In order to travel extensively and not worry about handling her affairs,Lee transfers most of her assets into a trust,with her bank serving as trustee.She has created a(n) ________ trust.

Question

In order to travel extensively and not worry about handling her affairs,Lee transfers most of her assets into a trust,with her bank serving as trustee.She has created a(n) ________ trust.

Quizplus · Accepted Answer

An inter vivos trust is created during the lifetime of the grantor, and is commonly used for asset protection and estate planning purposes. This type of trust can be revocable or irrevocable, and can transfer assets while allowing the grantor to still benefit from the assets during their lifetime. In this scenario, Lee is transferring her assets into a trust to handle her affairs while she travels, which fits the description of an inter vivos trust. Travel, testamentary, and constructive trusts do not fit the specific circumstances described in the scenario.

In Order to Travel Extensively and Not Worry About Handling