Trusts Flashcards
1
Q
Types of trusts
A
Revocable and irrevocable
2
Q
Honorary trust
A
Legally enforceable trust not created for charitable purposes but has no definite human beneficiaries.
2 types by UTC- animal and noncharitable purposes
21 years subject to rap- duration
3
Q
Charitable trust
A
Has to have a charitable purpose and exist for the benefit of community at large or for a class of persons the membership in which varies.
No individual ascertainable beneficiary
Not subject to RAP
4
Q
Express trust
A
Private
Charitable
Created as a result of the express intention of property owner to create a trust relationship with respect to property
