Trusts in old exam papers

Can you sign as trustee for a trust not yet registered? ​ (a)  

• NO
• YES

When can you sign on behalf of a trust? ​ (a)  

• When you are appointed on a letter of authority
• When you feel that you have authority
• When the old trustee tells you you can
• Before you receive letters of authority

Once a trust is created, can you just start signing on behalf of the trust?

• No, you must first receive the Letter of Authority.

• Of course, I will be appointed in any case.

• Why not? The trust is in existence.

• I applied to be able to sign, I can just go ahead and sign.

What does the code IT stand for in trusts?

• Intervivos Trust

• Internet Trouble

• Inquiry Trustee

What does the code MT stand for in trusts?

• Mortis Causa Trust

• My Trust

• Miraculous Trustees

How is a trust established? An inter vivos trust is created by ​ (a)   executing a ​ (b)   before a ​ (c)  

• the founder
• trust deed
• notary public
• trust document
• conveyancer
• attorney
• the Master

Where must a trust be formally registered?

• A trust must be registered by the Master of the High Court where the founder resides

• A trust must be registered by the LPC where the trust address is.

• A trust must be registered in whereever the trustee likes

• A trust must be registered by the Master of the High Court where the attorney practices.

Which parties must be identified as being involved in the trust? ​ (a)   ​ ​ (b)   ​ (c)  

• The Founder
• The trustees
• The beneficiaries
• The accountant
• The attorney
• The Master

Documents required to register a trust?

• The trust deed

• acceptance of trust by the trustee

• Consent to act of an auditor

• The prescribed fee

Match the following

• May receive distributions of the income earned by the trust

• Capital beneficiary

• A trust created by a living trustee

• Intervivos Trust

• may or must receive a share in the capital of the trust

• Income beneficiary

• A trust created by a will of a deceased person

• Mortis Causa Trust