Quick Definition

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

Examples

• 1A family trust set up to manage and distribute assets to children over time, ensuring financial stability after the parents' passing.
• 2A charitable trust established to provide ongoing funding to a non-profit organization.
• 3A revocable living trust created to bypass the probate process, allowing for a quicker distribution of assets to beneficiaries upon the grantor's death.

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