Question

Explain the accuracy of the following statement. “Trust is the disposition of assets upon death of...

Explain the accuracy of the following statement.


“Trust is the disposition of assets upon death of grantor while Will helps the settlor with the disposition of assets before his death."

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The statement is wrong. Rather the reverse is true. A will contains the details regarding the distribution and disposition of property of the maker of will or the settlor upon his or her death. Trust is held by a trustee to whom the settlor has given the responsibility to be the nominal owner of trust for the benefit of one or more beneficiaries. A trust may work after the granter dies subject to instructions given by him or her but it is not a necessity like for legal will.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Liam is planning for the transfer of his assets upon his death. He would like to...
Liam is planning for the transfer of his assets upon his death. He would like to have the balance in his savings account transferred to his nephew. An easy way to accomplish this is to create a A : testamentary trust naming his nephew as the recipient. B : payable-on-death title to his nephew on the bank account. C : joint tenancy with survivorship. D : transfer-on-death title to his nephew.
1. Prior to Carl's death, he created a revocable trust to which he transferred all his...
1. Prior to Carl's death, he created a revocable trust to which he transferred all his property. At the time of Carl's death, his probate estate is zero. Which of the following is true? since the revocable trust will become irrevocable at the time of Carl's death, his creditors will not be paid out of the trust.   only if Carl has no beneficiaries or heirs will his creditors be paid.    Carl's creditors will be paid out of the revocable trust....
At the time of her death, Katelyn was (or had been) involved in the following trust...
At the time of her death, Katelyn was (or had been) involved in the following trust arrangements. As to these trusts, how much is included in Katelyn’s gross estate? Trust A. Created by Katelyn ten years ago as a revocable trust with $1 million in assets. The trust provides for a life estate to Katelyn, remainder to her siblings. When Katelyn died Trust A’s assets were valued at $5.1 million. Trust B. Created by Joe’s will (Katelyn’s father) and provides...
Assume that G, age 60, transfers $400,000 to a trust. The income is payable to C,...
Assume that G, age 60, transfers $400,000 to a trust. The income is payable to C, age 60, for life and then the remainder is distributable to C’s children. At nearly the same time, C transfers $300,000 of her own assets to a trust. The income from that trust is payable to G for life and the remainder is distributable to G’s children. A.  Is either trust included in G’s gross estate upon his death? B.  Assume further that at G’s death,...
Multiple Choice Which of the following trusts can be used to accumulate assets for the benefit...
Multiple Choice Which of the following trusts can be used to accumulate assets for the benefit of minor children by qualifying for the annual gift tax exclusion? Irrevocable Trust with Crummy Power Section 2503(b) Trusts Section 2503(c) Trusts All of the above Which of the following type of trust provides the best chance of providing the income beneficiary with an income stream that keeps pace with inflation Annuity Trust Unitrust Income Trust Which of the following is a grantor trust...
Matching Questions 1. legal document that describes how you want your stuff distributed upon your death...
Matching Questions 1. legal document that describes how you want your stuff distributed upon your death 2. an individual who is appointed to receive your property 3. the person responsible for carrying out the provisions of your will 4. an individual appointed to care for children of the deceased 5. the legal procedure that validates the will and distributes the assets of the estate 6. an attachment to a will that alters or amends a portion of the will 7....
Question 6 A trust that, once set up, cannot be changed or underdone by the grantor...
Question 6 A trust that, once set up, cannot be changed or underdone by the grantor is called: Retroactive Rigid Permanent Irrevocable Living Question 7 Imagine a rich, single woman named Amelia is flying her private jet on New Year's Eve 2017. Tragically, her plane crashes and she perishes At her death, she has $5 million in net assets. What will be the approximate federal estate tax be on her estate? $0 $1 million $2.million $3 million $4.0 million Question...
Which of the following statements is correct An ABC Trust arrangement utilizes a General Power of...
Which of the following statements is correct An ABC Trust arrangement utilizes a General Power of Appointment Trust, a QTIP Trust and a GST Trust to maximize the use of a decedent’s applicable estate tax credit. When too few assets pass to a decedent’s surviving spouse, and as such the decedent’s taxable estate is greater than the applicable estate tax credit equivalency, the decedent’s estate is said to be overqualified. When a decedent’s taxable estate is less than the applicable...
1. Which of the following is true with respect to a living revocable and living irrevocable...
1. Which of the following is true with respect to a living revocable and living irrevocable trust? Whereas an irrevocable trust is subject to a durable power of attorney, a revocable trust is not. They are both subject to the claims of the grantor's creditors upon the grantor's death. Whereas the assets of a revocable trust are subject to the claims of the grantor's creditors upon the grantor's death, the assets of an irrevocable trust are not. 2. Asher, a...
In each of the following situations explain whether the property or property interest, which is held...
In each of the following situations explain whether the property or property interest, which is held as of the date of my death, will be included in my gross estate and, if so, what amount: A: My principal residence that I own with my wife as community property. The residence is valued at $600,000. B: In 2011 I transferred $400,000 to a trust and I retained the right to income for the rest of my life. At my death the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT