Question

Legal arrangement whereby property is committed to the care of another, subject to specific rules and instructions is known as ____

a. The trustee holds title to the property and must manage it for the benefit of another, called the beneficiary.
b. The trustee is a fiduciary and has a duty to protect, preserve, and enhance the value of property in her care.
c. A trustee can be an individual or a corporation such as a bank.
d. A trustee can be established by will, by a trust agreement, or by a deed in trust.

Answer 1

A trust is a legal arrangement where property is entrusted to a trustee to manage for the benefit of a beneficiary, and it can be established through different means.

Step-by-step explanation:

The legal arrangement whereby property is committed to the care of another, subject to specific rules and instructions, is known as a trust. In a trust, the trustee holds title to the property and must manage it for the benefit of another, called the beneficiary. A trustee can be an individual or a corporation such as a bank, and a trust can be established by will, by a trust agreement, or by a deed in trust.