An Arrangement Through Which One Transfers Property to a Third

question 19

Multiple Choice

An arrangement through which one transfers property to a third party with instructions for its distribution after death while retaining control over the property during his or her life is called a:

• A)Will
• B)Gift
• C)Trust
• D)Joint tenancy with right of survivorship
• E)Codicil

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Definitions:

Fee Estate

An interest in land that grants the holder full ownership rights, potentially lasting indefinitely.

Life Estate

A property interest that lasts for the lifetime of a specific individual, after which the property passes to another designated party.

Conveyed

Transferred or passed on ownership, rights, or properties from one person to another.

Immediate Possession

Immediate possession refers to a legal situation where an individual or entity has the right to take control of a property or asset without delay.