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Customizing Trusts

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A trust is created when you (the grantor, settler, or donor) transfer property to another person or persons (a trustee or trustees, which could also be you) for the benefit of a third person or persons (the beneficiary, which could also be you). The trustee manages the property for the beneficiary and distributes income and principal according to terms of the trust agreement. There are many types of trusts, and they are used for many different purposes (e.g., to provide for management of property, to provide income to beneficiaries, to avoid probate, or to obtain favorable tax treatment). Trusts are extremely popular because they are flexible and can be customized to meet your particular goals and objectives. Trusts are customized by including particular provisions that are intended to accomplish the purpose(s) of creating the trust in the first place.