Displaying a taxonomy term (token) in a block
I will answer my own question here:


Create a block view (taxonomy term)
Add relationship: "Taxonomy term: Content using your vocabulary)
Add contextual filter "Taxonomy term: Term ID" (no depth)

Configure the filter to "Provide Default Value: Taxonomy term ID from URL"
   below,

Check "Override title" and type "%1" in the input box

Specify validation criteria: "Taxonomy Term"

check box that has your vocabulary,

Select the Filter value type: Term ID


That's it. No need to add fields or filters. You can remove all sorting criteria.

This works even if you have several levels of children. All it does is take the term of the vocabulary that is in your URL and displays it as the page title. Also works if the page or view, or whatever is there, is empty or returns no results.

Hope that helps. :)