To claim your CPD certificate, test your knowledge with the questions below.
Write down your answers to each of the following questions and check your answers when you click to claim your CPD certificate on the link below
1. There are different ways that trust can be created. Which of the following comments about creating a trust is incorrect?
a) A trust can be created by an individual’s Will
b) A trust can only be created with a written declaration of trust
c) A trust can be created by the actions of the parties involved
d) A trust can be created by operation of the law
2. Trustees have various duties and responsibilities when managing the trust fund. Which of the following is not a duty trustees have?
a) A duty to avoid conflicts of interest
b) A duty to maintain accounts
c) A duty to treat beneficiaries fairly
d) A duty to stop beneficiaries having any access to the trust fund
3. How many trustees need to agree to add a beneficiary or beneficiary class to a discretionary trust?
a) 1
b) Two
c) Two, as long as they have agreement of an existing beneficiary
d) There is no minimum, it differs between trusts
