What is a Trust Flashcards
1
Q
What is a Trust?
A
A legal arrangement in which a settlor (creator) conveys property to a trustee to hold as a fiduciary for one or more beneficiaries (private) or for a charitable purpose
2
Q
what is bifurcation of ownership?
A
trustee has legal title to trust prop while beneficiaries has equitable title
3
Q
categories for trusts
A
inter vivos = created during life
testamentary = created at death by testators will
revocable = created during life
irrevocable = created after death
private or charity = express
express or implied =
