IURI 313: Law of Succession - Testamentary Trusts
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Questions and Answers

What is a fundamental requirement of a trustee when administering a trust?

  • To solely rely on personal interests
  • To act with care, diligence, and skill (correct)
  • To prioritize personal gains over fiduciary duties
  • To act with malice and distrust

    • 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 (correct)
  • Deposit the money into their personal account
  • Lend the money to a friend
  • Use the money for personal expenses

    • What is a crucial duty of a trustee in relation to trust property?

  • To hide the trust property
  • To sell the trust property without permission
  • To ignore the trust property
  • To identify the trust property (correct)

    • Who can a trustee be requested to give account to?

    <p>The master</p> Signup and view all the answers

    What is a fundamental principle a trustee must adhere to?

    <p>To act with good faith</p> Signup and view all the answers

    What is a consequence of a trustee failing to comply with certain obligations?

    <p>They will commit an offence</p> Signup and view all the answers

    What can a trustee delegate to another?

    <p>The execution of their decisions</p> Signup and view all the answers

    What must trustees do when dealing with outsiders in the absence of contrary trust provisions?

    <p>Act jointly</p> Signup and view all the answers

    What is a key aspect of a trustee's fiduciary duties?

    <p>To avoid conflicts of interest</p> Signup and view all the answers

    What is a trustee's primary responsibility?

    <p>To manage the affairs of another</p> Signup and view all the answers

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