Gary Ruhle has assets worth $2,400,000. Since he plans to travel and does not want to oversee these assets, he has created a legal arrangement so the assets can be managed by an officer of his local bank. What type of legal arrangement has he most likely made?

Question

Quizplus · Accepted Answer

Gary Ruhle has most likely created a trust agreement to have his assets managed by an officer of his local bank. A trust agreement is a legal arrangement in which a trustee manages assets on behalf of a beneficiary or beneficiaries, according to the terms of the trust agreement. This allows individuals like Gary Ruhle to have their assets managed and protected while they are unable to oversee them personally.

Gary Ruhle Has Assets Worth $2,400,000