Trust Requirements Flashcards
1
Q
What is a grantor/settlor?
A
The creator of a trust (may also be trustee/ or beneficiary)
2
Q
What intent does the grantor/settlor need?
A
Intent to create the trust
3
Q
Who is the trustee?
Under what circumstances will a court appoint a trustee?
A
The person who hold legal interest or title to the trust property
A court will appoint a trustee if the settlor fails to designate one or more, OR if the trustee dies.
4
Q
Who is an ascertainable beneficiary?
A
The person who hold equitable title to the trust property
5
Q
What must an ascertainable beneficiary do with regards to the trust property?
A
Must impliedly or expressly accept his interest in the trust property.
6
Q
What assets can be trust assets?
A
Assets:
-> cash
-> securities
-> real estate
OR
-> life insurance policies
