A Trust Not Set Up During the Trustor's Lifetime Is

question 32

Multiple Choice

A trust not set up during the trustor's lifetime is called a(n)

• A) testamentary trust.
• B) life insurance trust.
• C) inter vivos trust.
• D) standby trust.

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Definitions:

Attached

The act of legally seizing or securing property to ensure the satisfaction of a court judgment or lien.

Exclusive Rights

Legal privileges granted to individuals or entities, allowing them to use, produce, or sell a particular product or service without competition.

Airspace

The space above the earth's surface that is available for aircraft to fly through, often regulated by a sovereign entity.

Valid Deed

A legal instrument that transfers ownership of real property from one person to another, which must meet certain requirements such as being in writing, having a clear description of the property, and being properly executed and delivered.