Gary Ruhle 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 tee assets can be managed by an officer of his local bank.What type of legal arrangement has he most likely made?

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Quizplus · Accepted Answer

A trust agreement is a legal arrangement where the owner of assets transfers the ownership and management of those assets to a trustee. The trustee then manages those assets on behalf of the owner or beneficiaries, according to the terms of the trust agreement. This would allow Gary Ruhle to travel without worrying about the management of his assets, as they would be managed by the trustee appointed by him in the trust agreement. A guardianship is typically used for caring of a person who is unable to care for themselves, a statutory will is a document that outlines how assets will be distributed upon a person's death, a living will is a document that outlines a person's wishes for medical treatment in case they become unable to make decisions for themselves, and a letter of instruction is a non-legal document that provides guidance to loved ones in case of the person's death or incapacitation.

Gary Ruhle Has Assets Worth $2,400,000