Explain the Following Terms of the Trust Law Flashcards

Equity and trusts - definitions

26 cards   |   Total Attempts: 182
  

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Cards In This Set

Front Back
Settlor
Original owner of property
Testator
Settlor creates trust to have effect on his death (male who makes a will)
Trustee
Person to whom property is transferred for the benefit of another
Beneficiary
The person for whose benefit the trust is created
Legal interest
Has legal title of goods
Equitable interest
What the beneficiary has
Trust instrument
The document in which the details of trust are set out
Trust property
Subject of the trust
Inter vivos trust
Trust created in lifetime of settlor
Testamentary trust
Trust to take effect after death of settlor
Testatrix
Female who makes a will
Estate
Property of deceased person
The intestate
Person who dies without a will
Legacy
Gift contained in a will (on trust or absolute gift) of any property (but usually personalty)
Devise
Gift of realty in a will