Question

"ned sets up an arrangement where some of his property is managed by a trustee for the benefit of beneficiaries. ned reserves the ability to terminate the agreement at any time. if he does not, all property is treated as a gift to beneficiaries. what kind of arrangement does this describe?"

Answer 1

I believe the answer is:  An Revocable Living Trust

Revocable living trust refers to a form of planning that help you determine the person who would obtain your properties when you die. A revocable living trust would cover three phases of the maker's life:   his lifetime, possible incapacitation, and what happens after his death.