Trust Pre-Training

A colorful infographic illustrating the concepts of trusts, including elements like Successor Trustee, Power of Attorney, and trust management, with engaging icons and visuals that represent legal themes.

Trust Pre-Training Quiz

Test your knowledge about trusts and their management with our engaging quiz! This quiz consists of 10 multiple-choice questions designed to enhance your understanding of trusts and their complexities.

  • Learn about key roles in trust management.
  • Understand the differences between wills and trusts.
  • Discover what actions are needed for a Successor Trustee to take over.
10 Questions2 MinutesCreated by TrustyGuide57
What is a Successor Trustee
The person who manages the trust
The person who takes over as trustee in the event of the trustee's death
The person who created the trust
Can an Irrevocable Trust be altered or revoked at any time?
Yes
No
Can a trust have a joint owner?
Yes
No
Are you allowed to add any number of Authorized Signers to a trust account?
Yes
No
If the trustee passes away, what needs to be collected and done in order for a Successor Trustee to become a trustee?
Death Certificate, New Signature Card
New Signature Card, CIP for Successor Trustee(s)
CIP for Successor Trustee(s), Death Certificate, New Signature Card
Nothing, Successor Trustee does not take over as trustee if the original trustee dies
Is the trust required to have it's own Tax ID Number?
Yes
No
Can you have a Power of Attorney on a trust account?
Yes, they can act for any of the trustees
Yes but the trust and POA documents must specifically say the POA can act on behalf of the person as trustee of the trust
No, POA's cannot act on behalf of a trust account
No, trustee of a trust cannot have a POA
What has to happen for a Successor Trustee to become a trustee?
Death of 1 trustee
Successor Trustees are only beneficiary of the funds
Death or incapacitation of remaining trustee
What is the difference between a trust and a will?
A will lays out your wishes for after you die, while a trust becomes effectively immediately, while you are alive and can be fully in charge of your trust.
A trust is used for funeral planning, who gets great grandmas special china, who get's your china hutch, while a will says who is going keep your car and house and manage your bank accounts
Can Co-Trustees work act alone or do they always have to act in consultation with other trustees?
Yes the can act alone but only if they trust states it
No they can't act alone which is why they are a "Co"-trustee
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