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