Homework Answers
a. Living (Inter Vivos) Trust-A trust executed by a grantor during his or her LIFETIME. A living trust may be revocable or irrevocable
b. Testamentary Trust-A trust created by will and coming into existence on the DEATH of the grantor
C. Charitable Trust-A trust designed for the benefit of a segment of the PUBLIC or the public in general.
d. Spendthrift Trust-A trust created to provide for the maintenance of a beneficiary by allowing her or hint to receive only a certain portion of the total amount at any one time
e. Totten Trust-A trust created when one person DEPOSIT funds in his or her own name with the INSTRUCTIONS that the funds should go to a beneficiary on the depositor's death.
SECOND PICTURE
a. Maintain clear and COMPLETE accounts of the trust's administration.
b. Furnish ACCURATE and correct information to the beneficiary.
C. Keep trust assets SEPARATE from her or his own assets.
d. Pay to an income beneficiary the net income of the trust assets at REASONABLE intervals.
e. Limit the risk of loss from the investments by reasonable DIVERSIFICATION and dispose of assets that do not represent prudent investments
THIRD PICTURE
a. Constructive Trust-Arises by operation of law when a TRANSACTION occurs in which the person who takes title to property is, in equity, not ENTITLED to enjoy the benefits from it.
b. Resulting Trust-Arise from the CONDUCT apparent intention to create a trust is present.
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