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Trust law (1)

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The term trust refers to an arrangement in which assets are held by one party for the benefit of another. While trusts are often thought of as specific to common law jurisdictions, many civil law systems have equivalent concepts. This quiz tests your knowledge of the vocabulary of trust law.


A trust is an arrangement whereby property is transferred by one person (the settlor, also known as the , donor, creator or founder) for the benefit of another.
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During the lifetime of the settlor, the shall hold, administer and distribute the trust income and principal.
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A trust can be set up to provide for , such as children, who are too young to manage the money themselves.
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The trustee owes a fiduciary to the beneficiaries, that is to say that the trustee must act in the best interests of the beneficiaries.
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The terms of the trust must state what property is to be into the trust.
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Upon the debtor being adjudged bankrupt, control of his or her property shall in the trustee.
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A trust is the written document used to formalise the creation of a trust.
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Trusts may be created while the settlor is still living, or they may be created after his or her death by leaving the details in a .
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The object of a trust could be a purpose rather than a named beneficiary.
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In some jurisdictions, certain types of may not be the subject of a trust without the trust being evidenced in writing.
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