10 Questions
What is a fundamental requirement of a trustee when administering a trust?
To act with care, diligence, and skill
What must a trustee do when receiving money in their capacity as trustee?
Deposit the money into a separate trust account at a banking institution
What is a crucial duty of a trustee in relation to trust property?
To identify the trust property
Who can a trustee be requested to give account to?
The master
What is a fundamental principle a trustee must adhere to?
To act with good faith
What is a consequence of a trustee failing to comply with certain obligations?
They will commit an offence
What can a trustee delegate to another?
The execution of their decisions
What must trustees do when dealing with outsiders in the absence of contrary trust provisions?
Act jointly
What is a key aspect of a trustee's fiduciary duties?
To avoid conflicts of interest
What is a trustee's primary responsibility?
To manage the affairs of another
This quiz covers the concept of testamentary trusts, its fundamental idea, and how it is used to bequeath ownership of assets to benefit a third party or an impersonal purpose. It also includes examples of testamentary trust clauses.
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