Trusts Flashcards
1
Q
3 Parties
A
(1) TRUSTOR: creates the & transfers property (res) into it
(2) TRUSTEE: holds title to the trust prop. & administers the trust
(3) BENEFICIARY: received distributions of profits & prop from the trust
2
Q
Ways to CREATE a trust
A
(1) DEED the res to the Trustee
(2) DECLARE himself to be a Trustee
(3) Leave res by WILL to Trustee
(4) Establish trust during person’s life & add to it (POUR OVER) additional res into it by will
3
Q
Private v. Charitable
A
(1) Private: beneficiary/ies must be IDENTIFIABLE by the time their beneficial interest can be enjoyed
(2) Charitable: must have a GROUP of beneficiaries who are reasonably numerous and NOT individually identified
