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Trust
Property placed in the care of one person (trustee) for the benefit of another (beneficiary)
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Beneficiary
The person who receives the benefit of the property placed in a trust
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Trustee
The party who manages and oversees the property placed in trust
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Settlor
The creator of the trust who originally owned the property and transferred it to the trust
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Cestui Que Trust
The beneficiary of a trust
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Equitable Title
The interest a beneficiary has in property contained in a trust. The right to benefit from the property but not manage it
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Legal Title
The interest a trustee has in the property contained in a trust. The rights to manage the trust but not benefit from it
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Letters of Trust
A document issued by the court confirming the appointment of a trustee to a trust
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Express Trust
A trust that is communicated, usually in written terms, and not inferred by the conduct of the parties or by the court to prevent unjust enrichment.
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Implied Trust
A trust not expressly communicated but implied based on the conduct of the parties or to prevent unjust enrichment.
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Resulting Trust
An implied trust based on the circumstances or conduct of the parties.
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Constructive Trust
An implied trust created by law to prevent fraud or unjust enrichment
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Private Trust
A trust created to benefit a designated individual or definite class of individuals
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Public Trust
Also known as charitable trust; a trust created to benefit the public at large
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Cy-Press Doctrine
As near as possible. If the intention of a settlor cannot be carried out because it would be illegal or impractical, the court will carry out the trust provisions as near as possible to the settlor's initial intention
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Inter Vivos Trust
Also known as a living trust; a trust created to take effect while the person is living, not upon the death of a person
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Testamentary Trust
A trust created to take effect upon the death of a person
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Revocable Trust
A trust that can be terminated by the settlor
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Irrevocable Trust
A trust that cannot be terminated or changed by the settlor
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Spendthrift Trust
A trust created to protect the beneficiary from his own inability to spend wisely. The property cannot be reached by creditors
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Totten Trust
A trust created by one person depositing money (in a bank) in his or her name, which becomes payable to another upon the depositor's death
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Pour-Over Will
A will that leaves any property owned by the decedent to an already existing inter vivos trust
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