Trusts Flashcards
1
Q
Benefit of Trusts
A
Trusts allow settlors to arrange their assets in ways that maximize flexibility in property management as well as transfer wealth to future generations.
2
Q
Net Income of the Trust
A
The net income of the trust is paid to the beneficiaries.
3
Q
Upon Termination of the Trust…
A
The trust assets as they then exist are handed over to the designated beneficiaries, free of the trust.
4
Q
The Trustee
A
The trustee holds legal title to the trust property and manages that property for the benefit of the beneficiaries, who have the right of beneficial enjoyment of the property.
