VIP Exclusive
STEP Diploma in Trusts and Estates — VIP Practice Exam
STEP — The STEP (Society of Trust and Estate Practitioners) Diploma in Trusts and Estates is issued by STEP Worldwide and examined via written papers (typically 3 hours each); this practice set mirrors the scenario-based depth, legal reasoning, and tax analysis required across the trust law, taxation, and estate administration papers, primarily in the England and Wales jurisdiction.
30
Questions
180m
Time Limit
50.00%
To Pass
Question 1 of 30👑 VIP
Terence declares in a signed letter to his solicitor: 'I hold my investment portfolio on trust for my family.' He has three adult children and one grandchild. When his solicitor queries which family members are intended beneficiaries, Terence replies, 'You know what family means.' Which of the three certainties fails, and what is the legal consequence? A) Certainty of intention fails — the disposition is void and Terence holds the assets absolutely. B) Certainty of subject matter fails — the trust is void and the assets pass under Terence's will. C) Certainty of objects fails — there is no complete list of beneficiaries and the trust fails, leaving Terence holding on resulting trust for himself. D) Certainty of objects fails — the court will apply the 'is or is not' test and, if it cannot be satisfied, the trustee holds for the Crown as bona vacantia.
Questions 2–30 and full explanations are VIP-exclusive.