Which of the Following Is One of the Requirements for Forming

question 41

Multiple Choice

Which of the following is one of the requirements for forming an express trust?

• A) The settlor need not necessarily attain the age required by state law for the creation of valid wills and contracts.
• B) The trust cannot be created for a reason that is contrary to public policy.
• C) The settlor must name a trustee for the trust and a substitute trustee in the event the named trustee refuses to act.
• D) The beneficiaries cannot be members of a specific class, such as "my children."

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Definitions:

Sampling Distribution

The likelihood distribution derived from a certain statistic using a random sample.

Standard Error

Standard error measures the dispersion or accuracy of sample statistics compared to the true population parameter, usually in mean calculations.

Random Sample

A subset of individuals chosen from a larger set (population) where each individual has an equal chance of being selected.

Sampling Distribution

The probability distribution of a statistic obtained through a large number of samples drawn from a specific population.