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A trust is a legal arrangement in which one party, known as the trustor or settlor, transfers assets to another party, known as the trustee, for the benefit of a third party, the beneficiary. Trusts are used for various purposes, including estate planning, asset protection, and charitable giving. Here's an overview of the main components and types of trusts:
Living Trust (Inter Vivos Trust): Created while the trustor is alive. It can be either:
Testamentary Trust: Created through the will of a deceased person. It becomes effective upon their death.
Charitable Trust: Established to benefit a charitable organization or purpose. Examples include charitable remainder trusts and charitable lead trusts.
Special Needs Trust: Designed to provide for a beneficiary with disabilities without disqualifying them from government benefits.
Spendthrift Trust: Protects against a beneficiary's creditors by preventing the beneficiary from accessing the trust's principal.
Asset Protection Trust: Typically established offshore to protect the trustor's assets from creditors.
Dorsey's Realty Disclaimer -
Remember, consult with an attorney who specializes in probate and trust matters to ensure that the disclaimer meets the specific legal requirements and addresses the unique circumstances of your situation. This disclaimer is a general example and may need to be customized to fit the specific circumstances and legal requirements of the probate estate or trust you are dealing with. It is always advisable to consult with a legal professional to ensure compliance with relevant laws and regulations.
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