<P> While the trustee is given legal title to the trust property, in accepting the property title, the trustee owes a number of fiduciary duties to the beneficiaries . The primary duties owed include the duty of loyalty, the duty of prudence, the duty of impartiality . A trustee may be held to a very high standard of care in their dealings, in order to enforce their behavior . To ensure beneficiaries receive their due, trustees are subject to a number of ancillary duties in support of the primary duties, including a duties of openness and transparency; duties of recordkeeping, accounting, and disclosure . In addition, a trustee has a duty to know, understand, and abide by the terms of the trust and relevant law . The trustee may be compensated and have expenses reimbursed, but otherwise must turn over all profits from the trust properties . </P> <P> There are strong restrictions regarding a trustee with conflict of interests . Courts can reverse a trustee's actions, order profits returned, and impose other sanctions if it finds a trustee has failed in any of their duties . Such a failure is termed a breach of trust and can leave a neglectful or dishonest trustee with severe liabilities for their failures . It is highly advisable for both settlors and trustees to seek qualified legal counsel prior to entering into a trust agreement . </P> <P> Roman law had a well - developed concept of the trust (fideicommissum) in terms of "testamentary trusts" created by wills but never developed the concept of the inter vivos (living) trusts which apply while the creator lives . This was created by later common law jurisdictions . Personal trust law developed in England at the time of the Crusades, during the 12th and 13th centuries . In medieval English trust law, the settlor was known as the feoffor to uses while the trustee was known as the feoffee to uses and the beneficiary was known as the cestui que use, or cestui que trust . </P> <P> At the time, land ownership in England was based on the feudal system . When a landowner left England to fight in the Crusades, he conveyed ownership of his lands in his absence to manage the estate and pay and receive feudal dues, on the understanding that the ownership would be conveyed back on his return . However, Crusaders often encountered refusal to hand over the property upon their return . Unfortunately for the Crusader, English common law did not recognize his claim . As far as the King's courts were concerned, the land belonged to the trustee, who was under no obligation to return it . The Crusader had no legal claim . The disgruntled Crusader would then petition the king, who would refer the matter to his Lord Chancellor . The Lord Chancellor could decide a case according to his conscience . At this time, the principle of equity was born . </P>

Which of the following is not a feature of a living trust