Transferring Property Rights to a Personal or Family Trust

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A _____ transfers property to a _____ who owns and manages it for the _____.

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1. Which type of trust is created during life and which type is created upon death?

2. Allan is buying a house that he wants to place in a trust. How can he ensure the trust receives the property at closing?

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About This Quiz & Worksheet

This worksheet and quiz will test you on trusts and the transfer of property. Topics of the quiz include the role of the trustee, the creation of a trust, and fiduciary duty.

Quiz & Worksheet Goals

With these study tools you will learn how to:

  • Determine who transfers property to whom, and for whom it is managed
  • Name the trust created while one is alive and and the one created upon death
  • Recognize how a trust can be sure to receive a property at closing
  • Understand who is owed a fiduciary duty
  • Identify a provision in a mortgage which may pose an issue with a real estate transfer into a trust

Skills Practiced

Use the worksheet and quiz to practice the following skills:

  • Making connections - use understanding of the concept of a trustee and how it is connected to a fiduciary duty
  • Distinguishing differences - compare and contrast topics from the lesson, such as a trust created during life and one created upon death
  • Information recall - access the knowledge you've gained regarding how one can be sure a trust receives a property at the closing of a real estate deal

Additional Learning

Use this lesson called Transferring Property Rights to a Personal or Family Trust to learn more about this area of study. Upon reading the lesson, you will cover the following study points:

  • Define trust and family trust
  • Explain fiduciary duty
  • Compare and contrast revocable vs. irrevocable trust
  • Understand how to place real estate in a trust
  • Determine advantages and disadvantages of placing real estate into a trust
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