What is the difference between a trust and a power of attorney?
An example of an AI chatbot conversation about trusts and powers of attorney.
What is the difference between a trust and a power of attorney?
A trust is a legal arrangement where one party holds property for the benefit of another, while a power of attorney allows someone to make decisions on your behalf.
Can you explain how a trust works?
Sure! A trust involves a grantor who creates the trust, a trustee who manages it, and beneficiaries who receive the benefits.
What are the benefits of having a power of attorney?
Having a power of attorney ensures that someone you trust can make important decisions for you if you're unable to do so.
Are there different types of trusts?
Yes, there are several types of trusts, including revocable, irrevocable, living, and testamentary trusts, each serving different purposes.
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