A Trust May Be Terminated

question 25

Multiple Choice

A trust may be terminated:

• A) in accordance with its terms.
• B) by merger of all interests in the same person.
• C) via revocation by the settlor if allowed by the terms of the trust.
• D) all of the above.

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Definitions:

Identification Number

A unique sequence of numbers and/or letters assigned to individuals, products, or entities for identification purposes.

Accounts Used

Specific accounts utilized in accounting to record and track financial transactions.

Equity

The value of an asset after deducting the amount of liabilities or the ownership interest in a company.

Revenues

Sum of income from the primary business activities of a company, which includes sales of its products or services.