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Definitions

Non-Statutory

A trust that is created by a person, such as a trust created by a person's will. Means not under government statutes and regulations.

Statutory

A trust that is created by a statute, such as a trust created by a state's probate code. Means under government statutes and regulations.

Person

Trusts and corporations are persons. You are not a person, you're a man or woman.

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