A contract between the trustor and trustee whereby
the trustee agrees to manage property and distribute
assets according to certain provisions.
What is a trust?
100
Trusts may not be created for this type of purpose
What is an illegal purpose?
100
This type of trust is created in a Will.
What is a testamentary trust?
100
In this situation the trustor is the one who terminates the trust.
What is revocation?
100
Along with real property, this kind of property can be placed in a trust.
What is personal property?
200
The term for the creator of the trust.
Who is the trustor or settlor?
200
Grandparents who want to provide for their grandchildren may want to create a trust for this purpose.
What is an educational trust?
200
A trust created during life that can be altered or amended.
What is a revocable trust?
200
This situation involves a fixed period.
What is a period of time?
200
This individual or legal entity is given legal title to the property.
Who is the trustee?
300
The term for the manager of the trust.
Who is a trustee?
300
Parents with a disabled child may want to create a trust for this purpose.
What is a medical expense trust?
300
A trust created during life than cannot be altered or amended.
What is an irrevocable trust?
300
This is situation where the trusts ends on a successful note.
What is the trust purpose has been fulfilled?
300
This document contains a clause that leaves the testator's property to the trustee of a living trust.
What is a pourover will?
400
The term for the recipient, party who holds equitable
title and derives the benefit and enjoyment of the
property.
Who is the beneficiary?
400
This type of entity may wish to create a trust to endow some of their wealth for the benefit of society.
What is a corporation?
400
Trusts created by operation of law.
What is an implied trust?
400
This situation involves termination and the beneficiaries.
What is termination by agreement of the beneficiaries?
400
The affirmative duty to act in the best interest of the trustor and beneficiaries of the trust.
What is a fiduciary duty?
500
The term for any property that can be freely
transferred from one party to another, can be real
and/or personal property.
What is the corpus or res?
500
This type of trust, which can be written or oral, will fail if the
purpose of the trust is not clearly stated.
What is an express trust?
500
This type of implied trust arises when a person has title to
property, or takes possession of property, under circumstances for which there may have never been a formal trust agreement.
What is a constructive trust?
500
When the legal and equitable title are held solely by the same person this situation occurs.
What is merger?
500
This type of trust prevents a beneficiary's creditors, spouse or former spouse from receiving the beneficiary's property as long as it is held in trust.