Alex

Alex created a trust that goes into effect as soon as the papers are signed. Alex has the right to change the trustee, the beneficiary, and other terms.

What kind of trust did Alex most likely create?

An irrevocable charitable remainder trust

A revocable living trust

A testamentary trust

An irrevocable living trust

Jared

Jared is a successful professional who has three competitive children. To avoid fueling sibling rivalry, Jared created separate trusts for each child with the same amount of money funding each trust, available on the child$$s $21$st birthday whether Jared is dead or alive. Jared has no power to change the terms of the trusts regardless of how his children conduct their lives.

What kind of trust did Jared most likely create?

An irrevocable charitable remainder trust

A testamentary trust

A revocable living trust

An irrevocable living trust

Carl and Hubert both created trusts but used different approaches:

Carl

Carl created a trust with assets that will go to charity upon his death. Carl cannot change the terms of the trust but enjoys additional after$-$tax income from the assets in the trust.

What kind of trust did Carl most likely create?

A testamentary trust

An irrevocable living trust

A revocable living trust

An irrevocable charitable remainder trust

Hubert

Hubert wants full use of his assets while he is alive. Hubert has no children. He created a trust to give eventually his assets to his nieces and nephews and provide income from those assets to his surviving wife.

What kind of trust did Hubert most likely create?

An irrevocable charitable remainder trust

A testamentary trust

An irrevocable living trust

A revocable living trust