Serena decides to create a trust for the benefit of her children. She deeds her property to the trust but retains the power to amend, alter, or revoke the trust. She also serves as the trustee and receives income earned by the property. This is
A) not a trust.
B) a revocable living trust.
C) an irrevocable living trust.
D) a constructive trust.

Question

Quizplus · Accepted Answer

This is a revocable living trust, as the settlor (Serena) retains the power to amend, alter, or revoke the trust. She is also serving as the trustee and receiving income from the property.

Serena Decides to Create a Trust for the Benefit of Her