants with right of survivorship (MUST BE SPELLED OUT IN DEED. If B dies, the B’s interest passes directly to C. **what if in the same example, B transfers his rights to D? Then it will eliminate the Joint Tenancy with the right of survivorship and it will become a tenancy in common.
Tenancy with the Righy of Survivorship