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Trust
A legal arrangement in which one party transfers ownership of property to another person or entity to be managed for the benefit of a third party.
More Details
A trust is a legal arrangement in which one person or entity (the trustor) transfers ownership of property to another person or entity (the trustee) to be held and managed for the benefit of a third party (the beneficiary).
Example
You want to ensure that your child's college education is paid for, even if something happens to you. You create a trust, transferring ownership of a portion of your savings to a trustee. The trustee will then manage the funds in the trust, investing them and making sure that the money is used to pay for your child's college education when the time comes. Your child is the beneficiary of the trust, and will receive the funds when they are needed.
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