Asked by Raney Sumpter on Jun 11, 2024
Verified
A trust that is established in a person's will and that takes effect only upon that person's death is called a(n) :
A) inter vivos trust.
B) spendthrift trust.
C) Totten trust.
D) testamentary trust.
Testamentary Trust
A trust that is created by a will and comes into effect upon the death of the person who created the will, distributing assets according to the will's provisions.
Inter Vivos Trust
A trust created during the lifetime of the grantor, allowing for the management and distribution of assets before death.
Spendthrift Trust
A legal arrangement that restricts the beneficiary's ability to access the trust capital directly, thus protecting the trust assets from creditors.
- Discern and differentiate among diverse wills and trusts, examining their creation, validity, and impacts.
Verified Answer
AB
Ashley BalgaJun 17, 2024
Final Answer :
D
Explanation :
Testamentary trusts are established after the death of a settlor.
Learning Objectives
- Discern and differentiate among diverse wills and trusts, examining their creation, validity, and impacts.