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If you’re a beneficiary of a trust, chances are you have many questions about what comes next. For example, how do you receive the benefits of the trust and avoid being taxed on them? Do you need to get involved in the administration process? And how can you make sure that everything is done correctly? This guide will answer those questions and more so that you know exactly what your next steps should be as a beneficiary or potential beneficiary of a trust.
What is a trust?
Trusts are a legal entity that you set up to hold property for the benefit of another person. Trusts may be created in many different ways, including by will or trust agreement. Whatever the method of creation, all trusts share two important characteristics: