Mr.Rolleck writes a will placing his estate in a trust upon his death.He names a local bank as trustee to administer the trust and invest its assets.The trust provides that when his grandson reaches the age of 23, the trust will terminate and he will be given legal title to the assets.Mr.Rolleck dies when the grandson is 12 years old.At the age of 23, the grandson inherits the title to the assets.What kind of trust did Mr.Rolleck create in this scenario?

Question

Quizplus · Accepted Answer

Mr. Rolleck created a testamentary trust, which is established by a will and takes effect upon the death of the testator. In this case, the trust was created in Mr. Rolleck's will, and the grandson did not receive legal title to the assets until Mr. Rolleck's death.

MrRolleck Writes a Will Placing His Estate in a Trust