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