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.

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 2022 – L1 – SA – Q18 – Law of Trusts

Define what it means for a person to die intestate.

Question

In law, a person is said to have died ‘intestate’ if he died without
A. Leaving any estate for his children
B. Any money in the bank
C. Writing a Will
D. Paying for all his debts
E. Paying his estate agency fee

Answer

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Tags: Intestate, Succession Law, Will
Level: Level 1

Topic: Law of Trusts
Series: MAY 2022

BL – May 2021 – L1 – SB – Q6b – Law of Trusts

Explain the law on creating a trust and state the essentials of a trust for Esero's proposed trust.

Question

Esero, who lives in Maiduguri with his family, has three children in a high school. He intends to create a trust on his housing estate towards financing the education of his children up to postgraduate level. He has come to you for advice.

Required:
i. Explain the law on the mode of creating the trust. (4 Marks)
ii. State the THREE essentials of the proposed trust. (3 Marks)

Answer

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Tags: Beneficiaries, Trust Creation, Trust Law
Level: Level 1

Topic: Law of Trusts
Series: MAY 2021

BL – May 2021 – L1 – SA – Q17 – Law of Trusts

Identifying the action taken when there is no certainty of intention in a trust relationship.

Question

Where there is no certainty of intention in a trust relationship, the grantee:

A. Returns the property to the public trustee
B. Gives the property to a charitable organization
C. Approaches the donor’s counsel
D. Distributes the property to the donee’s next-of-kin
E. Takes the property absolutely

Answer

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Tags: Certainty of Intention, Property Distribution, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2021

BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts

Discusses the delegation of trustee duties, persons disqualified as company auditors, types of e-commerce contracts, and the duties of personal representatives in the case of intestacy.

Question

a. Umoru created a private trust of which he appointed Godwin and Tohib as trustees. Tohib wants to delegate his function as a trustee to his trusted friend, Mr. Murphy, a very conscientious person, because of his busy work schedule. Godwin has declined the appointment.

Required:
State the law and advise the parties. (5 Marks)

b. The Companies and Allied Matters Act (CAMA) provides for the appointment of company auditors.

Required:
State FIVE persons disqualified from being company auditor. (5 Marks)

c. The deployment of technology has greatly improved commerce.

Required:
Explain TWO types of the following e-commerce contracts:
i. Click-through
ii. Shrink-wrap
iii. Browse-wrap (5 Marks)

d. When a person dies intestate, the court may appoint persons to manage his estate.

Required:
State FIVE duties of personal representatives of a person who died without a will. (5 Marks)

Answer

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Tags: Auditor, Company Law, E-Commerce Contracts, Intestate Succession, Personal Representatives, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2023

BL – Nov 2023 – L1 – SA – Q19 – Law of Trusts

This question asks about the person who benefits from property held in a trust.

Question

Trust is a relationship in which a person is appointed to hold property for the benefit of another called
A. Inquisitor
B. Administrator General
C. Executor
D. Administrator
E. Beneficiary

Answer

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Tags: Fiduciary Duties, Property Law, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q5d – Law of Trusts

Identifying the duties of a personal representative in the administration of estates.

Question

In the administration of estates, personal representatives take charge of a deceased’s estate.
Required:
State SIX duties of a personal representative. (6 Marks)

Answer

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Tags: Deceased’s estate, Duties, Estate Administration, Personal Representative
Level: Level 1

Topic: Law of Trusts
Series: NOV 2019

BL – May 2023 – L1 – SA – Q9 – Law of Trusts

Identify the legal term for an unclaimed estate that devolves to the State under intestacy.

Question

Under intestacy, the legal term for an estate that is unclaimed by anybody, which devolves on the State is:

A. Res extincta
B. Bona vacantia
C. Res ipsa loquitor
D. Pari delicto
E. Animus testandi

Answer

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Tags: Intestacy, Law of Trusts, Legal Terminology, Unclaimed Property
Level: Level 1

Topic: Law of Trusts
Series: MAY 2023

BL – May 2017 – L1 – SB – Q6b – Law of Trusts

Discusses two methods of creating a private trust under trust law.

Question

A private trust is classified into three broad categories.

Required:
Explain briefly two ways of creating a private trust.

Answer

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Tags: Creation of Trusts, Private Trusts, Trust Law
Level: Level 1

Topic: Law of Trusts
Series: MAY 2017

BL – Nov 2019 – L1 – SA – Q6 – Law of Trusts

Identifying a component that is not part of financial statements as per IAS 1

Question

In accordance with IAS1 – Presentation of Financial Statements, which of the following is not a component of a financial statement?
A. Statement of financial position
B. Statement of value added
C. Statement of changes in equity
D. Statement of cash flows
E. Statement of profit or loss

Answer

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Tags: Components, Financial Statements, IAS 1
Level: Level 1

Topic: Law of Trusts
Series: NOV 2019

BL – Nov 2019 – L1 – SA – Q5 – Law of Trusts

Cash Flow Statement, Financial Position, Solvency Question Short Summary: Identifying the information not revealed by a statement of cash flow

Question

Question:
Which of the following information CANNOT be revealed by a statement of cash flow?
A. The entity’s short-term solvency
B. Operating cash position
C. Financial position of the entity
D. Liquidity position of the entity
E. Investing activities of the entity

Answer

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Tags: Cash Flow Statement, Financial Position, Solvency
Level: Level 1