Property Ownership, Transfer of Title & Land Use 14.7 Flashcards
1
Q
What is a Trust?
A
device by which one person (a trustor) transfers ownership of property to someone else (a trustee) to hold or manage for the benefit of a third party (a beneficiary).
2
Q
Can real and personal property be placed in a trust?
A
Yes
3
Q
A Living Trust
A
is a trust that is created while the trustor is alive; usually by a detailed trust agreement.
4
Q
A Land Trust
A
is a trust where real estate is the only asset.
5
Q
Who creates a trust?
A
The Trustor
6
Q
The Trustee does what?
A
carries out the trustor’s instructions regarding the purpose of the trust; holds legal title and acts a fiduciary.
7
Q
The beneficiary
A
Receives the benefits of the trust.
