(please correct answer and question information) Grantor has established a trust, naming a bank as trustee. Pursuant to the terms of the trust document,Grantor is to receive all of the income generated by the trust assets during his life. Grantor maywithdraw assets from the trust or place additional assets into it. The assets placed into the trust consistof Grantor's mutual fund portfolio, personal residence, a rental property located in another state, andtwo installment notes held by Grantor. Upon Grantor's death, all of the assets remaining in the trust areto be distributed to Grantor's two children.Upon Grantor's death, the assets remaining in the trust will:1. Be included in Grantor's taxable estate.2. Be subjected to the probate process.3. Receive a new basis except for the installment notes.4. Be distributed as directed by Grantor's will.01 and 31, 2, 3, and 41, 2, and 34 only

Estate Planning:It is a type of agreement where a person decides who will own and manage their…

Answered: Grantor has established a trust, naming…

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