Hubert created a trust that goes into effect as soon as the papers are signed--that is, while he is still alive. Hubert has the right to change the trustee, the beneficiary, and other terms. Alex is a wealthy individual who has created a trust in which the primary asset is life insurance on his life. Alex has named the trustee as the beneficiary of the trust in order to avoid having the proceeds of the insurance policy included in his own estate. The trustee will then use the proceeds to pay for Alex's estate taxes and to help take care of his spouse. Eventually, the remainder of the proceeds will be distributed to Alex's children. What kind of trust did Hubert most likely create? What kind of trust did Alex most likely create? O O O A revocable living trust A testamentary trust An irrevocable living trust An irrevocable life insurance trust An irrevocable living trust A revocable living trust A testamentary trust An irrevocable life insurance trust Carl and Jared both created trusts but used different approaches: Carl Jared Carl is a successful professional who has three competitive children. To avoid fueling sibling rivalry, Carl created separate trusts for each child with the same amount of money funding each trust, available on the child's twenty-first birthday, whether Carl is dead or alive. Carl has no power to change the terms of the trusts regardless of how his children conduct their lives. Jared wants full use of his assets while he is alive. Jared has no children. He created a trust to eventually give his assets to his nieces and nephews and to provide income from those assets to his surviving wife. What kind of trust did Carl most likely create? What kind of trust did Jared most likely create? O O An irrevocable living trust A testamentary trust An irrevocable life insurance trust A revocable living trust A revocable living trust An irrevocable life insurance trust An irrevocable living trust A testamentary trust O O