Law of Trusts – Page 3

BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts

Define trust and identify participants using trusteeship terminology.

Question

There are different participants with different roles in trusteeship.

Required:
i. What is a trust?
ii. Identify the different participants using trusteeship terminologies in the situation below:
Ade instructed Segun to keep his Toyota car for the use of Tunde pending the return of Ade, who has just won a scholarship to study accountancy in a United Kingdom university.

Answer

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Tags: Beneficiary, Trust, Trust Terminologies, Trusteeship
Level: Level 1

Topic: Law of Trusts
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

Question

17. A will is said to be an ambulatory document because it
A. Is signed by two witnesses
B. Must have two executors
C. Takes effect after the death of the maker
D. Is written
E. Is prepared by a lawyer

Answer

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Tags: Ambulatory Document, Law of Trusts, Legal Terminology, Testamentary Documents, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2020

BL – May 2012 – L1 – SA – Q20 – Law of Trusts

Identify the duty that requires a trustee to act impartially.

Question

A trustee must not favour the interest of one beneficiary against the other. This is called the trustee’s duty of:

Answer

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Tags: Business Law, Trustee Duties, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2012

BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

Question

Apart from certainty of words and certainty of subject matter, state the other certainty which is required for the creation of a trust.

Answer

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Tags: Business Law, Certainty, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2012

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

Question

In order to avoid being declared bankrupt, a debtor may assign substantially all his assets to a trustee by executing what is known as ………………………………

Answer

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Tags: Assignment of Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

Question

Any supplementary clause attached or referring to a Will with the object of adding or cancelling or altering the provisions of the Will is a …………………………………….

Answer

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Tags: Codicil, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

Question

The maker of a Will is called ………………………………

Answer

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Tags: Testator, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

Question

A written document by which a person called the Testator signifies his/her wishes on the distribution of his/her estate after his/her death is called:
A. Assignment
B. Will
C. Mortgage
D. Lease
E. Devolution

Answer

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Tags: Estate Planning, Testamentary, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

Question

State any TWO certainties required for the creation of a valid trust.

Answer

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Tags: Certainties, Law of Trusts, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

Question

What is the minimum number of persons who must attest a will as witness(es)?

Answer

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Tags: Attestation, Wills, Witnesses
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – May 2018 – L1 – SB – Q4b – Law of Trusts

State matters on which an accountant must satisfy the court when acting as an expert witness.

Question

An accountant may be an expert witness in a computer fraud case.

Required:
State TWO matters on which an accountant must satisfy the court in such a case.

Answer

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Tags: Accounting, Evidence, Expert Witness
Level: Level 1

Topic: Law of Trusts
Series: MAY 2018

BL – May 2018 – L1 – SA – Q19 – Law of Trusts

Identify the legal term for the maker of a will.

Question

The maker of a will is known as
A. Testator
B. Magistrate
C. Executor
D. Judge
E. Personal Representative

Answer

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Tags: Estates, Legal Documentation, Wills
Level: Level 1

Topic: Law of Trusts
Series: MAY 2018

BL – Nov 2014 – L1 – SB – Q6a – Law of Trusts

Explain two certainties for a valid trust and state four situations where a trustee may be appointed to replace another.

Question

i. For a Trust to be validly created, “three certainties” are essential.
You are required to state and explain any TWO of the certainties.
(6 Marks)

ii. Generally, a trustee may be appointed to replace another trustee named in the instrument setting up the Trust.
Required:
State any FOUR situations in which a trustee may be so appointed.
(4 Marks)

Answer

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Tags: Certainties of a Trust, Trust Law, Trustee Appointment
Level: Level 1

Topic: Law of Trusts

BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts

Explain four differences between private trust and public trust.

Question

“A Trust is an equitable obligation which imposes upon a person, called a trustee, a duty of dealing with the property of a deceased person over which he has control.”
You are required to explain any FOUR differences between a private trust and a public trust.
(Total 8 Marks)

Answer

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Tags: Private Trust, Public Trust, Trust Law, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q20 – Law of Trusts

Identify who manages a Trust.

Question

A Trust is managed by the
A. Beneficiaries
B. Trustee
C. Person that created it
D. Court
E. Bailiff

Answer

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Tags: Beneficiaries, Estate Planning, Legal Management, Trustee, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2014

BL – May 2022 – L1 – SB – Q4c – Law of Trusts

Explain five duties of a personal representative in estate administration.

Question

In the administration of estates, a personal representative has some duties.

Required:
Explain FIVE duties of a personal representative.

Answer

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Tags: Administration of Estates, Duties, Personal Representative
Level: Level 1

Topic: Law of Trusts
Series: MAY 2022

BL – Nov 2021 – L1 – SA – Q19 – Law of Trusts

Defining a trust that comes into being from the presumed intention of a settlor.

Question

A trust which comes into being from the presumed intention of a settlor is known as
A. Presumed trust
B. Private trust
C. Express trust
D. Implied trust
E. Constructive trust

Answer

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Tags: Implied Trust, Trust Law
Level: Level 1

Topic: Law of Trusts
Series: NOV 2021

BL – May 2022 – L1 – SB – Q1b – Law of Trusts

Explain four ways to terminate a trust.

Question

Sola was named by Mr. Olaotan Jegede in his will to hold his house for him in trust for his only son, Tommy. However, Sola is tired of Tommy’s constant nagging and wishes to be free of his duties as a trustee.

Required:
Explain FOUR ways to terminate a trust.

Answer

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Tags: Termination of Trust, Trust, Trustee
Level: Level 1

Topic: Law of Trusts
Series: MAY 2022

BL – Nov 2022 – L1 – SB – Q2c – Law of Trusts

Explaining the concepts of unit trust and original trustee.

Question

Under trusteeship law, anybody of full capacity could be appointed a trustee.

Required:
i. Explain unit trust (5 Marks)
ii. Explain original trustee (5 Marks)

Answer

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Tags: Trustees, Trusts, Unit Trust
Level: Level 1

Topic: Law of Trusts
Series: NOV 2022

BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts

Identifying where a trustee can invest trust funds under the Trustee Investment Act.

Question

Under the Trustee Investment Act, in which of the following could a trustee invest trust funds?

A. General merchandise
B. Government treasury bills
C. Import and export
D. Haulage and transport business
E. Wholesale and retail trade

Answer

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Tags: Investment, Trust Law, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2022

Topic: Law of Trusts

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BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts

Define trust and identify participants using trusteeship terminology.

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BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

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BL – May 2012 – L1 – SA – Q20 – Law of Trusts

Identify the duty that requires a trustee to act impartially.

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BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

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BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

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BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

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BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

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BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

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BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

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BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

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BL – May 2018 – L1 – SB – Q4b – Law of Trusts

State matters on which an accountant must satisfy the court when acting as an expert witness.

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BL – May 2018 – L1 – SA – Q19 – Law of Trusts

Identify the legal term for the maker of a will.

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BL – Nov 2014 – L1 – SB – Q6a – Law of Trusts

Explain two certainties for a valid trust and state four situations where a trustee may be appointed to replace another.

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BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts

Explain four differences between private trust and public trust.

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BL – Nov 2014 – L1 – SA – Q20 – Law of Trusts

Identify who manages a Trust.

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BL – May 2022 – L1 – SB – Q4c – Law of Trusts

Explain five duties of a personal representative in estate administration.

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BL – Nov 2021 – L1 – SA – Q19 – Law of Trusts

Defining a trust that comes into being from the presumed intention of a settlor.

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BL – May 2022 – L1 – SB – Q1b – Law of Trusts

Explain four ways to terminate a trust.

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BL – Nov 2022 – L1 – SB – Q2c – Law of Trusts

Explaining the concepts of unit trust and original trustee.

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BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts

Identifying where a trustee can invest trust funds under the Trustee Investment Act.

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