Trusts Flashcards
0
Q
How does a trust divide interest? (2 parts)
A
1) beneficiaries
2) legal interests (the trustees)
Note: these sell, mortgage, etc. to provide for the beneficiaries who they owe a fiduciary duty to. They can in no way benefit from the trust. They are paid based on the size of the trust.
1
Q
How are trusts used?
A
To control property.
Often used instead of Life Estates
2
Q
Define: fiduciary duty
A
The duty to act in the benefit of someone else rather than themselves
