Alison Alison created a trust in which she has the right to change its terms or even to cancel it. When Allson dies, the assets will be considered part of her estate What kind of trust did Alison most likely create? An irrevocable living trust An irrevocable life insurance trust A revocable living trust Atestamentary trust Eileen Eileen and her husband just retired. They intend to travel frequently and to enjoy their retirement without counting their pennies like they had to for many years. They created trusts for their minor grandchildren, to be funded with any money left over, but not until after they die What kind of trust did Eileen most likely create? A revocable living trust An irrevocable life insurance trust A testamentary trust An irrevocable living trust Amy and Madeline both created trusts but used different approaches: Amy Amy is a wealthy individual who has created a trust in which the primary asset is life insurance on her life. Amy nas named the trustee as the beneficiary of the trust in order to avoid having the proceech of the insurance policy included in her own estate. The trustee will then use the proceeds to pay for Amy's estate taxes and to help take care of her spouse. Eventually, the remainder of the proceeds will be distributed to Amy's children, What kind of trust did n most likely crate? Mevocable since trust Atestamentary trust Avocable ting trust Avocate it Madeline Madeline has a very nice rest egg and intends to provide for her grandchildren's higher educations. Madeline is getting older and wants to make sure that, if her mental capacities start to slip, she can't be persuaded to change the trust and redirect the money elsewhere. Madeline created a trust to ensure that her intentions are carried out What kind of trust did Madeline most likely create? A testamentary trust A revocable living trust An invocable living trust An irrevocable e insurance trust