Question: 39. If a testator's estate does not have enough assets to pay all of the gifts he has set forth, what typically occurs? None of

39. If a testator's estate does not have enough assets to pay all of the gifts he has set forth, what typically occurs?

None of the gifts are distributed because there is no way to tell in what manner the deceased would have liked to divide the remaining assets.

Only some of the gifts are given in full, others are omitted completely.

Gifts are decreased through a process of abatement.

PART 2. A trust is a legal relationship in which property is transferred by the ______ and held and managed by the ______ for the beneficiaries named in the trust.

Trustee, beneficiaries.

Beneficiaries, trustee.

Trustor, trustee.

Trustee, trustor.

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