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Assignment: Worksheet 43.3: Trusts Assignment Score: 0.00% Save Questions multi_ch.43.3 Submit Assignment for Grading Question 1 of 1 1. 1. A trust is an arrangement by which property is transferred from one person to a trustee to be administered for the transferor's or another party's bene t. a. True b. False 2. The essential elements of a trust are a designated Select to receive the income or principal of the trust, a designated Select to manage the trust, a fund su ciently identi ed to enable Select to pass to the trustee, and actual Select by the settlor to the trustee with the intention of passing title. 3. Another name for a living trust is: a. excellent trust b. nuncupative trust c. inter vivos trust d. life trust 4. An inter vivos trust is executed by a grantor at the end of his or her lifetime in his or her will. a. True b. False 5. Select the two types of living trusts. a. Revocable b. Irrevocable c. Nuncupative d. Holographic e. Retrievable 6. Match the term with the correct de nition. A trust created by will and which comes into existence upon the death of the settlor Testamentary trust Inter vivos trust A trust designed for the bene t of a speci c, but potentially unidenti ed, population of the public or for the public in general Charitable trust A trust executed by a settlor during his or her lifetime, which may be revocable or irrevocable Spendthrift trust A trust created to provide for the maintenance of a bene ciary by allowing her or him to receive only a certain portion of the total amount at any one time 7. A trust that arises by court order, typically when one party wrongfully takes title to property, is called a Select trust. Another trust created by court order when it is apparent that the parties intended for a trust to be created but some technical aspect was wrong, is called a Select trust. 8. A trustee's speci c duties include maintaining clear and accounts of the trust's administration; furnishing and correct information to the bene ciary; keeping trust assets from personal assets; paying income to an income bene ciary at reasonable intervals; and limiting the risk of loss from investments by reasonable . Fill in the blanks with words that would best complete the passage. perfect accurate diversi cation complete nancial separate regulated 9. A trustee is legally obligated to do all of the following except: a. furnish complete and accurate information to bene ciaries b. provide sound investment advice to bene ciaries c. keep accurate accounts of the trust's administration d. act with honesty, good faith, and prudence while administering the trust 10. Typically, a trustee is able to manage the trust assets, or invest, with total discretion based on the trustee's experience in investing as a default under state law. a. True b. False 11. Sometimes a trust provides for income to a bene ciary for life, and then the principal goes to a di erent bene ciary after the death of the rst bene ciary. The general rule in allocating expenses is that Select expenses are chargeable to the income bene ciary and Select expenses are allocated to the principal bene ciary. 12. If a trust instrument does not provide for the termination of the trust, the death of either the trustee or the bene ciary will terminate the trust. a. True b. False Icon Key multi_ch.43.3 Question 1 of 1 Save Submit Assignment for Grading