Identify Three Advantages and Three Disadvantages of Revocable Living Trusts

question 76

Essay

Identify three advantages and three disadvantages of revocable living trusts.

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Definitions:

Zeigarnik Effect

The Zeigarnik effect is a psychological phenomenon which describes the tendency to remember uncompleted tasks more easily than completed tasks.

Von Restorff Effect

A psychological phenomenon where an item that stands out is more likely to be remembered than other items.

Intrinsic Motivations

The drive to engage in activities for their own sake, out of interest or enjoyment, rather than for external rewards or pressures.

Extrinsic Motivations

Encouragement stemming from external stimuli like cash rewards, public acclaim, educational scores, and accolades.