Discuss the differences between a will and a trust.
What will be an ideal response?
?A will is an instrument that helps a person direct her assets to the desired beneficiaries after death. It generally can be revoked or altered at any time prior to death. Without a will, the decedent's property will be distributed according to the intestacy statute of the state where the decedent resided at the time of death. The reasons to have a will include: to distribute assets according to your wishes; to select a personal representative to oversee the estate; to avoid legal issues and expenses that are more likely to arise if there is no will; and to name a guardian for minor children.??A trust is an entity that separates legal and beneficial ownership. The trustee becomes the legal owner of the trust assets, but must use them for the benefit of the beneficiary, who has equitable title. There are three entities involved in a trust: the settlor, the trustee, and the beneficiary. Trusts may be created while the settlor is alive or through a will. The advantages of a trust include: the settlor can leave instructions for the control of the trust assets after death; a trust can be set up to manage property that will ultimately go to individuals who are currently minors; a trust can save taxes; and the assets of a trust are not probated.
You might also like to view...
Answer the following statements true (T) or false (F)
1. Sigma quality level indicates how frequently a process can be expected to deliver products of good quality. 2. Product returns are higher as a consequence of a high sigma level of quality. 3. Two landing errors at major airports every day indicate a 99.9% defect rate. 4. With regard to Six Sigma training, Master Black Belts check that Six Sigma efforts are applied consistently across an organization.
Companies use PR to build good relations with consumers, investors, the media, and their communities
Indicate whether the statement is true or false
Explain positioning and the three main components of the positioning statement
What will be an ideal response?
The Food and Drug Administration requires all processed-food companies to provide detailed nutritional information clearly identifying calories, fats, carbohydrates, and other information. This is an example of the ________ requirements of labeling.
A. aesthetic B. marketing C. consumer D. industry E. legal