Quiz 3 Flashcards
1
Q
THE CREATOR OF THE TRUST IS CALLED
A
THE TRUSTOR
2
Q
A FIDUCIARY
A
HAS THE DUTY TO ACT IN THE BEST INTERESTS OF ALL BENEFICIARIES OF A TRUST OR WILL
3
Q
UPON THE TRUST CREATOR’S DEATH, A REVOCABLE TRUST
A
BECOMES AN IRREVOCABLE TRUST
4
Q
ONE OF THE BIGGEST ADVANTAGES OF A TRUST OVER A WILL IS
A
THAT IT IS NOT REQUIRED TO BE PROBATED
5
Q
THE CY PRES DOCTRINE
A
ALLOWS THE COURT TO SUBSTITUTE A CHARITY WHEN THE NAMED TRUST CHARITY NO LONGER EXISTS
6
Q
A TOTTEN TRUST
A
NONE OF THESE ANSWERS ARE CORRECT
7
Q
A TRUST CREATED BY A WILL IS CALLED
A
A TESTAMENTARY TRUST
8
Q
HOW IS PERSONAL PROPERTY TRANSFERRED INTO A TRUST?
A
VIA A BILL OF SALE
9
Q
A TRUST THAT CONTAINS NO ASSETS IS CALLED
A
A DRY TRUST
10
Q
CAN A TRUSTEE OF A TRUST BE A LEGAL ENTITY RATHER THAN A PERSON?
A
YES
