A Trust Involves the Transfer of Assets to a Third

question 25

True/False

A trust involves the transfer of assets to a third party who manages these assets for a beneficiary.

---

Definitions:

Contributory Negligence

Contributory Negligence is a legal doctrine where a plaintiff's failure to take proper care for their own safety can reduce or eliminate the defendant's liability.

Comparative Negligence

A legal doctrine that allocates damages based on the degree of fault or negligence found against each party in a lawsuit.

Tax Liability

The total amount of tax that individuals, corporations, or other entities are legally obligated to pay to a taxing authority.

Misstate Information

To provide incorrect or misleading information, either intentionally or unintentionally.