Answer the following statements true (T) or false (F)
1. Testamentary trust only become effective upon testator's death.
2. “Revocable trusts” are a popular choice for estate planning because they are highly flexible and can be changed at any time during the trustor's lifetime.
3. The document creating an inter vivos trust may also be called a “ living trust.”
4. Implied trusts are sometimes called “voluntary trusts.”
5. Unlike wills, the trustor does not need to meet the requirements of “sound mind” to develop a trust.
1. T
2. T
3. T
4. F
5. F
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