Chapter 51 Wills & Trusts 2

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Q 1) How does a trust work? 2)Distinguish between a) Living and Testamentary Trusts b) Revocable and Irrevocable Trusts 3) Distinguish between a) Durable Power of Attorney b) Health Care Power of Attorney (known as a Health Care Proxy in New York) c)Living Will

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The functioning of a trust takes place by means of transferring the rights of the property of a particular individual to another particular individual (Clarkson, Miller & Cross, 2016). The individual who transfers the rights of the property is known as the settlor (Clarkson, Miller & Cross, 2016). The individual to whom the rights of property of the settlor is transferred is recognized as the trustee (Clarkson, Miller & Cross, 2016). There is also the involvement of a third individual called the beneficiary in the operations/functioning of a trust

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