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What Is the Difference Between Revocable and Irrevocable Trusts? A trust is a legal instrument that enables a third party—called a trustee—to hold and direct assets placed in that trust, such as money, investments, or property. Trusts ensure a smooth and expedited transfer of assets to beneficiaries upon the death of the creator of the trust, known as the settlor, trustor, or grantor. Trusts […]