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question 64

Multiple Choice

∼S ∼S A) MP-valid. B) AC-valid. C) MT-valid. D) AC-invalid. E) DS-valid.

Definitions:

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.

Income-Producing

Capable of generating income, typically through investment or business operations.