An arrangement through which one transfers property to a third party with instructions for its distribution after death while retaining control over the property during his or her life is called a

Question

Quizplus · Accepted Answer

A trust is a legal arrangement in which a person transfers property to a trustee who manages and distributes the assets according to the instructions provided by the person (known as the grantor or settlor) during his or her lifetime and after death. The grantor retains control over the property during his or her life, but the trustee manages it for the benefit of the beneficiaries named in the trust. Trusts can be revocable (amendable or terminable) or irrevocable (not amendable or terminable). Trusts can be useful for tax planning, asset protection, and avoiding probate.

An Arrangement Through Which One Transfers Property to a Third