LOTER VOCAB

Who has legal ownership of property in a trust?

• The settlor

• The testator

• The trustee

• The beneficiary

A person who creates a post-mortem trust is called a ...

• Settlor

• Testator

• Trustee

• Beneficiary

A gift transfers both legal and equitable ownership

• True

• False

If something is unconscionable it means that it is ...

• Not right or reasonable

• Not sensible

• Not profitable

• Not legal

The courts which originally dealt with equitable claims were the..

• Common law courts

• Chancery courts

• Appeal Courts

• Courts of Royal Justice

If a trust is "inter vivos" it means that it is..

• Written in latin

• Written in a will

• Contained in a written document

• Created between people who are all living.

A trust instrument is...

• The written document which can be used to create a trust

• Another name for a trustee

• A clause or provision that tells trustees what they should do

• Another name for a beneficiary

A fixed trust is one where ...

• The trust only has one beneficary and s/he is an adult

• The trustee and the settlor are the same person

• The trustees know who the beneficiaries are and how much they are entitled to

• The trustees are not able to sell the trust property

An express trust is a trust which...

• Has been created very quickly

• Was created by the intention of the settlor/ testator

• Was created in writing

• Only has one beneficiary

A discretionary trust is one where...

• The trustee can choose whether to act as a trustee

• The trustee can choose to be absolute owner of the property

• The trust is created by law rather than by the intention of the settlor

• The trustee has a discretion which beneficiaries to benefit and how much