A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways, so these documents are used to specify how and when the assets will be passed to the beneficiaries. Depending on the type of trust and specific situation, trusts may provide ability for beneficiaries to access assets more quickly than if they were transferred using a will or could reduce the tax burden on heirs by reducing the size of the taxable estate.

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