A Trust Established by Your Will That Becomes Effective Upon

question 19

Multiple Choice

A trust established by your will that becomes effective upon your death is called a ____________ trust.

• A)testamentary
• B)living
• C)revocable
• D)irrevocable
• E)insurance

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Definitions:

Land Improvements

Enhancements made to a plot of land to increase its value, such as landscaping, fencing, and installing irrigation systems.

Fixed Assets

Long-term tangible assets used in business operations, not expected to be converted into cash within a year, such as buildings and machinery.

Current Assets

Items of value that are likely to be cashed in, sold, or expended within the span of a year or throughout the usual functioning period of the company, whichever period lasts longer.

Intangible Assets

Non-physical assets with value, such as patents, copyrights, trademarks, and goodwill, that a business owns.