25 May Question For each of the following items, insert the best term or p
Question
For each of the following items, insert the best term or phrase. An answer choice may be used more than once, but only one choice is the best for each descriptive phrase.
a. Complex
b. Decedent
c. Executor
d. Grantor
e. Living
f. Reversionary
g. Simple
h. Sprinkling
i. Trustee
2. Anestatealwaysis createduponthedeath ofthisparty.
3. Atrustwhoseincomecanbedistributedtobeneficiariesandinamountsatthetrustee’sdiscretion.
4. Atrustthatisrequiredtodistribute annualaccountingincome.
5. Thepersonwhotransfersassetstoatrust.
6. Atrustwhoseremainder beneficiaryisitsgrantor.
7. Thefiduciaryincharge ofatrust.
8. Atrustthatmightbeusedtoreduceprobatecosts,butnotFederalestateandgifttax.
9. Thefiduciary incharge ofan estate.
10. Atrustthatcanaccumulate,ratherthandistribute,itsaccountingincome.
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