What is a trust?
An example of an AI chatbot conversation about the concept of a trust in finance and law.
What is a trust?
A trust is a legal arrangement where one party holds property for the benefit of another. It can be used for estate planning.
How does a trust work?
In a trust, the person who creates it (the grantor) transfers assets to a trustee, who manages those assets for the beneficiaries.
What are the different types of trusts?
There are several types of trusts, including revocable trusts, irrevocable trusts, and charitable trusts, each serving different purposes.
Why would someone want to create a trust?
People create trusts for various reasons, such as avoiding probate, reducing estate taxes, and ensuring privacy for their assets.
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