Trusts & Equity Terminology
About this set
Created by:
gloriaholodeck on April 23, 2012
Subjects:
English Legal System, Trusts & Equity
Log in to favorite or report as inappropriate.
Order by
24 terms
Terms | Definitions |
|---|---|
 Administrator/ Administratrix | M/F appointed to deal with an intestate's estate in accordance with the intesacy rules. |
| Bare Trust | A trust where the trustees have no duties to preform and the beneficiary is of full age and absolutely entitled |
| Beneficiary | A person who benefits from property - beneficiary's interest is equitable |
| Bequest | A personal gift of property by Will |
| Cestui que trust | The beneficiary |
| Devise | A gift of real property by Will |
| Devisee | A person who has been given real property by Will |
| Equity | Body of Rules developed by the Court of Chancery, to mitigate the severity of the Common Law, Operating alongside the common law enabling courts to give effect to the true intentions of the parties to a transaction where the strict legal position does not reflect those intentions |
| Executors/Executrix | M/F nominated by a Testator in his or her valid Will to administer the estate in accordance with terms of the Will. |
| Inter Vivos | During the lifetime, i.e. a gift given between living persons |
| Intestate | A person who dies without making a valid Will dies intestate |
| Legacy | Gift of Money by Will |
| Legatee | Person who receives personal property under a Will |
| Power | An authority conferred by a donor on a donee to deal with or dispose of property, There are connections between these and Trusts |
| Personalty | Property which is not land. |
| Personal Representatives | Persons authorized to deal with and distribute a deceased persons property |
| Real property/ Realty | Land |
| Settlor | Person who creates a Trust |
| Specific devise/ Bequest | Gift of a particular item of realty or personalty under a Will |
| Residue | That which remains when specific gifts under a Will have been distributed |
| Testate | A person who dies having made a valid Will |
| Testator/Testatrix | M/F who has made a valid Will |
| Trust | A relationship which arises when one person (Trustee) is obliged in equity to hold property for the benefit of someone else (Beneficiary) or for a purpose permitted by law |
| Trustee | Ostensible owner of property, but the property is held for the benefit of the beneficiary. The Trustee's interest is legal. |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.