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trust and trustee (def.)

A trust is an arrangement where one or more people, called trustees, hold and look after assets on behalf of someone else, called the beneficiary. The trustees legally own the assets, but they must manage them for the beneficiary's benefit and in line with the terms you set.

Trusts appear in Wills for several reasons. Common examples are holding a gift for a child until they reach a certain age, or giving someone the right to live in a property for their lifetime before it passes to others.

Assets already held in trust before your death do not usually form part of your estate.

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