A trust is another devise which may be used to manage and control the ultimate disposition of property. With a trust, a trustee holds what is called “legal title” to the trust property and manages that property for the trust beneficiaries. The beneficiaries, in turn, hold what is called “equitable title” to the trust property. The trustee and the beneficiary are allowed to be the same person so long as upon that individual’s death, there are one or more beneficiaries who are named by the trust.
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