Trusts Can Only Take Effect During the Grantor's Life

question 117

True/False

Trusts can only take effect during the grantor's life.

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Definitions:

Liquidation Proceedings

The formal process of winding up a company's financial affairs, including selling off assets to pay creditors.

Dissolve

The process of legally dissolving a corporation or partnership, effectively terminating its existence.

Termination

The act of ending something, such as a contract, employment, or agreement, either through mutual consent or by one party's decision.

Appraisal Rights

Legal rights that allow shareholders to demand an independent evaluation of their shares' value, typically in the context of a corporate action like a merger.