15 Questions
What is the purpose of converting a JT to a TIC?
To avoid the rule of survivorship
What is a trust?
A legal arrangement where one party holds property for the benefit of another
What is required for a trust to be valid?
Certainty of intention, subject matter, and objects
What is the consequence of the rule of survivorship?
The remaining beneficiaries inherit the entire trust
What is a characteristic of a joint tenancy?
The rule of survivorship applies
What is the primary reason for severance of a Joint Tenancy?
To avoid the rule of survivorship
What is the significance of Certainty of Subject Matter in a trust?
It ensures the trust has a specific property or asset
What is the primary difference between a Joint Tenancy and a Tenancy in Common?
The rule of survivorship
What is the result of the rule of survivorship in a Joint Tenancy?
The last surviving joint tenant inherits the entire property
What is the primary right of beneficiaries in a trust?
Right to enforce trust rights
When a Joint Tenancy is converted to a Tenancy in Common, what is the primary objective?
To avoid the rule of survivorship
What is a key feature of a Joint Tenancy that is not present in a Tenancy in Common?
Undivided interest in the property
What is the primary right held by beneficiaries in a trust?
Right to enforce trust rights
What is necessary for a trust to be considered valid?
Certainty of subject matter and objects
What is a key difference between a Joint Tenancy and a Tenancy in Common?
Rule of survivorship
Test your understanding of trust law concepts, including the definition of a trust, beneficiary rights, and essential elements of a trust. Learn about the roles of the trustee and beneficiaries in a trust arrangement.
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