What is a Convenience Trust?

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A Convenience Trust is a trust that permits the beneficiary to withdraw the assets at any time for any reason without restriction. It gives almost as much control of the inheritance to a beneficiary as an outright distribution. However, it may provide some protections, provided that he or she leaves the assets in the trust, and there is a way for another trustee to take over to protect the trust in the event of an attack by a creditor or predator. This is generally the least protective type of trust.