Service Description

Trust services are financial services that involve the management and administration of trusts, which are legal arrangements that allow one person (the trustor) to transfer ownership of assets to another person or entity (the trustee) to be held and managed for the benefit of one or more third parties (the beneficiaries). Trusts can be used for a variety of purposes, such as managing assets for minors or individuals with disabilities, reducing tax liabilities, and simplifying the transfer of wealth to heirs. There are several types of trust funds that can be established: + Revocable trust: This type of trust can be amended or revoked by the person who establishes it (the grantor). + Irrevocable trust: This type of trust cannot be amended or revoked once it has been established. + Testamentary trust: This type of trust is established through a will and becomes effective upon the grantor's death. + Living trust (inter vivos trust): This type of trust is established during the grantor's lifetime. + Charitable trust: This type of trust is established for charitable purposes, such as to fund a specific non-profit organization or to provide for the needs of disadvantaged individuals. + Special needs trust: This type of trust is established to provide for the financial needs of an individual with a disability, while still allowing the individual to maintain government benefits such as Medicaid. + Generation-skipping trust: This type of trust is used to transfer assets to beneficiaries who are two or more generations younger than the grantor, such as grandchildren. + Spendthrift trust: This type of trust is used to manage and protect the assets of an individual who may be unable to handle their financial affairs responsibly. Trusts can be a useful tool for managing assets and achieving financial goals, and trust services can help individuals and organizations create and manage trusts in a way that meets their needs and complies with the law.

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