Question

A trust is a legal arrangement in which property is held for the benefit of a third party by a(n):

A) Attorney in fact
B) Trustee
C) Trustor
D) Beneficiary

Answer 1

A trust is a legal arrangement in which property is held for the benefit of a third party by a trustee.

Step-by-step explanation:

A trust is a legal arrangement in which property is held for the benefit of a third party by a trustee. It is an estate planning tool commonly used to transfer assets to heirs outside of probate court. The trustee is responsible for managing the assets in the trust and distributing them to the designated beneficiaries according to the terms set forth by the trustor. The trustor is the person who creates the trust.