Trusts Flashcards
1
Q
Trust
A
an equitable fiduciary obligation
2
Q
Fixed Trust
A
identifies the beneficiaries and what share each beneficiary gets
3
Q
Discretionary Trust
A
there isn’t a list of beneficiaries.
- It can just be a class
- the trustee must distribute the property but can choose how to do so
4
Q
3 Certainties
A
- Intent
- Subject Matter
- Objects
5
Q
Certainty of Intent
A
what was the intent of the trustor
- not merely a wish
6
Q
Certainty of Subject Matter
A
there’s got to be property in the trust
7
Q
Certainty of Objects
A
the Beneficiaries
