respond to your classmates' posts on specialized trusts. Make sure you address a different type of trust then the one you discussed in your second post. If your second and third posts address the same specialized trust, you will get credit for submitting just one post.

A trust can be used as part of an estate to transfer possession from the trustor to a designated trustee who ensures that it is passed on to the beneficiaries listed by the trustor. There are two main types of trusts, testamentary trusts which are part of a will and stand alone trusts which are not accompanied by a will. Stand alone trusts can also be divided into two smaller categories based on whether or not the trust can be altered. The creation of a trust requires five elements, the trustor, the trustee, the beneficiary, the trust property and the trust purpose. A trust purpose can be any purpose that is legal; it just must be disclosed. There are many reasons someone may want a trust, from tax savings, to liability protection, to passing down property to your children. Wills can provide a level of protection to your assets that also protects the beneficiary.

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