Trusts are a vehicle to permit money or assets to be held by one person for the benefit of another person. When you create a trust, you transfer your assets into the trust, and a named trustee manages the assets on behalf of the beneficiary.
Trust are created for a number of reasons. Most commonly they hold assets on behalf of children or disabled persons, but they can also serve to protect assets from the claims of third parties, including creditors, and to facilitate the transfer of assets upon death.
A number of different trust vehicles exist. An experienced wills and estates lawyer can explain the different types of trusts and help you decide which one is best for you.
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