1. Which of the following is a principal reason for establishing a revocable living trust? provide explanation
Reducing the grantor’s gross estate.
Temporal Discounts.
Probate Avoidance.
Avoidance of the Rule Against Perpetuities.
2. Which of the following assets would pass through probate? explain
A life insurance policy with a named beneficiary.
Assets held in trust.
A pay-on-death account with a named beneficiary.
Household goods.