Glossary Term: "trust"

A trust is a legal arrangement where a person (settlor) transfers assets to a trustee, who manages them for the benefit of beneficiaries as outlined in a trust document. The settlor establishes terms, the trustee administers assets, and beneficiaries receive benefits. Trusts offer flexibility in managing assets and are subject to legal regulations based on the jurisdiction. They are valuable tools for preserving wealth and providing for beneficiaries’ needs.