What is a trust document?
A trust document is a legal document that outlines the instructions of a trust. A trust is created with a trust document and is managed by a person or entity called a trustee. A trust is an estate-planning tool designed to hold assets for the benefit of a certain person, charitable organization, or other entity. A trust document outlines the rights and duties of the trustee, specifies how the trust assets will be managed and distributed, and outlines the restrictions that the trustee must follow. Trusts are commonly used to reduce taxes and provide for the estate of the deceased, transfer assets to beneficiaries, or provide for a charity. In Washington, a trust document must meet certain legal requirements and be executed by the trustee in order for it to be valid.
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