The Advantage of a Trust Over a Will Is That

question 21

Multiple Choice

The advantage of a trust over a will is that a trust

• A) can provide greater flexibility over the distribution of property.
• B) is not liable for taxes.
• C) is administered by the court.
• D) is not revocable.

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Definitions:

Balance Sheet

A financial statement that provides a snapshot of a company's financial condition at a specific moment in time, detailing assets, liabilities, and equity.

Statement of Realization

A financial report detailing the results of disposing of assets and settling liabilities in the context of liquidation.

Liquidation

The process of bringing a business to an end and distributing its assets to claimants, often associated with bankruptcy or dissolution.