Week 4

Question 1

Grantor

Answer 1

Transfer property to a second party

Question 2

Trustee

Answer 2

Receives legal title and responsibility for asset in trust

Question 3

Beneficiary

Answer 3

Individual that will benefit (may be grantor)

Question 4

Testamentary trust

Answer 4

Takes affect at death utilizing a will

Question 5

Testate vs intestate

Answer 5

Testate is Trust formation using a will intestate is without a will

Question 6

Codicil

Answer 6

Modify a will without revoking it

Health and financial reasons, birth or divorce, testator moves to another state, substantial tax change or executor/trustee can no longer serve.