An inter vivos trust Study guides, Class notes & Summaries

NALA Certified Paralegal Exam Terms and Concepts Questions with complete solution 2023/2024 Estate administration - correct answer The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - correct answer A trust created by the grantor (settlor) and effective during the grantor's lifetime—...

TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal CHAPTER 1 1) Which of the following is not considered to be a separate entity for tax purposes in Canada? A) An individual B) A proprietorship C) A corporation D) A trust 2) Which of the following attitudes and actions is most likely to help decision-makers develop an efficient approach to taxation? A) Cash flows should be considered from a...

LPL4805 PORTFOLIO MEMO - MAY/JUNE 2023 - SEMESTER 1 - UNISA - (DETAILED ANSWERS - DISTINCTION GUARANTEED!) Question 1. 1.1.1. Distinguish between an inter vivos trust and mortis causa trust (10) 1.1.2. The founder of a trust, together with the trustee has just executed a deed of trust before you, a notary. Indicate the key requirement that the trustee must be in order qualify to act as such. (1) 1.1.3. What must still be complied with in respect of the deed of trust and the trustee befor...

OCT/NOV 2020 FIN2602 Personal Financial Management 70 Marks Duration 2 Hours First examiner: Nico Swart Second examiner: Me L Ngcobo This paper consists of 21 pages including one rough work sheet plus instructions for the completion of a mark reading sheet. Instructions: Use of a non-programmable pocket calculator is permissible. This examination question paper remains the property of Unisa. We remind you about your Honesty Declaration. Remember to submit your examinatio...

Cannon Financial Institute CFIRs Sample Questions and Answers Rated A+ "As an executor of an estate, a Bank Trust Department typically: a. Does not have a fiduciary duty. b. Is charged with the responsibility to marshal assets, pay debts, and make distributions per terms of the will. c. Can only serve if granted special permission by the regulatory authorities in addition to the bank's general fiduciary powers. d. Must have capital in excess of the normal capital required to exe...

A Trust is . . . Ans- A conveying relationship Settlor Ans- Creator of the trust. Can also be called Grantor, Donor, Trustor Trustee Ans- A trustee holds legal title to specific property under a fiduciary duty to manage, invest, safeguard, and administer the trust assets and income for the benefit of designated beneficiaries. What are the basic classifications of Trusts? (2) Ans- (1) Express Trusts (2) Operation of Law Trusts What are the kinds of Express Trusts? (3) Ans- 1. Priva...

NCCP Exam-Real Estate Law Questions & Answers 2024/25 NCGS § 10B Notaries - ANSWERS NCGS § 31A Acts Barring Property Rights - ANSWERSRights of spouse (absolute divorce or divorce from bed and board, spouse who voluntarily separates and lives in adultery, spouse who abandons with no cause, etc.) NCGS § 31B Renunciation of Property and Renunciation of Fiduciary Powers Act - ANSWERSA person who succeeds to a property interest as: (1) Heir; (2) Next of kin; (3) Devisee; (4) Repeale...

NCCP Exam-Real Estate Law Questions & Answers 2024 NCGS § 10B Notaries - ANSWER- NCGS § 31A Acts Barring Property Rights - ANSWER-Rights of spouse (absolute divorce or divorce from bed and board, spouse who voluntarily separates and lives in adultery, spouse who abandons with no cause, etc.) NCGS § 31B Renunciation of Property and Renunciation of Fiduciary Powers Act - ANSWER-A person who succeeds to a property interest as: (1) Heir; (2) Next of kin; (3) Devisee; (4) Repealed b...

Estate administration - Answer The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - Answer A trust created by the grantor (settlor) and effective during the grantor's lifetime—that is, a trust not established by a will. Assault - Answer Any word or action intended to ma...

is charged with the responsibility to marshal assets, pay debts and make distributions per terms of the will. - As executor of an estate, a Bank Trust Department typically: should petition a court of proper jurisdiction for instruction as to the proper course of action. - When the terms of an irrevocable living trust become illegal, imprudent or impossible with which to comply, the trustee: all real and personal property owned by the testator at death - As executor of an estate, a bank mus...

Estate administration - ANS The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - ANS A trust created by the grantor (settlor) and effective during the grantor's lifetime—that is, a trust not established by a will. Assault - ANS Any word or action intended to make anothe...