An entity created to hold assets for the benefit of certain persons or entities. A trustee manages the trust, and often holds title to assets on behalf of the trust. Most trusts are established by an individual who executes a written trust instrument. The written instrument also names the original trustee or trustees, successor trustees, or the process by which future trustees will be designated. A trust may take the place of a last will and testament, thereby avoiding probate by providing for distribution of all assets owned by the trust upon the death of the trust’s creator.

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Reference: Trust