Basic Info Flashcards
1
Q
Trust
A
Fiduciary relationship where trustee has legal title to manage prop/assets for the beneficiary who holds equitable title
2
Q
Trustee
A
Receives no benefit but must act with reasonable care, loyalty, and personally responsible
3
Q
Can a trustee receive payment?
A
Only a fee for services
4
Q
Settlor
A
Person who creates trust (aka donor, trustor, donor)
5
Q
List 2 types of trusts
A
- Express (private or charitable)
- Operation of law (resulting or constructive)
6
Q
Difference between private and charitable trust?
A
Private = ascertainable class
Charitable = indefinite class
