Of the statements below regarding trusts which is/are INCORRECT?

I.A trust has only two parties, the grantor and the trustee.

II.A revocable trust's assets typically pass through probate.

III.A testamentary trust is created at the grantor's death.

IV.Asset management is a valid reason for creating a trust.

a. I only

b. II and IV

c. I and II

d. III and IV