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What is a Trust?

There are many types of trusts, the most common is a Revocable Living Trust or sometimes referred to as a Living Trust. A Trust is simply an agreement that spells out the rules that must be followed regarding the property held in the trust for the named beneficiaries. By establishing a trust you vest the trustee's with the power to protect the estate from probate, reduce estate taxes and to a certain extent protect the property in the trust.