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Updated April 13, 2012
A legal relationship, established while the grantor is alive, in which one person (called the grantor) gives assets to another person or institution (called a trustee) to control for the benefit of the grantor or a third party (called the beneficiary). A living trust is set up while the grantor is alive, whereas a testamentary trust is set up after the grantor dies, as directed in the grantor's last will and testament.
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