Gary Ross 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 likely made?

Question

Quizplus · Accepted Answer

A trust agreement is a legal arrangement where assets are managed by a third party (in this case, an officer of his local bank) on behalf of the person who created the trust (Gary Ross). This allows the assets to be managed according to the terms set out in the trust, without requiring direct oversight by the owner.

Gary Ross Has Assets Worth $2,400,000