Creating an Express Trust (Private or Charitable)

Question 1

Two Ways to Create Express Trust

Answer 1

(1) Inter vivos transfer

(2) Testamentary transfer

Question 2

Inter Vivos Trust

Answer 2

Trust created during life

(1) Declaration of Trust - settlor declares themself holder of the property, in trust, for beneficiaries
(2) Deed of Trust - Settlor conveys property to trustee for benefit of designated beneficiary

Question 3

Testamentary Trust

Answer 3

Trust created according to terms of a will

(1) Pour-Over Trust - Testator can direct his estate into a trust, so as to avoid the probate process.
(2) Secret Trusts - Looks like a testamentary gift but created in reliance on beneficiary’s promise to hold property for another.