Introduction Flashcards
1
Q
Who is a trustee?
A
One who holds legal title to specific property under a fiduciary duty to manage, invest, safeguard, and administer trust assets and income for benefit of designated beneficiaries
2
Q
Who is the beneficiary?
A
One who holds equitable title and receives all the benefits of ownership that are designated in the trust agreement
3
Q
Who is the settlor
A
The creator of the trust (i.e., the “grantor”)
4
Q
What is an express trust?
A
One that arises from the expressed intention of the settlor
5
Q
What is a resulting trust?
A
One that arises from the presumed intention of the settlor
6
Q
What is a constructive trust?
A
One that arises in cases involving wrongful conduct and unjust enrichment
