Trust

A trust is a legal arrangement in which one party (the grantor) transfers ownership of assets to a trustee, who manages those assets for the benefit of specified beneficiaries according to clear instructions in the trust document. Trusts can hold real estate, investments, or other property, and may be created for estate planning, tax benefits, asset protection, or charitable purposes. The trustee has a fiduciary duty to follow the grantor’s wishes and act in the best interest of the beneficiaries. There are many types of trusts, including revocable, irrevocable, living, testamentary, and investment trusts, each serving specific financial and legal goals.