Trusts Generally

Question 1

Define Trust

Answer 1

A trust is a fiduciary relationship in which a trustee holds legal title to specific property under a fiduciary duty to manage, invest, safeguard, and administer the trust assets and income for the benefit of designated benes, who hold equitable title.

Question 2

Types of Trusts

Answer 2

1. Express Trusts,
2. Resulting Trusts, and
3. Constructive Trusts.

Question 3

Florida Trust Code

Answer 3

Governs express trusts.

The CL of trusts and principles of equity supplement the FTC, except to the extent modified by the Code or another law of Florida

Primarily default rules – ONLY apply if trust doesn’t expressly address a particular issue

Question 4

Define Express Trusts

Answer 4

Arise from the expressed intention of the owner of property to create the relationship with respect to the property

Question 5

Define Resulting Trusts

Answer 5

Arise from the presumed intention of the owner of property

Question 6

Define Constructive Trusts

Answer 6

Arise in cases involving wrongful conduct and unjust enrichment