A trust is an agreement whereby a person or bank manages the estate according to the specific directions of the owner of the estate.
True or false i don't know it can you please help
http://www.dummies.com/how-to/content/what-is-a-trust.html
Certainly! It appears that you are unsure about the statement "A trust is an agreement whereby a person or bank manages the estate according to the specific directions of the owner of the estate." To determine if the statement is true or false, let's break it down.
Firstly, a trust is a legal arrangement where a person or entity, known as a trustee, holds and manages assets on behalf of another person or group of people, known as beneficiaries. This aligns with the statement you provided, which states that a person or bank manages the estate.
Secondly, a trust is indeed based on an agreement between the owner of the estate, known as a grantor or settlor, and the trustee. The grantor establishes the terms and conditions of the trust, including specific directions on how the assets within the trust should be managed and distributed.
Given these explanations, it can be concluded that the statement "A trust is an agreement whereby a person or bank manages the estate according to the specific directions of the owner of the estate" is true.