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WorksheetsLOTER VOCAB
Total questions: 10
Worksheet time: 5mins
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
