1
A trust that provides a fund for the maintenance of a beneficiary while safeguarding the fund against the beneficiary's extravagance or inexperience in spending money
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2
A trust made when a settlor retains title to property and simply declares themselves trustee of the property for the benefit of another person
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3
An express trust that can be either private or charitable
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4
A trust that is declared void for reasons other than it has an illegal objective
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5
A trust that is established when the value of property exceeds the amount needed for the purpose of a private express trust
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6
A savings account in which money is deposited in the depositor's name as trustee for another person named as beneficiary and is payable upon the death of the depositor
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7
A trust made between living persons
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8
A trust that may not be amended, revoked, or canceled after its creation
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9
A trust for which the trustee has the authority and discretion to accumulate or distribute trust income or principal, or both, among the trust beneficiaries in varying amounts
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1
0
A trust that will ensure that any assets left to the child upon the parent's death will not cause the child to lose their eligibility
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Question:
1
A trust that provides a fund for the maintenance of a beneficiary while safeguarding the fund against the beneficiary's extravagance or inexperience in spending money
-
2
A trust made when a settlor retains title to property and simply declares themselves trustee of the property for the benefit of another person
-
3
An express trust that can be either private or charitable
-
4
A trust that is declared void for reasons other than it has an illegal objective
-
5
A trust that is established when the value of property exceeds the amount needed for the purpose of a private express trust
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6
A savings account in which money is deposited in the depositor's name as trustee for another person named as beneficiary and is payable upon the death of the depositor
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7
A trust made between living persons
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8
A trust that may not be amended, revoked, or canceled after its creation
-
9
A trust for which the trustee has the authority and discretion to accumulate or distribute trust income or principal, or both, among the trust beneficiaries in varying amounts
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1
0
A trust that will ensure that any assets left to the child upon the parent's death will not cause the child to lose their eligibility
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This is AI generated Response.
Asked by: Gurusharan
Created at: 2025-08-12 19:26:09
Final Answer:
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Here are the types of trusts matching your descriptions:
1. **Spendthrift Trust**
A trust that provides a fund for the maintenance of a beneficiary while safeguarding the fund against the beneficiary's extravagance or inexperience in spending money.
2. **Declaration of Trust** (or **Self-Declared Trust**)
A trust made when a settlor retains title to property and simply declares themselves trustee of the property for the benefit of another person.
3. **Express Trust**
An express trust that can be either private or charitable.
4. **Void Trust** (or **Invalid Trust**)
A trust that is declared void for reasons other than it has an illegal objective.
5. **Resulting Trust**
A trust that is established when the value of property exceeds the amount needed for the purpose of a private express trust.
6. **Totten Trust** (or **Payable-on-Death Account**)
A savings account in which money is deposited in the depositor's name as trustee for another person named as beneficiary and is payable upon the death of the depositor.
7. **Inter Vivos Trust** (or **Living Trust**)
A trust made between living persons.
8. **Irrevocable Trust**
A trust that may not be amended, revoked, or canceled after its creation.
9. **Discretionary Trust**
A trust for which the trustee has the authority and discretion to accumulate or distribute trust income or principal, or both, among the trust beneficiaries in varying amounts.
10. **Special Needs Trust** (or **Supplemental Needs Trust**)
A trust that will ensure that any assets left to the child upon the parent's death will not cause the child to lose their eligibility.
Let me know if you need the definitions matched in a different format!
Question:
Explantion for each
This is AI generated Response.
Asked by: Gurusharan
Created at: 2025-08-12 19:26:38
Final Answer:
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Did you like this answer?
Certainly! Here's a detailed explanation for each type of trust based on the descriptions provided:
1. **Spendthrift Trust**
*Explanation:* This type of trust is designed to protect a beneficiary from their own potentially reckless spending habits. The trustee manages the funds, ensuring the beneficiary receives support while preventing the beneficiary from directly accessing or assigning their interest in the trust, thus safeguarding the assets from creditors or impulsive expenditures.
2. **Declaration of Trust (Self-Declared Trust)**
*Explanation:* In this arrangement, the person who owns the property (the settlor) declares that they hold the property in trust for another person. Essentially, the owner transfers legal title to themselves but explicitly states that they hold the property as a trustee for the benefit of someone else.
3. **Express Trust**
*Explanation:* An intentionally created trust where the settlor explicitly states the terms and intentions, either orally or in writing. It can be private (created for specific individuals) or charitable (for public benefit). It involves clear expression of the trust's purpose and beneficiaries.
4. **Void Trust (Invalid Trust)**
*Explanation:* A trust that is declared invalid or unenforceable due to reasons other than illegal objectives. For example, if it lacks essential elements like a definite purpose or proper intent, or if it violates public policy, it will be deemed void.
5. **Resulting Trust**
*Explanation:* This trust arises automatically when the purpose of a trust is not fully carried out, or when a trust's assets exceed what is needed for its purpose. It reflects the idea that the property "results back" to the original owner or their estate if the trust fails or is incomplete.
6. **Totten Trust (Payable-on-Death Account)**
*Explanation:* A bank account set up by a depositor in their own name but designated for a beneficiary upon the depositor's death. The depositor retains control during their lifetime, but the assets pass directly to the named beneficiary without probate.
7. **Inter Vivos Trust (Living Trust)**
*Explanation:* A trust created during the lifetime of the settlor (the person establishing the trust). It allows for management and transfer of assets while the settlor is alive, often used for estate planning and avoiding probate.
8. **Irrevocable Trust**
*Explanation:* Once established, this trust cannot be modified, revoked, or canceled by the settlor. It provides certain benefits like asset protection and estate tax advantages, but requires careful planning due to its permanence.
9. **Discretionary Trust**
*Explanation:* The trustee has the authority to decide how to distribute income or principal among the beneficiaries, often in varying amounts. Beneficiaries do not have a fixed entitlement, providing flexibility and protection from creditors or mismanagement.
10. **Special Needs Trust (Supplemental Needs Trust)**
*Explanation:* This trust is set up to hold assets for a person with disabilities, ensuring they receive financial support without losing eligibility for government assistance programs like Medicaid or Social Security benefits.
If you'd like further details on any of these trusts, feel free to ask!
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