Mary Creates and Funds a Revocable Trust

question 66

Essay

Mary creates and funds a revocable trust. Mary names her son to receive the income for life and her grandson to receive the property upon the son's death. What are Mary's powers with respect to the trust, and how will the trust be treated in her estate?

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Definitions:

High School Students

Adolescents who are enrolled in high school, typically between the ages of 14 and 18, and are undergoing secondary education.

Coping Measurement

The evaluation of an individual's strategies and abilities to manage stress or adversity.

Negative Stressors

Factors or situations that cause stress and negatively impact an individual's physical or mental health.

Positive Events

Occurrences or activities that have a favorable impact on one's emotions or situations.