Final answer:
A trust is typically a three-party relationship consisting of a settlor, trustee, and beneficiary. It is used for privately transferring assets in accordance with the deceased's instructions, which become irrevocable upon death. The correct option is C.
Step-by-step explanation:
Typically, a trust is a three-party relationship. In this arrangement, one person, known as the settlor or grantor, places assets into a trust. A second party, the trustee, is given the responsibility to manage the trust assets for the benefit of a third party, the beneficiary.
This estate planning tool is designed to transfer assets privately, outside of probate court. The trustee, often an heir, works in conjunction with an executor to manage and execute the transfer of assets in accordance with the deceased's instructions, which become irrevocable upon their death.
In contrast, a child who associates his line of descent only with his father's side is considered to be part of a bilateral lineage versus a matrilocal one, which would involve the mother's side. The correct option is C.