What is a trust?

A trust is an agreement between two or more parties to hold, manage, and distribute property for the benefit of a beneficiary. Any time property is given to one person for the benefit of another, there should be a formal trust agreement in place to ensure both the creator (Settlor or Grantor) of the trust and the beneficiary are protected.
Trusts can be set up during a person’s lifetime to avoid probate in the event of incapacity or death. Trusts can also be part of another instrument, such as a Will or another trust, and only take effect upon death or another specified event.
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