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A Trust is a legal instrument that binds a person (Trustee) to deal with property or assets over which he has control (Trust Property) for the benefit of other persons (Beneficiaries).
In summary a Trust is a legal device created to deal with the management of property or assets on behalf of another person.
There are various types of Trusts such as Bare Trusts, Discretionary Trusts and Interest in Possession Trusts. All have different functions and deal with tax liability in varying ways.
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