A trust is used in estate planning to manage or dispose of property, either during the grantor's lifetime or after death. A trust can hold virtually any kind of property — real or personal — tangible or intangible, and can be as flexible as it needs to be to meet the estate owner's objectives.
Trustees can generally be anyone the grantor wishes, including the grantor himself. It is not uncommon to have co-trustees. One trustee could be the grantor, or a family member, whose role is to be sure that the grantor's personal objectives are met. The other trustee could be a bank or other financial institution that would make the investment decisions on behalf of the trust beneficiaries.
Neither State Farm® nor its agents provide tax or legal advice.
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