Introduction

Question 1

What are the categories of trust?

Answer 1

(1) Express: (a) private or (b) charitable

(2) Implied: (a) resulting or (b) constructive

Question 2

What is a trust?

Answer 2

An arrangement under which a trustee holds legal title to property for the benefit of beneficiaries and is subject to fiduciary standards. The trustee assumes the burdens of the property ownership while the beneficiaries have the benefits.