What is a trust?

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Updated: 4/13/2007 3:35 pm
A trust is basically an arrangement whereby property is transferred with the intention that it be administered by a trustee for another's benefit. The person whom the trust is intended to benefit is called the beneficiary. A trust can be created for any purpose that is not illegal or against public policy. Common among the states, essential elements of a trust are the designation of a beneficiary and trustee, property funded to the trust sufficient to enable the trustee to take title, and actual delivery of the property to the trustee with the intention of passing title. An attorney knowledgeable in the area of estate law can discuss with you various types and purposes of trusts.
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