Drill

RO2 Section 8 (7)

Drill key definitions for trusts, inheritance tax, wills, capacity, and pensions.
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Management & Tools

Deck Contents

100 Cards
Quiz#1
What is a beneficiary in a trust?

A person who benefits from the assets held in the trust.

Quiz#2
What is a trustee?

A person responsible for managing trust assets according to the trust deed.

Quiz#3
What is a settlor?

The individual who creates and contributes assets to a trust.

Quiz#4
What is an absolute trust?

A trust where beneficiaries and their entitlements are fixed.

Quiz#5
What is a discretionary trust?

A trust where trustees decide how and when beneficiaries receive assets.

Quiz#6
What is an interest‑in‑possession trust?

A trust where a beneficiary has the right to income but not necessarily capital.

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