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Trust Law Fundamentals - MCT

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Questions and Answers

What is the purpose of converting a JT to a TIC?

To avoid the rule of survivorship (correct)
To increase the number of beneficiaries
To give more power to the trustee
To reduce the value of the trust assets

What is a trust?

A type of business partnership
A legal arrangement where one party holds property for the benefit of another (correct)
A legal agreement between two parties
A way to avoid paying taxes

What is required for a trust to be valid?

Only certainty of intention
Only certainty of subject matter
Certainty of intention, subject matter, and objects (correct)
None of the above

What is the consequence of the rule of survivorship?

The remaining beneficiaries inherit the entire trust (A) Signup and view all the answers

What is a characteristic of a joint tenancy?

The rule of survivorship applies (D) Signup and view all the answers

What is the primary reason for severance of a Joint Tenancy?

To avoid the rule of survivorship (A) Signup and view all the answers

What is the significance of Certainty of Subject Matter in a trust?

It ensures the trust has a specific property or asset (C) Signup and view all the answers

What is the primary difference between a Joint Tenancy and a Tenancy in Common?

The rule of survivorship (A) Signup and view all the answers

What is the result of the rule of survivorship in a Joint Tenancy?

The last surviving joint tenant inherits the entire property (B) Signup and view all the answers

What is the primary right of beneficiaries in a trust?

Right to enforce trust rights (C) Signup and view all the answers

When a Joint Tenancy is converted to a Tenancy in Common, what is the primary objective?

To avoid the rule of survivorship (C) Signup and view all the answers

What is a key feature of a Joint Tenancy that is not present in a Tenancy in Common?

Undivided interest in the property (C) Signup and view all the answers

What is the primary right held by beneficiaries in a trust?

Right to enforce trust rights (B) Signup and view all the answers

What is necessary for a trust to be considered valid?

Certainty of subject matter and objects (D) Signup and view all the answers

What is a key difference between a Joint Tenancy and a Tenancy in Common?

Rule of survivorship (D) Signup and view all the answers