Over the years we meet many people. With some of them we will establish meaningful relationships and allow them to be part of our life. Of other people we will only keep a diffuse memory and of others not even that because the fleeting encounters did not give us time to even fix their faces in our memory. Thus, meeting after meeting, we are creating our circles of trust.
Before you set up a trust, it's important to understand the different types available and the implications of choosing one. Simple and complex trusts differ in how their assets are distributed. Simple trusts are more restrictive about what can and can't be distributed whereas complex trusts are more flexible. A trust is a legal entity created under state law for the management and distribution of assets to beneficiaries. The trust grantor creates the trust and places assets into it. A trustee, chosen by the grantor, is responsible for managing the trust and eventually distributing its assets to the beneficiaries chosen by the grantor when the trust is set up. A beneficiary can be anyone the grantor chooses, but is often an heir, family member, or charity.
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