Trust

Question 1

Trust

Answer 1

Under EPTL, a trust is a property interest held by one person at the request of another for the benefit of a third party; for a trust to be valid, it must involve specific property, reflect the settlor’s intent, and be created for a lawful purpose.

Question 2

Lifetime trust

Answer 2

Under EPTL, lifetime trusts are trusts that are created during a settlor’s lifetime

Question 3

Testamentary /testə’mentərɪ/ trust 遗嘱的

Answer 3

Under EPTL, a testamentary trust is a trust created through a will.

Question 4

Constructive trust

Answer 4

Under EPTL, a constructive trust is an equitable remedy, imposed in cases involving fraud, unconscionable conduct, or unjust enrichment, established to benefit the party that has been wrongfully deprived on his rights to property.

Question 5

Trustee

Answer 5

Under EPTL, a trustee is the legal titleholder of the trust property who holds it in trust for the benefit of another and owes a fiduciary duty to that beneficiary.

Question 6

Spendthrift / ˈspendθrɪft/ 挥霍者 Trust provisions

Answer 6

Under EPTL, a spendthrift trust provision is a provision in a trust that prevents an income beneficiary from voluntarily or involuntarily transferring his interest in a trust.