Exam 44: Planning for the Future: Wills, Trusts and Insurance

In order to travel extensively and not worry about handling her affairs,Lee transfers most of her assets into a trust,with her bank serving as trustee.She has created a(n) ________ trust.

April purchased a life insurance policy on herself.On her death,the proceeds of the insurance were to be paid to her minor child,Ryan.Ryan is the beneficiary.

Discuss the differences between a will and a trust.

Experts estimate that more than _______ percent of the population will not be capable of making their own medical decisions at the end of their lives.

Identify four ways a trust can be terminated.