This Trust Is Established by Your Will and Becomes Effective

question 18

Multiple Choice

This trust is established by your will and becomes effective upon your death.

• A) Credit-shelter trust
• B) Disclaimer trust
• C) Irrevocable trust
• D) Living trust
• E) Testamentary trust

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Definitions:

Efficiency

Refers to the ability to achieve a desired result without wasting materials, time, or energy.

Equality

The circumstance in which all individuals possess identical opportunities, rights, and standing.

Opportunity Cost

The cost of the next best alternative foregone as a result of making a decision.

Tuition

The fee charged by educational institutions for instruction and other services.