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Rollo opens an account for $250,000 at Savers Bank
Rollo opens an account for $250,000 at Savers Bank. The account provides that the funds are held in trust for Thea, Rollo's daughter. This is
- a constructive trust.
- a resulting trust.
- a testamentary trust.
- a living trust.
Expert Solution
The correct answer is 4. a living trust
A living trust involves a legal document which is formulated and implemented when a person is still alive, and a trustee is given the obligation and responsibilities to handle the person's assets or money, this means that the trustee is the beneficiary. In the above case, we see that the amount Rollo has deposited will be held in trust for his daughter, his daughter is the beneficiary.
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