Introduction

Question 1

Trustee

Answer 1

Legal interest to the trust is held by the trustee, who has the responsibility of ownership.

Trustee is a fiduciary and therefore must:
1. use reasonable care when dealing w property
2. maintain loyalty
3. is personally responsible if their conduct falls below standards

Question 2

Beneficiary

Answer 2

Holds equitable or beneficial interest and receives the benefits of ownership as set forth in the trust.

Enforces the trust and is the person who the trustee owes duties toward.

Question 3

Settlor

Answer 3

The person who creates the trust by supplying the initial property

Question 4

Resulting trust

Answer 4

Arise from the presumed intention of the owner of the property

Question 5

Constructive trusts

Answer 5

An equitable remedy used to prevent unjust enrichment

Question 6

Express trust

Answer 6

Created by the express intention of the settlor.

Two types: (i) private and (ii) charitable

Question 7

Private trust

Answer 7

Private beneficiaries (ascertainable persons)

Question 8

Charitable trusts

Answer 8

charitable beneficiaries (indefinite class of persons or the public in general)