Flem owns shares of stock in Gas & Oil Inc. To create a trust with the stock for the benefit of his spouse Hanna, Flem must convey the shares to
A) a grantor.
B) a settlor.
C) a trustee.
D) a court.

Question

Quizplus · Accepted Answer

To create a trust, Flem must convey the shares to a trustee who will then manage the trust assets for the benefit of Hanna. A grantor and a settlor are essentially the same thing: the person creating the trust. A court is not necessary for the creation of a trust.

Flem Owns Shares of Stock in Gas & Oil Inc