as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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what is a trust? what are the different types of trusts?
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from a more technical point of view, a trust is a legal relationship between 3 parties: trusts can take many forms. people setup trusts to ensure that property is used in a specific way. owning a home with a spouse is a form of a trust. a pension plan is a trust. protecting land from development often involves placing it in trust. wealthy people use trusts for estate planning for a variety of reasons. there's no "better" or "best" trust on a general level... it all depends on the situation that you are in and the desired outcome that you are looking for.
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