1. Introduction Flashcards
1
Q
What is a Trust?
A
A trust separates legal and equitable title, with the trustee holding legal title for the beneficiary’s benefit.
2
Q
What is an express trust?
A
Express trusts are formed by the owner’s explicit intent and can be private or charitable.
They are categorized by timing as inter vivos (during the owner’s lifetime) or testamentary (effective upon death).
3
Q
What is an implied trust?
A
Implied trusts, established by law, come in two types:
1. Resulting trusts, implied from legal intent
2. Constructive trusts, equitable remedies for fraud or unjust enrichment, not actual trusts.
4
Q
Fill in the blank: An express trust is formed by the owner’s _______.
A
[explicit intent]
