Will, Trust

Question 1

Will: Your instructions for dividing your belongings after you’re gone.

Grant of Probate: The official stamp of approval on your instructions (if you have a will).

Letter of Administration: The court’s intervention when there are no instructions (no will).

Died “intestate”: died without a will

Question 2

Resulting Trust is implied/ express trust?
What is it?

Answer 2

Implied.
男的證明買給女朋友的房子是自己的因為是他付的錢，doesn’t matter title is under the gf’s name.

Question 2

Constructive Trust is implied/ express trust?
What is it?

Answer 2

Implied.
Wrongful act.

Question 3

Unregistered Trust is implied/ express trust?
What is it?

Answer 3

Implied.
Seller is holding on the property for the Buyer during the transitional period before completion of sale.

Question 4

Property owned by the deceased that has not been specifically provided for in a will is a __ property.

Answer 4

Residuary Property

Question 5

If property is transferred as a gift (i.e. without monetary consideration) in a contract, this contract without consideration is called a __ contract.
Must be done in “writing, signed, sealed, and delivered”.

Answer 5

Gratuitous Contract

Question 6

Gift can be done verbally?

1. Done in a will IN WRITING and signed by 2 witnesses, or
2. Give the property now by getting a lawyer to do a TRUST DEED

Answer 6

No

Question 7

Insolvency, Restructuring and Dissolution Act
An individual becomes bankrupt within __ years after given an “undervalue” transfer of the property including gift, this transfer is VOID.

Answer 7

3 years

Question 8

Insolvency, Restructuring and Dissolution Act
An individual becomes bankrupt within __ years after given an “unfair preference” in transferring the property to a person who is an “associate” of the individual, this transfer is VOID.

Answer 8

2 years

Question 9

Bankrupt’s assets will be vested with who?

Answer 9

Official Assignee

Question 10

Insolvency, Restructuring and Dissolution Act is administered by which ministry?

Answer 10

Ministry of Law

Question 11

Insolvency, Restructuring and Dissolution Act
What properties Official Assignee will NOT seize to pay off creditors?

Answer 11

Trust property
HDB flats
CPF money

Question 12

When the couple divorce, Court will change the Joint Tenancy to Tenancy in Common?

Answer 12

T

Question 13

He can only “bequeath” his half share to his current wife and all his children. Bequeath means?

Answer 13

to leave something to someone when you die