The relationship created by the formation of the trust between all of the parties is a special relationship recognized by law as a fiduciary relationship. A fiduciary relationship requires that some of the parties may have duties to the others in the relationship that are greater than one would normally have in a transaction with a neighbor or friend or associate.

Revocable Living Trust: One of the most simple and popular trusts is the revocable living trust. The idea behind this type of trust is that you may wish to transfer your property to yourself, or to another highly qualified and trusted person, while you retain all of the rights of ownership during your lifetime.


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