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A Trust is a legal document that allows you to put conditions or restrictions on how your assets are distributed during your lifetime and after you pass away. When you set up a Trust, you are called the Grantor. The assets you place into the Trust are called Trust property. And like a Will, the people who will eventually receive the Trust property are known as beneficiaries. A Trust is managed by somebody, typically a third party, known as a Trustee. However, it’s also possible to name yourself as the Trustee and maintain control over your assets by creating a Revocable Living Trust.
There are numerous types of Trusts, each having a specific purpose. For example: