Trust Pre Knowledge Check

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What Assets can you place in a Trust?

• Bonds

• ISA

• Property

• Money

• I Don't Know

Probate is required with a Trust

• True

• False

• I Don't Know

With a Trust, the information is available to the public just like a Will.

• True

• False

• I Don't Know

A Living Trust is effective immediately

• True

• False

• I Don't Know

A Settlor is the person that is...

• Putting the Assets into the Trust

• Being trusted to look after the Assets

• Going to benefit from the Trust

• I Don't Know

A Trustee is the person that is...

• Putting the Assets into the Trust

• Being trusted to look after the Assets

• Going to benefit from the Trust

• I Don't Know

A Beneficiary is the person that is...

• Putting the Assets into the Trust

• Being trusted to look after the Assets

• Going to benefit from the Trust

• I Don't Know

A ___ enables an individual to make gifts of unlimited value which will become exempt from Inheritance Tax (IHT) if the individual survives for a period of seven years.

IHT is an acronym for what?

• Income Housing Tax

• Inheritance Tax

• In-House Transfers

• I Don't Know