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Trusts
A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary functions of trusts and agencies. It is normally owned by one of three types of structures an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of trusts and in managing estates. The "trust" name refers to the ability of the institution's trust department to act as a trustee - someone who administers financial assets on behalf of another. The assets are typically held in the form of a trust, a legal instrument that spells out the beneficiaries and what the money can be spent for. A trustee will manage investments, keep records, manage assets and prepare court accountings, paying bills and (depending on the nature of the trust) medical expenses, charitable gifts, inheritances or other distributions of income and principal.
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