Equity Definitions Flashcards
Testator
Male individual creating trust by way of will
Testatrix
Female version of testator
Settlor
A person whom creates a trust for it to come into effect during their lifetime
Testamentary
Trust comes into affect after your death
Inter vivos
Trust to take effect during settlor’s lifetime
Trustee
Person in charge of looking after property
Beneficiary
Person who receives enjoyment from property
Personal Representative
Person legally entitled to administer the estate of a person whom has died
Life Interest
The beneficiary has use of the property during their lifetime
Remainder Interest
Taking possession when the original beneficiary dies
Vested Interest
A beneficiary of a trust has a vested interest if he does not have to meet any conditions for his interest to take effect: this interest can be vested in possession or vested in interest
Vested in possession
Present right to present enjoyment
Vested in interest
Present right to future
Contingent Interest
An interest that does not take effect until a condition has been met
In personam
Imposing a personal liability
