Asked by Carol Hersan on May 07, 2024
Verified
A trust can be created to take effect during a person's lifetime but not after a person's death because the grantor must remain in control of the trust assets.
Grantor
An individual or entity that grants or transfers an interest in real property to another through a deed or other legal instrument.
- Perceive the essential positions and criteria of trusts, wills, and estate planning in the division of assets.
Verified Answer
AB
Ashley BucherMay 08, 2024
Final Answer :
False
Explanation :
A trust can indeed be created to take effect during a person's lifetime (known as a living trust or inter vivos trust) and it can also be designed to continue after the person's death. The grantor does not need to remain in control of the trust assets; control can be handed over to a trustee.
Learning Objectives
- Perceive the essential positions and criteria of trusts, wills, and estate planning in the division of assets.