Trusts are estate-planning tools that can replace or supplement Wills and can also help manage property during life. A trust manages the distribution of a person's property by transferring its benefits and obligations to different people. Maintaining assets in a Trust often makes it easier to minimize taxes and leave a larger inheritance. A Trust is also a way to provide a steady income to the Beneficiary over time (as opposed to distribution in a lump sum), thus reducing the Beneficiary's tax burden, allowing the Trust to grow through investment, and keeping assets free from creditors of the Trust beneficiary. Trusts can also be established for the benefit of charitable organizations.
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