Probate Ch 5

Property placed in the care of one person (trustee) for the benefit of another (beneficiary)

The person who receives the benefit of the property placed in a trust

The party who manages and oversees the property placed in trust

The creator of the trust who originally owned the property and transferred it to the trust

The beneficiary of a trust

The interest a beneficiary has in property contained in a trust. The right to benefit from the property but not manage it

The interest a trustee has in the property contained in a trust. The rights to manage the trust but not benefit from it

A document issued by the court confirming the appointment of a trustee to a 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.

A trust not expressly communicated but implied based on the conduct of the parties or to prevent unjust enrichment.

An implied trust based on the circumstances or conduct of the parties.

An implied trust created by law to prevent fraud or unjust enrichment

A trust created to benefit a designated individual or definite class of individuals

Also known as charitable trust; a trust created to benefit the public at large

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

Also known as a living trust; a trust created to take effect while the person is living, not upon the death of a person

A trust created to take effect upon the death of a person

A trust that can be terminated by the settlor

A trust that cannot be terminated or changed by the settlor

A trust created to protect the beneficiary from his own inability to spend wisely. The property cannot be reached by creditors

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

A will that leaves any property owned by the decedent to an already existing inter vivos trust