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What is a Trust?

A trust is a fiduciary arrangement that allows a third party, or a trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be setup in multiple different ways and can set forth how and when the assets pass to the beneficiaries.  Given that trusts usually avoid probate, your beneficiaries could obtain access to these assets more quickly than of they end up in probate court via a will.  Further, an irrevocable trust is often not considered part of the taxable estate.  Thus, it can allow for fewer taxes may be due upon your death.  Importantly, assets in a trust can often pass outside of the eyes of the probate court, which can save time, court fees, and reducing the estate taxes in many cases. 

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