Introduction Flashcards
1
Q
How is a trust bifurcated?
A
- Trustee owns legal title and manages property
2. Beneficiary owns equitable title
2
Q
When can a revocable trust be revoked?
A
Anytime during the settlor’s life
3
Q
What are the rights of the beneficiary?
A
- Hold equitable title to the property
2. Power to enforce the property
4
Q
What is a mandatory trust?
A
Trustee must make distributions from the trust
5
Q
What is a discretionary trust?
A
Trustee may make distributions at its discretion
6
Q
What is a remedial trust?
A
Passive trust created by operation of law where trustee only has one power to transfer property
