Trac Quiz TRAC — Start-A-Trust Administrative Center Assess administrative understanding across: Trust Basics, Equity & Jurisdiction, Trust Banking, Administrative Procedures, and Records & Compliance. Full Name Email Q1. Trust BasicsMatch each trust concept to its definition (A–F).Match each term to the correct definition. Select A, B, C, ...TermSelectGrantor/Settlor—A — Creates/funds the trust with declared intent (settlor)B — Administers the trust per its terms; owes fiduciary dutiesC — Receives the benefit of the trust, not day-to-day controlD — Governing instrument (indenture/deed/constitution)E — Internal operating rules for administrationF — Property held in trust (res/corpus)Trustee—A — Creates/funds the trust with declared intent (settlor)B — Administers the trust per its terms; owes fiduciary dutiesC — Receives the benefit of the trust, not day-to-day controlD — Governing instrument (indenture/deed/constitution)E — Internal operating rules for administrationF — Property held in trust (res/corpus)Beneficiary—A — Creates/funds the trust with declared intent (settlor)B — Administers the trust per its terms; owes fiduciary dutiesC — Receives the benefit of the trust, not day-to-day controlD — Governing instrument (indenture/deed/constitution)E — Internal operating rules for administrationF — Property held in trust (res/corpus)Indenture/Deed—A — Creates/funds the trust with declared intent (settlor)B — Administers the trust per its terms; owes fiduciary dutiesC — Receives the benefit of the trust, not day-to-day controlD — Governing instrument (indenture/deed/constitution)E — Internal operating rules for administrationF — Property held in trust (res/corpus)Bylaws—A — Creates/funds the trust with declared intent (settlor)B — Administers the trust per its terms; owes fiduciary dutiesC — Receives the benefit of the trust, not day-to-day controlD — Governing instrument (indenture/deed/constitution)E — Internal operating rules for administrationF — Property held in trust (res/corpus)Corpus/Res—A — Creates/funds the trust with declared intent (settlor)B — Administers the trust per its terms; owes fiduciary dutiesC — Receives the benefit of the trust, not day-to-day controlD — Governing instrument (indenture/deed/constitution)E — Internal operating rules for administrationF — Property held in trust (res/corpus)Definitions: A: Creates/funds the trust with declared intent (settlor) | B: Administers the trust per its terms; owes fiduciary duties | C: Receives the benefit of the trust, not day-to-day control | D: Governing instrument (indenture/deed/constitution) | E: Internal operating rules for administration | F: Property held in trust (res/corpus)Q2. Trust BasicsWhich document confirms existence to third parties without exposing full terms? Full Indenture Certificate of Trust Beneficiary Schedule BylawsQ3. Trust BasicsBeneficiaries typically do not have signature authority on the trust bank account unless granted. True FalseQ4. Equity & Jurisdiction“Equity will not suffer a wrong to be without a remedy.” True FalseQ5. Equity & Jurisdiction“Equity regards as done that which ought to be done” implies that: Unsigned drafts have no effect whatsoever Equity may treat a duty as performed to grant relief Only public filings create obligations Intent is irrelevant without notarizationQ6. Equity & Jurisdiction“Clean hands” in equity most directly means: All documents must be physically clean A party seeking equitable relief must not be at fault in the matter Only notarized documents are equitable Public records cure all defectsQ7. Equity & JurisdictionBest placement for jurisdictional/private statements in a long-form trust package: Only on the signature line Within a clear preamble/cover section; keep signatures clean Hidden in document metadata On bank forms onlyQ8. Trust BankingBefore opening a bank account, the trust should typically: Order checks first Obtain an EIN (as required by the bank) and prepare a certificate/minutes Publish the full indenture publicly Have beneficiaries sign a W-9Q9. Trust BankingWho should authorize signers for the trust bank account? Any beneficiary by email The trustee via minutes/resolution A notary A protector, alwaysQ10. Trust BankingA bank is always entitled to the full trust indenture as a condition to open an account. True FalseQ11. Trust BankingWhen a vendor requests a W-9, who signs? Any beneficiary Trustee, signing as “Trustee” A notary Bank officerQ12. Administrative ProceduresPick the accurate pairing: Minutes: formal decision | Resolution: meeting notes Minutes: record of meeting | Resolution: formal decision/authorization Minutes & Resolutions: identical items Resolution: private schedule | Minutes: bank formQ13. Administrative ProceduresVersion control and numbering of minutes/resolutions is recommended to prevent conflicts. True FalseQ14. Administrative ProceduresUse of public notice/registry within administration primarily helps to: Expose private beneficiary details Timestamp and evidence facts/authority to third parties Replace internal records entirely Bypass trustee dutiesQ15. Administrative ProceduresA “benefit/control” review in trust design helps ensure: Beneficiaries run day-to-day operations Control powers and beneficial interests are appropriately separated per the trust plan Only one trustee can ever serve The trust must be publicQ16. Records & ComplianceWhich item should remain private and not be disclosed to routine third parties? Certificate of Trust Beneficiary Schedule Bank’s account title Resolution authorizing an accountQ17. Records & ComplianceMaintaining offsite/secure backups of minutes, resolutions, and ledgers is an administrative best practice. True FalseQ18. Records & ComplianceConsistent document IDs (e.g., registry/9-digit numbers) are used to: Decorate documents Tie copies, notices, and mailings to the same record for traceability Replace signatures Avoid keeping minutesQ19. Records & ComplianceLogs and ledgers primarily provide: Entertainment value Audit trail and operational clarity A substitute for resolutions Proof of jurisdiction alone Submit Download QR
