Question
Which judicial remedy can a beneficiary use to be compensated monetarily (either directly or through the trust) for a trustees breach of trust? Question 1
Which judicial remedy can a beneficiary use to be compensated monetarily (either directly or through the trust) for a trustees breach of trust?
Question 1 options:
Civil lawsuit to compel the trustee to reimburse the trust for any loss or depreciation in value of the trust property | |
Removal of the trustee and appointment of a new trustee | |
An injunction to compel the trustee to do or refrain from doing the act that would constitute the breach of trust | |
Suing for specific performance |
Question 2 (2 points)
Which is NOT considered valid grounds for the removal of a trustee?
Question 2 options:
Lack of capacity | |
Resignation of the trustee | |
Commission of a crime | |
Showing favoritism to one or more beneficiaries |
Question 3 (2 points)
The court may appoint or replace a trustee in all of the following circumstances EXCEPT:
Question 3 options:
The trustee is incompetent | |
The named trustee declines the position. | |
The trustee dies. | |
The named trustee is also a co-beneficiary. |
Question 4 (2 points)
Which of the following is NOT an essential element of a trust?
Question 4 options:
A sale or gift of property | |
One or more beneficiaries | |
Real or personal property | |
One or more trustees |
Question 5 (2 points)
Which duty prohibits a trustee from personally profiting from his/her position as trustee (other than the compensation allowed by contract or law)?
Question 5 options:
Duty to take possession of and preserve trust property | |
Duty of loyalty | |
Duty to prevent the investment of the trust property | |
Duty to make payments of income and principal to the named beneficiaries |
Question 6 (2 points)
Which of the following is a type of implied trust?
Question 6 options:
Testamentary trust | |
Private trust | |
Active trust | |
Constructive trust |
Question 7 (2 points)
Which is NOT a subcategory of express trusts?
Question 7 options:
Inter vivos or testamentary trusts | |
Private or public trusts | |
Active or passive trusts | |
Implied or nonimplied trusts |
Question 8 (2 points)
Which is NOT a type of resulting trust?
Question 8 options:
Failed trust | |
Purchase-money resulting trust | |
Implied trust | |
Excessive endowment trust |
Question 9 (2 points)
Which function CANNOT be performed by a pour-over will?
Question 9 options:
It can allow the testator to name a personal guardian for minor children. | |
It can dispose of property that the testator neglected to add to the trust before death. | |
It can dispose of property acquired by the testator through gifts, inheritance, or good fortune shortly before death. | |
It can be used independently as a substitute for a will. |
Question 10 (2 points)
Which is NOT an advantage of using a revocable living trust as a substitute for a will?
Question 10 options:
The need for court-appointed guardians for minors is eliminated. | |
Publicity is avoided. | |
The settlor maintains ownership of assets. | |
A living trust is not under the control or supervision of the probate court. |
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