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ABA CTFA Practice Test - Questions Answers, Page 56

List of questions

Question 551

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Performance as _____________ is normally the only true trust relationship administered by a corporate trust department.

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Question 552

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Charitable trust that is an irrevocable trust and that may be testamentary or inter-vivos (Between living persons) is called:

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Question 553

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The duties of a guardian in guardianship arrangements are similar to those of a trustee.

Specifically, the guardian is obligated to:

1) Protect and preserve the assets

2) Submit an inventory and appraisal to the court

3) Retain or divest assets

4) Use principal and income for the benefit of the ward

5) Submit an annual accounting to the court

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Question 554

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The responsibility of setting an estate includes:

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Question 555

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Unlike trust, there is no conveyance of title to the account assets. When the ________ relationship is established; legal title to the property remains with the principal.

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Question 556

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To server as family and/or financial planning tool

To provide for retirement

To obtain favorable tax treatment

These are the primary reasons

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Question 557

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Relief from administrative details and continuity are the major reasons for:

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Question 558

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The trustee is responsible for producing a schedule of distribution which includes information as:

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Question 559

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The accumulation phase in annuities can last from as long as:

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Question 560

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Annuities can be purchased through the following methods EXCEPT:

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