Law of Trusts – NBC Institute

BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts

Define trust and identify participants using trusteeship terminology.

Question

There are different participants with different roles in trusteeship.

Required:
i. What is a trust?
ii. Identify the different participants using trusteeship terminologies in the situation below:
Ade instructed Segun to keep his Toyota car for the use of Tunde pending the return of Ade, who has just won a scholarship to study accountancy in a United Kingdom university.

Answer

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Tags: Beneficiary, Trust, Trust Terminologies, Trusteeship
Level: Level 1

Topic: Law of Trusts
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

Question

17. A will is said to be an ambulatory document because it
A. Is signed by two witnesses
B. Must have two executors
C. Takes effect after the death of the maker
D. Is written
E. Is prepared by a lawyer

Answer

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Tags: Ambulatory Document, Law of Trusts, Legal Terminology, Testamentary Documents, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2020

BL – May 2012 – L1 – SA – Q20 – Law of Trusts

Identify the duty that requires a trustee to act impartially.

Question

A trustee must not favour the interest of one beneficiary against the other. This is called the trustee’s duty of:

Answer

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Tags: Business Law, Trustee Duties, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2012

BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

Question

Apart from certainty of words and certainty of subject matter, state the other certainty which is required for the creation of a trust.

Answer

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Tags: Business Law, Certainty, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2012

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

Question

In order to avoid being declared bankrupt, a debtor may assign substantially all his assets to a trustee by executing what is known as ………………………………

Answer

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Tags: Assignment of Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

Question

Any supplementary clause attached or referring to a Will with the object of adding or cancelling or altering the provisions of the Will is a …………………………………….

Answer

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Tags: Codicil, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

Question

The maker of a Will is called ………………………………

Answer

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Tags: Testator, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

Question

A written document by which a person called the Testator signifies his/her wishes on the distribution of his/her estate after his/her death is called:
A. Assignment
B. Will
C. Mortgage
D. Lease
E. Devolution

Answer

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Tags: Estate Planning, Testamentary, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

Question

State any TWO certainties required for the creation of a valid trust.

Answer

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Tags: Certainties, Law of Trusts, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

Question

What is the minimum number of persons who must attest a will as witness(es)?

Answer

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Tags: Attestation, Wills, Witnesses
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts

Define trust and identify participants using trusteeship terminology.

Question

There are different participants with different roles in trusteeship.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Beneficiary, Trust, Trust Terminologies, Trusteeship
Level: Level 1

Topic: Law of Trusts
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ambulatory Document, Law of Trusts, Legal Terminology, Testamentary Documents, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2020

BL – May 2012 – L1 – SA – Q20 – Law of Trusts

Identify the duty that requires a trustee to act impartially.

Question

A trustee must not favour the interest of one beneficiary against the other. This is called the trustee’s duty of:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Trustee Duties, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2012

BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

Question

Apart from certainty of words and certainty of subject matter, state the other certainty which is required for the creation of a trust.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Certainty, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2012

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

Question

In order to avoid being declared bankrupt, a debtor may assign substantially all his assets to a trustee by executing what is known as ………………………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assignment of Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

Question

Any supplementary clause attached or referring to a Will with the object of adding or cancelling or altering the provisions of the Will is a …………………………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Codicil, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

Question

The maker of a Will is called ………………………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Testator, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Estate Planning, Testamentary, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

Question

State any TWO certainties required for the creation of a valid trust.

Answer

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Tags: Certainties, Law of Trusts, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

Question

What is the minimum number of persons who must attest a will as witness(es)?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Attestation, Wills, Witnesses
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

Topic: Law of Trusts

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BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts

Define trust and identify participants using trusteeship terminology.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts"

BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts"

BL – May 2012 – L1 – SA – Q20 – Law of Trusts

Identify the duty that requires a trustee to act impartially.

You're reporting an error for "BL – May 2012 – L1 – SA – Q20 – Law of Trusts"

BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

You're reporting an error for "BL – May 2012 – L1 – SA – Q12 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts"

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts"

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts"

BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts

Define trust and identify participants using trusteeship terminology.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts"

BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts"

BL – May 2012 – L1 – SA – Q20 – Law of Trusts

Identify the duty that requires a trustee to act impartially.

You're reporting an error for "BL – May 2012 – L1 – SA – Q20 – Law of Trusts"

BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

You're reporting an error for "BL – May 2012 – L1 – SA – Q12 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts"

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts"

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts"

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