00:00>> Now to the family feud with billions at stake. 00:03>> One of the riches
ID: 431657 • Letter: 0
Question
00:00>> Now to the family feud with billions at stake.
00:03>> One of the richest women in the world versus three
00:05>> of her children, her three oldest children.
00:08>> ABC'S David Wright has that story.
00:11>> Only three women in the world are richer than Gina Rinehart.
00:16>> She's worth about $18 billion.
00:18>> [MUSIC, "DALLAS THEME SONG"]
00:20>> Now the wealthiest woman in Australia
00:22>> finds herself in the middle of a plot line worthy of Dallas.
00:28>> Twenty years ago, before she inherited her late father's
00:31>> mining fortune, she accused her stepmother of foul play.
00:35>> Rose Porteous was once the family maid.
00:38>> Now Rinehart's three oldest children are suing her.
00:42>> I can't think of any other case in recent Australian corporate
00:45>> history where a child has sued a parent.
00:48>> In court documents, Rinehart characterizes her three oldest
00:51>> kids as slackers, "manifestly unsuitable"
00:55>> to manage the trust fund set up by their grandfather.
00:57>> I am not pleased to stand by and see this family torn apart
01:01>> because of the terms of Jock's will.
01:03>> The fortune the Rinehart kids were expecting
01:05>> to inherit last year is conservatively
01:07>> valued at $2.4 billion, postponed until 2068.
01:13>> The youngest of the three kids, 26-year-old Hope Rinehart
01:16>> Welker, of New York City would be 83 years old by then.
01:20>> She and her two older siblings are
01:22>> suing to remove their mom as trustee,
01:24>> calling her deceptive, manipulative, hopelessly
01:28>> conflicted, and disgraceful.
01:30>> I've put up with all the wheeling
01:31>> and dealing and backstabbing that I'm going to.
01:34>> But Gina Rinehart's youngest daughter
01:35>> is standing by her, calling the case "a destructive display
01:39>> of greed, jealousy, and a selfish sense of entitlement
01:42>> on behalf of my siblings."
01:44>> Maybe money doesn't buy happiness after all.
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According to the? textbook, a? _____ is a legal arrangement established when one person transfers title to property to another person to be held and used for the benefit of a third person. This legal arrangement exists in the family of the Australian billionaire in the video.
A.
certificate of deposit
B.
living will
C.
will
D.
draft
E.
trust
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As referenced in the? video, Gina? Rinehart's father? (Lang Hancock) is the? _____ of the? trust, Gina is the? _____ of the? trust, and her children? (Bianca Rinehart, John?Hancock, and Hope? Welker) are the trust? _____.
A.
?trustor; trustee; settlors
B.
?trustee; settlor; beneficiaries
C.
?settlor; beneficiary; trustees
D.
?trustee; trustor; settlors
E.
?trustor; trustee; beneficiaries
-------------
According to the? textbook, the property and assets held in trust are called the trust? _____, or trust? _____. In the situation of the Australian? billionaire, the? _____ of the trust originated from assets derived from the? grandfather's mining business.
A.
?corpus; remainder; interest
B.
?remainder; res; interest
C.
?situs; corpus; interest
D.
?situs; res; corpus
E.
?corpus; res; corpus
----------------
According to the? video, why are Bianca? Rinehart, John? Hancock, and Hope Welder suing their? mother, Gina? Rinehart?
A.
to have her removed as trustee of the trust their grandfather established for them
B.
to recover certain properties from the trust she inappropriately sold to third parties
C.
to recover money she embezzled from the trust
D.
to have her removed as a beneficiary of the trust their grandfather actually intended for them
E.
to obtain a court order requiring Gina Rinehart to fulfill her duties as settlor of the trust
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According to the? video, only three women in the world are wealthier than Gina Rinehart. In the case of wealthy families like? these, wealth typically passes through? a(n) _________, which is created by will and comes into existence when the settlor dies.
A.
inter vivos trust
B.
Totten trust
C.
living will
D.
testamentary trust
E.
health care directive
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Can i have the answers with the reason?Thank you
Explanation / Answer
1-E.trust is a legal arrangement established when one person transfers title to property to another person to be held and used for the benefit of a third person.
The confusion here is between trust and will, the difference betwen trust and will is that will is a statement telling how to distribute assets owned by a person to his heirs after his death whereas trust is the document of property made by the owner, given to a trustee for the benefit of other person.
2-E trustor; trustee; beneficiaries
Trustor or settler is the owner of the trust, trustee is the keeper of the trust and beneficiaries are the one's to whom the property of trust is transferred.
3.E.corpus; res; corpus
Corpus, trust res and principle are terms used for the assets held in the trust, situs is the location where the trust was formed and remainder is the assets which the trust beneficiaries donate after taking their shares.
4.A.to have her removed as trustee of the trust their grandfather established for them
This is clearly stated in the text at 01:20>> She and her two older siblings are 01:22>> suing to remove their mom as trustee.
5.D.testamentary trust? is created by will and comes into existence when the settlor dies.
The confusion is between inter vivos trust and testamentary trust, inter vivos trust is created when the individual is still living whereas testamentary trust is established after individual's death with his will.
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