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Free money test · ages 10 and up

What Is a Trust? Quiz for Kids and Teens

10 quick questions with instant answers and explanations. No sign-up needed.

Professor Ledger, the Wealthonauts banking and contracts robot

This what is a trust quiz checks how well you understand trusts: who creates them, who manages them, who they help and how they differ from a will. The questions follow Grandma Lumi’s plan for her cottage and savings on Legacy Lagoon. Each answer includes a short explanation, so you learn as you go.

The quiz is free, and anyone can take it. Ages 10 and up is a good starting point, but many adults never learned this in school, so grown-ups are welcome too. A few questions include simple number examples. Score 8 out of 10 or more to show you have a strong grasp of how trusts work.

What this test covers

  • Estates and estate planning
  • Grantor, trustee and beneficiary roles
  • Revocable vs. irrevocable trusts
  • Funding a trust
  • Wills, probate and dying without a will
  • A trustee’s duties and record keeping

How it works: answer all 10 questions, then press “Check my answers.” Get 8 or more right to pass. You’ll see why each answer is right, plus what to read or take next. No sign-up needed, and your answers are not saved.

Take the test

Ages 10 and up — and anyone who wants to learn this.

  1. Question 1 of 10Everything a person owns, such as a home, bank accounts and belongings, is called their…
  2. Question 2 of 10Grandma Lumi's trust is set up to help Pip. What is Pip's role in the trust?
  3. Question 3 of 10Which is another name for the person who creates a trust?
  4. Question 4 of 10Captain Coin is trustee of Pip's savings. Can he use the trust's coins to buy himself a new rocket?
  5. Question 5 of 10Grandma Lumi put 5,000 star coins into the Comet College Trust, an irrevocable trust. What does that generally mean?
  6. Question 6 of 10Grandma Lumi moved her 300,000-coin cottage and her 40,000-coin savings into her living trust, but forgot to retitle her 15,000-coin truck. How much property does the living trust control?
  7. Question 7 of 10If someone dies without a will, who decides who inherits their property?
  8. Question 8 of 10Which document can nominate a guardian for young children?
  9. Question 9 of 10A trust account starts at 40,000 coins. It earns 800 coins of interest, then pays 1,500 for a roof repair and 300 for school supplies. What is the balance?
  10. Question 10 of 10What usually happens to a revocable living trust when the grantor dies?

Want to really understand it?

This test is based on The Family Treasure — What Is a Trust?, Book 11 of The Wealthonauts Adventures. Ages are a starting point, not a limit: plenty of teens and grown-ups are learning these ideas for the first time. Read the book online, take the matching Wealthonauts course, then come back and test yourself again.

More free tests: see all 12 money tests.