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A trust is a type of account in which assets are held and managed for the eventual benefit of one or more beneficiaries.
The trust is established and initially funded by a grantor, who takes assets from his or her own account and places them in the trust. The rules for how the trust is set up, how the assets are managed and invested, and who the beneficiaries are make up a document called the trust instrument.
If a trust is established through a will, it is called a testamentary trust. If...
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