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Wills, Trusts, and Estates > Trusts > Flashcards

Trusts Flashcards

1
Q

What is an honorary trust?

A

The trustee does not have any fiduciary duties, but the trustee carries out the terms on their honor. If the trustee does not carry out the terms of this trust, the property goes back to the settlor

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2
Q

How does one create a trust?

A
  1. Need a settlor, trustee, and beneficiary(ies)
  2. Intent to create a trust
  3. Property
  4. Capacity
  5. The trust must have a legal purpose
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Wills, Trusts, and Estates (6 decks)

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