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Directed Trust: A trust in which certain assets are managed by someone other than the trustee. For example, someone might set up a trust and name a banks trust department as trustee, but specify in the trust document that a business held in trust be managed by someone else. The outside manager goes by different names in different states: a cotrustee, special trustee, trust protector, or adviser. Directed trusts are authorized by law in about 30 states. Most hold at least $1 million in assets, and often much more.

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