A legal arrangement whereby the legal title to assets is held by one person, the Trustee, and the enjoyment, either immediate or long term, is vested in another person, beneficiary.  Trusts allow for duties, management parameters, and protections to be overlaid on assets so that the beneficiary of the trust need not fear loss of the assets due to their own imprudence or misfortune.  Trusts also allow one person to enjoy income from assets for a time and another person to become the owner of the assets at some future time.

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