Trust

A legal arrangement in which one party, known as the trustor or grantor, transfers ownership of assets to another party, the trustee, for the benefit of a third party, the beneficiary. The trustee is responsible for managing and administering the assets according to the terms set forth in the trust agreement. Trusts can be created for various purposes, including estate planning, asset protection, and charitable giving, and they can be either revocable or irrevocable, depending on the level of control the trustor wishes to retain.