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Trusts - Coggle Diagram
Trusts
Creation
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A trust is a fiduciary relationship where the trustee holds legal title to property with a duty to manage, invest, safeguard, and administer the trust assets and income for the benefit of designated beneficiaries, who hold equitable title.
Types
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express
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inter vivos trust created by a declaration of trust by the property owner, stating the trustee holds the property as trustee in trust
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resulting
arises upon the failure of an express trust, from a purchase money resulting trust or form an incomplete disposition of trust assets
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Modification
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trustee
trustee can terminate a trust when the property's value is less than $50k & the amount is insufficient to justify the cost of administration
beneficiaries
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if all the beneficiaries do not agree, a court may modify or terminate a trust when:
the trust could have been modified if all beneficiaries had consented, and
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