Background Flashcards
What is a settlor?
The one making the trust
What is a trustee?
The one entrusted with managing the trust
What is the beneficiary?
The one who benefits from the trust.
How does interest vest in a trust?
A trust vests legal title in the trustee and equitable title in the beneficiary
Once a trust is created who owns the assets?
The trust.
What are the two types of trusts?
Express and implied
What is an express trust?
A trust created pursuant to the express intention of the settlor. It can be oral or written.
What is an implied trust?
Created when there is no express intention of the settlor to create a trust.
What is a resulting trust?
The settlor tries to create a trust for the beneficiary but still retains some or all of the property for himself.
What is a constructive trust?
Where the court will construe a trust because equity demands it.
What is the uniform trust code?
The Uniform Trust Code is a set of laws created for the purpose of unifying trust code throughout the United States. Approximately 33 jurisdictions have adopted the UTC as of 2016.
What is the Restatement of Trusts?
Restates and attempts to modernize the laws of trusts.
