Trusts can be arranged in may ways and can specify exactly how and when the assets pass to the beneficiaries. We were obviously wrong to put our trust in her Each trust falls into six broad categories
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Living or testamentary, funded or unfunded, revocable or irrevocable
A trustor creates a trust with the help of an attorney
A trust is a legal vehicle that allows a third party — a trustee — to hold and direct assets in a trust fund on behalf of a beneficiary. The meaning of trust is assured reliance on the character, ability, strength, or truth of someone or something How to use trust in a sentence. A trust, sometimes called a trust fund or trust account, is a legal arrangement to ensure a person’s assets go to specific beneficiaries.
A trust is a form of division of property rights and a fiduciary relationship, in which ownership of assets goes to a third party, known as a trustee, and the beneficial enjoyment goes to the beneficiary The person who transfers the property into the trust is known as the grantor or settlor.