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Chapter 8 - Trusts
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1
_________________ hold and control property not for their benefit, but for the benefit of another.
A)Trustees
B)Trustors
C)Settlors
D)Beneficiaries
2
________________ trusts are created by operation of law.
A)Testamentary
B)Private
C)Implied
D)Express
3
_________________ are compensated for their work.
A)Settlors
B)Fiduciaries
C)Beneficiaries
D)Trustees
4
A trustee has a duty to _________________ about a trust upon request.
A)report information
B)enforce claims
C)defend actions
D)all of the above
5
The trustee must control the trust's property in a way that is best for the _________________.
A)beneficiary
B)trustor
C)settlor
D)paralegal
6
A(n) ________________ duty is often referred to as the highest duty of honesty and good faith imposed by law.
A)paralegal
B)fiduciary
C)trustee
D)settlor
7
A(n) _________________ is a written document creating a trust in which the settlor is also the trustee.
A)trust agreement
B)trust instrument
C)declaration of trust
D)will
8
When drafting a trust, the drafter _________________.
A)identify the purpose of the trust
B)set out the duties of the trustee
C)should provide for the signature and attestation, which may include notarization
D)all of the above
9
_________________ trusts are created for the benefit of individuals rather than some public benefit.
A)Express
B)Implied
C)Private
D)Testamentary
10
To create a valid trust, the _________________ must properly manifest an intention to create a trust.
A)fiduciary
B)trustee
C)settlor
D)trustor





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