2. Which of the following are true statements regarding testamentary trusts? 1. The funding mechanism is the probate process. 2. Prior transfer credit will not be available if this type of trust is utilize. 3. It can have almost all of the characteristics of a living trust, such as an AB or an ABC plan. 4. If it lasts longer than 21 years after the testator's death, it will violate the rule against perpetuities. Briefly explain why each of the above statements is correct/incorrect and why (50 words). 2. Which of the following are true statements regarding testamentary trusts? 1. The funding mechanism is the probate process. 2. Prior transfer credit will not be available if this type of trust is utilize. 3. It can have almost all of the characteristics of a living trust, such as an AB or an ABC plan. 4. If it lasts longer than 21 years after the testator's death, it will violate the rule against perpetuities. Briefly explain why each of the above statements is correct/incorrect and why (50 words)