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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