Which of the following is a true statement?
A) A sole beneficiary may not be a cotrustee with others.
B) Trusts are allowed for the benefit of animals.
C) The beneficiary needs to be in existence when the trust is created.
D) Trustees do not have a fiduciary duty with their beneficiaries.

Question

Quizplus · Accepted Answer

Trusts are allowed for the benefit of animals. This type of trust is known as a pet trust, and allows for the care and well-being of pets after the owner passes away. A is false, as a sole beneficiary can be a cotrustee with others. C is partially true, as the beneficiary needs to be able to be identified, but not necessarily in existence at the time the trust is created. D is false, as trustees have a fiduciary duty to act in the best interests of their beneficiaries.

Which of the Following Is a True Statement