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An arrangement under which one person, a trustee, manages property for a beneficiary. The person who creates the trust is called the settlor, trustor, or grantor. There are many kinds of trusts, some created during the settlor’s lifetime and some at death. Trusts are used for, among other things, avoiding probate court proceedings, saving on estate tax, providing quality management of assets, and keeping money out of the hands of improvident beneficiaries. (See also: living trust, testamentary trust)