A trust is a(n):
A)form of property ownership created by the common law that separates the legal and beneficial ownership of property
B)form of property ownership created by the tort law that separates the legal and beneficial ownership of property
C)form of property ownership created by the common law that combines the legal and beneficial ownership of property
D)form of property ownership created by the common law that prevents people from stealing inheritance money from their co-inheritors
E)none of the other choices are correct

Question

Quizplus · Accepted Answer

A trust is a form of property ownership created by the common law that separates the legal and beneficial ownership of property. This means that the trustee holds legal title to the property, but the beneficiary has the right to use and enjoy the property. Trusts are commonly used for estate planning and asset protection purposes.

A Trust Is A(n)