Chpt 4 Trusts As Ownership Vehicles

Question 1

Trust

Answer 1

A legal entity where control of some asset or property is transferred by grantor (trustor) to a third party (trustee) to be held for the benefit of another (beneficiary)

Question 2

Beneficiary

Answer 2

The recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy

Question 3

Living trust

Answer 3

A trust established by a living trustor in order to convey legal title of property to a trustee for the benefit of a name beneficiary