Michael and Barbara wanted to set up a $150,000 trust fund to provide funds for their grandson, Tanner, to attend Eastern State University or a similar accredited institution.

What type of trust would this be, how would it be created, and how would it be administered? A trust created by a grantor to be effective during their lifetime is a ______________ trust. The essential elements of a trust are a designated beneficiary, a designated trustee, property sufficiently identified to enable title to pass to the ______________, and delivery of the property by the grantor to the ______________ with the intent of passing title. The grantor signs a trust deed, and the ownership of the trust property passes to the ______________. The trustee administers the property as directed by the grantor for the benefit of the beneficiary and in the beneficiary’s interest.