A Testamentary Trust Is a Trust

question 5

Multiple Choice

A testamentary trust is a trust

• A) intended to protect the assets of a minor.
• B) that is managed by the trustor.
• C) that is managed by an estate.
• D) established by a living person.
• E) established by a will.

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Definitions:

Bankruptcy Petition

A formal request filed to the court by an individual or business entity seeking relief from unmanageable debts through bankruptcy proceedings.

Cash Receipts

The total amount of money, including cash, checks, and electronic transfers, received by a business during a given period for goods or services sold.

Fresh Start

A principle allowing entities undergoing bankruptcy to revalue their assets and liabilities, providing an opportunity to reset their financial position.