Frank is Mary's uncle.Frank sets up a trust for Mary by depositing $20,000 in the trust department at Last National Bank.In this situation:

Question

Quizplus · Accepted Answer

In a trust, the person who creates the trust by putting assets into it is known as the settlor. In this situation, Frank is the settlor as he deposited $20,000 into the trust at Last National Bank. The person who benefits from the trust is known as the beneficiary, in this case, Mary is the beneficiary. Finally, the trustee is the one who manages the trust and its assets, and in this case, Last National Bank is serving as the trustee. Therefore, the correct answer is A.

Frank Is Mary's Uncle