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."

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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.

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