Krieg's Will Created a Trust to Take Effect Upon Krieg's

question 45

Multiple Choice

Krieg's will created a trust to take effect upon Krieg's death.The will named Krieg's spouse as both the trustee and personal representative (executor) of the estate.The will provided that all of Krieg's securities were to be transferred to the trust and named Krieg's child as the beneficiary of the trust.Which of the following is true under the circumstances?

• A) Krieg has created a testamentary trust.
• B) Krieg's spouse may not serve as both the trustee and personal representative.
• C) Krieg has created a spendthrift trust.
• D) The trust is invalid because securities cannot be transferred to a trust.

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Definitions:

Attorney General

The principal legal officer who represents a country or a state in legal proceedings and advises its government on legal matters.

Judicial Action

A formal decision or order by a court or a legal process carried out by the judiciary.

Creditors

Individuals or entities to whom money is owed by a debtor.

Judicially Dissolve

A legal process in which a court orders the termination of an entity, such as a corporation, due to specific circumstances.