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10 Cards in this Set

  • Front
  • Back
What is a trust?
= arrangement for making gifts of property & for the management of assets under which the trustee holds legal title to assets for the benefit of beneficiaries
What 2 thigns does the trustee have in a trust?
= legal title + burden of ownership
What are 3 examples of responsibilities is included in the burden of oweernship?
(i) duty to manage,
(ii) safeguard,
(iii) invest, etc.
What 2 things do beneficiaries in a trust have?
= equitable title + the benefits of ownership
What is the duty owed by the trustee? What action does that duty allow for?
= fiduciary duties to beneficiary (b/c of that relationship, the beneficiary will be able to sue the trustee)
What are the 5 types of Express Trusts?
(1) Private Trusts
(2) Charitable Trusts
(3) Lifetime Trusts
(4) Testamentary Trusts
(5) Honorary Trusts
What are the 2 types of Implied Trusts?
(1) Constructive Trusts
(2) Resulting Trusts
What are 3 other types of Trust Like Arrangements?
i. Joint Bank Accounts w/ RT of survivorship
ii. Totten Trusts
iii. Custodial Gifts to Minors
What is the defintion of a private trust?
= most basic, established by the settler (= person who creates the trust) for named beneficiaries of the trust
What is the definition of a charitable trust?
= established for charitable purposes that DOES NOT benefit identifiable individuals