A trust is a legal arrangement where one party, known as the grantor or settlor, transfers assets or property to another party, called the trustee, to manage and hold for the benefit of a third party, known as the beneficiary.
Trusts are used for various purposes, including estate planning, asset protection, and ensuring the distribution of assets according to specific instructions.
They provide a structured means of managing assets, offering flexibility and control over how assets are utilized or distributed over time, often while minimizing taxes and probate requirements.