TRST-412 Wills, Estates, Trusts

Trust

A fiduciary relationship with respect to property subjecting a person by whom legal title is held to equitable duties to deal with the property for the benefit of another person which arises from a manifestation of intention to create it.

Fiduciary relationship

certain duties imposed, not contractual. Cannot have trust without property. Attorney client relationship (no property). Can transfer almost anything into an account.

EXAMPLE- Fiduciary Relationship

Mason meets blue haired grandma. She wants to set up a trust for her grandbaby. Masons bank has min f 5 mil. She wants to transfer 20,000. To not diminish potential client pool, Mason has to treat her well & help her look for other options.

Property Law - 4 Rights to Ownership of Property

Right to posession of property

Right to use the property

Right to the enjoyment of property

Right to dispose the property