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Trusts: Creation and Elements

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Multiple Choice

What is a trust?

  1. A legal relationship in which one person (the trustee) holds property for the benefit of another person (the beneficiary).
  2. A legal relationship in which one person (the settlor) transfers property to another person (the trustee) to hold for the benefit of a third person (the beneficiary).
  3. A legal relationship in which one person (the settlor) transfers property to another person (the trustee) to hold for the benefit of the settlor.
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