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Trust Law Essentials

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Questions and Answers

What is the primary purpose of severance in the context of trusts?

To ensure multiple beneficiaries have divided interests in the property

To convert a JT to a TIC and avoid the rule of survivorship (correct)

To establish certainty of interest in a trust

To appoint multiple trustees to manage the trust

What is a fundamental requirement for a trust to be valid?

The rule of survivorship must apply

A single trustee with full control

Certainty of subject matter, objects, and intention (correct)

Multiple beneficiaries with divided interests

What is a characteristic of a joint tenancy?

The trust can be terminated at any time

Multiple trustees with undivided interests

Multiple beneficiaries with divided interests

The rule of survivorship applies (correct)

What is the role of the trustee in a trust?

To hold property for the benefit of another party Signup and view all the answers

What is a key difference between a joint tenancy and a tenancy in common?

The rule of survivorship Signup and view all the answers

What is the purpose of converting a joint tenancy to a tenancy in common?

To avoid the right of survivorship Signup and view all the answers

What is required for a trust to be valid?

Certainty of intention, subject matter, and objects Signup and view all the answers

What is a characteristic of a tenancy in common?

No rule of survivorship applies Signup and view all the answers

What is the role of the beneficiary in a trust?

To benefit from the trust property Signup and view all the answers

What is required for a trust to have multiple beneficiaries?

Divided interest in the property Signup and view all the answers

What is the main objective of severance in the context of trusts?

To avoid the rule of survivorship Signup and view all the answers

What is a necessary condition for a trust to be valid?

Certainty of subject matter and objects Signup and view all the answers

What is a key feature of a joint tenancy?

Undivided interest and survivorship rights Signup and view all the answers

What is the primary difference between a joint tenancy and a tenancy in common?