Title	Settler
Legal Title	Settler
Equitable Title	Beneficiary

Element of trust

Settlor

intent to create trust valid trust purpose(only express trust) trust property Inter vivos trust Capacity to transfer title Testamentary trust Capacity to make will

Termination of Trust

Element of termination		Terminated by
Definition		Merger
Element of trust	Settlor	N/A
	Intent to create trust	Revocation by settlor
	Trust property
	Trust purpose	Achievement of trust purpose Failure of trust purpose
	Trustee	N/A
	Beneficiary	Death of Beneficiary
Lapse of Time
Agreement by all beneficiary

Income		Principal
Ordinary		Extraordinary
+	-	+	-
Net rents Cash dividends(regular or extraordinary) Interest on notes and bonds Royalities	The cost of insuring trust property Interest on loan and mortgages Ordinary income taxes and real estate taxes The cost of repairing and preserving trust property Depreciation	Stock dividends and stock splits Proceeds from the sale or exchange of trust assets Sums received in settlement of claims Income earned on property prior to the formation of the trust	The cost of permanent (capital) improvement Losses sustained in the operation of business owned by the trust Mortgage and loan principal payments Costs incurred in the purchase or sale of trust property Real estate taxes on improvements