Trusts

Question 1

What are the requirements of a trust?

Answer 1

1. Grantor/Settlor (Creator of a trust) 2. Intent to create a trust 3. Trustee (holds legal interest or title to the trust property) 4. Ascertainable Beneficiary (holds equitable title to the trust property must impliedly or expressly accept his interest) 5. Trust Assets (cash, securities, real estate, or life insurance policies)

Question 2

What happens if the settlor fails to designate a trustee?

Answer 2

The court will appoint a trustee if the settlor fails to designate one or more.

Question 3

Private Express Trust

Answer 3

Clearly states the intention of the settlor to transfer property to a trustee for the benefit of one more ascertainable beneficiary.