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Trusts
Trusts are estate planning tools which can be used to assure an individual’s wishes are carried out properly. A trust is a document in which one person (the settlor) directs another person (the trustee) to hold property for the benefit of a third person (the beneficiary). However, it is possible for the trustee, the settlor and the beneficiary to be the same person, such as when someone creates a living trust.
Trusts can be used to select a guardian for minor children, prevent guardianship for disabled adults, avoid probate, minimize estate taxes, keep information private and deal with a multitude of other issues. The most common trusts are briefly explained below, but there are a myriad of different strategies and trusts that may be implemented in addition to those listed.
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