Question 9 1 pts Which of the following statements regarding trusts is INCORRECT? A simple trust pays out all income to the trust beneficiaries. A testamentary trust is established and funded during the life of the grantor. A trust is a legal arrangement in which the trustee manages the trust assets according to instructions from the grantor for the benefit of the beneficiary or beneficiaries. A beneficiary's creditors cannot sue to gain access to trust assets fi.e., no creditor anti-alienation). Question 10 1 pts Your friends just gave birth to their first child. They currently have no Will. Given the situation, what is the primary reason to execute a Will as soon as possible? The will identifies who is the beneficiary of a life insurance death benefit. The will identifies who is the custodian (guardian) of the child should both parents die at the same time. The will establishes who is the beneficiary on the employer retirement plan The will establishes who is the beneficiary on their IRA