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According to Gass & Seiter

question 190

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According to Gass & Seiter:


Definitions:

Intestate Succession

The process by which property is distributed by law when a person dies without a valid will, determining heirs based on their relationship to the deceased.

Testamentary Trust

A trust that is created by a will.

Conveyance in Trust

A legal arrangement where property is transferred to a trustee for the benefit of another party, often used in estate planning and asset protection.

Intervivos Trust

A trust created during the lifetime of the settlor, allowing the settlor to transfer assets before their death for the benefit of designated beneficiaries.

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