Probate Ch 5

Card Set Information

Probate Ch 5
2010-10-03 02:41:35

Probate Ch 5
Show Answers:

  1. Trust
    Property placed in the care of one person (trustee) for the benefit of another (beneficiary)
  2. Beneficiary
    The person who receives the benefit of the property placed in a trust
  3. Trustee
    The party who manages and oversees the property placed in trust
  4. Settlor
    The creator of the trust who originally owned the property and transferred it to the trust
  5. Cestui Que Trust
    The beneficiary of a trust
  6. Equitable Title
    The interest a beneficiary has in property contained in a trust. The right to benefit from the property but not manage it
  7. 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
  8. Letters of Trust
    A document issued by the court confirming the appointment of a trustee to a trust
  9. 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.
  10. Implied Trust
    A trust not expressly communicated but implied based on the conduct of the parties or to prevent unjust enrichment.
  11. Resulting Trust
    An implied trust based on the circumstances or conduct of the parties.
  12. Constructive Trust
    An implied trust created by law to prevent fraud or unjust enrichment
  13. Private Trust
    A trust created to benefit a designated individual or definite class of individuals
  14. Public Trust
    Also known as charitable trust; a trust created to benefit the public at large
  15. 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
  16. 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
  17. Testamentary Trust
    A trust created to take effect upon the death of a person
  18. Revocable Trust
    A trust that can be terminated by the settlor
  19. Irrevocable Trust
    A trust that cannot be terminated or changed by the settlor
  20. Spendthrift Trust
    A trust created to protect the beneficiary from his own inability to spend wisely. The property cannot be reached by creditors
  21. 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
  22. Pour-Over Will
    A will that leaves any property owned by the decedent to an already existing inter vivos trust