- 1 Marks
Question
A Trust is managed by the
A. Beneficiaries
B. Trustee
C. Person that created it
D. Court
E. Bailiff
Answer
B. Trustee
Explanation:
The answer is B because a Trust is managed by a trustee, who is appointed to oversee the Trust’s assets and ensure they are administered according to the terms set forth in the Trust document. Beneficiaries benefit from the Trust but do not manage it. The person who created the Trust (the settlor) may have certain rights, but the active management is the responsibility of the trustee. Courts may intervene in cases of disputes, but they do not manage the Trust itself, and bailiffs are not involved in Trust management.
- Tags: Beneficiaries, Estate Planning, Legal Management, Trustee, Trusts
- Level: Level 1
- Topic: Law of Trusts
- Series: NOV 2014
- Uploader: Dotse