Key Terms Flashcards
1
Q
What is a trust?
A
An arrangement that can be employed for making gifts and for the management of property.
2
Q
Who holds legal title to a trust?
A
The trustee, under a fiduciary duty to manage, invest, safeguard, and administer the trust assets and income for the benefit of the beneficiaries.
3
Q
Who holds equitable title to a trust?
A
The designated beneficiaries
4
Q
What are express trusts?
Resulting trusts?
Constructive trusts?
A
Trusts that arise from express intention of the owner of the property;
Trusts that arise from the presumed intention of the owner of property;
Trusts that arise in cases involving wrongful conduct and unjust enrichment.
