Trust Property and Founder's Rights

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What is required for a testamentary trust to be created?

Valid execution of a will in compliance with formalities prescribed by the Wills Act (correct)

Confirmation from the Master of the High Court

Consultation with the litigants

Creation through a court order

Under what circumstances can a court create a trust by court order?

When the trust instrument is presented to the court

When the litigants request or agree to the creation of a trust (correct)

When the Master of the High Court demands it

When consulting with the Master causes delays

In what context can a trust be established through a court order?

To settle a matrimonial dispute regarding maintenance or divorce settlements (correct)

To fulfill statutory requirements

To consult with the Master of the High Court

To delay unnecessary proceedings in court

Which mode of creating a trust is seldom due to an independent court action?

Creation through a court order Signup and view all the answers

How can a trust be created through other trust instruments according to the text?

By legislation providing for trusts for specific purposes Signup and view all the answers

Who can be consulted on the provisions of a trust instrument presented to the court for inclusion in a court order?

The Master of the High Court in appropriate circumstances Signup and view all the answers

What is the definition of a 'trustee' according to Section 1 of the Act?

Any person acting as trustee with authorization under Section 6 of the Act. Signup and view all the answers

According to South African law, what happens if a sole trustee vacates office and the trust instrument is silent on filling the vacancy?

The Master appoints a new trustee. Signup and view all the answers

What distinguishes income beneficiaries from capital beneficiaries in a trust?

Income beneficiaries receive interest, dividends, or rentals while capital beneficiaries receive trust property. Signup and view all the answers

In the context of A's will, what will the surviving spouse receive annually?

The interest received on the investment. Signup and view all the answers

What happens to a trust if a trustee appointed by the founder resigns?

A new trustee is appointed by the Master to ensure continuity of the trust. Signup and view all the answers

Who benefits from income like interest, dividends, or rentals in a trust?

Beneficiaries Signup and view all the answers

'A trust will not fail for want of a trustee' implies what about trusts?

'A trust will not fail for want of a trustee' means trusts can continue even with vacancies in trustee positions. Signup and view all the answers

What happens if a trust instrument does not specify how to fill a vacancy when a sole trustee resigns?

The Master appoints a new trustee to ensure continuity of the trust. Signup and view all the answers

What distinguishes capital beneficiaries from income beneficiaries in a trust?

Income beneficiaries receive income like interest and rentals, while capital beneficiaries receive property or capital upon termination. Signup and view all the answers

What does South African law state about trusts if a trustee vacates office?

Trusts continue to exist even with a vacant trustee position until a new one is appointed by the Master. Signup and view all the answers

Trust Property and Founder's Rights

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