Basics Flashcards
A trust is…
a fiduciary relationship in which a trustee holds legal title to manage property on behalf of the beneficiary, who holds equitable title.
A trustee holds…
legal title to specific property under a fiduciary duty to manage that property.
What are the management duties of a trustee?
Manage, invest, safeguard, and administer the trust assets and income for the benefit of designated beneficiaries.
The beneficiary holds…
equitable title.
The settlor of the trust is…
its creator.
What are the main uses of a trust?
- Transfer of property;
- Protection of assets;
- Distribution flexibility;
- Avoiding probate;
- Professional management.
An express trust arises from..
the expressed intention of the settlor.
[private or charitable]
A resulting trust arises from…
the presumed intention of the settlor.
A constructive trust arises from…
cases involving wrongful conduct and unjust enrichment.
