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Trust

A fiduciary relationship in which one person, known as a "trustee", holds title to property or assets for the benefit of another person, the beneficiary.

Notes:

A trust can be used, for example, if someone who is under age or for someone who has a mental disability impairing the ability to maintain finances. The trust is taxed on any funds not distributed to the beneficiaries.

See also: Exemption Trust, Irrevocable Trust, Trustee, Unit Investment Trust, Unit Trust

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Trust

A fiduciary relationship calling for a trustee to hold the title to assets for the benefit of the beneficiary. The person creating the trust, who may or may not also be the beneficiary, is called the grantor.

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trust

A legal arrangement whereby control over property is transferred to a person or organization (the trustee) for the benefit of someone else (the beneficiary). Trusts are created for a variety of reasons, including tax savings and improved asset management. See also charitable lead trust, charitable remainder trust, Clifford trust, marital-deduction trust, QTIP trust.