Trust (noun): An arrangement in which someone’s property or money is legally held or managed by someone else or by an organization (such as a bank) for usually a set period of time is a Trust. Trusts are managed by Trustees and are set up to help better serve the beneficiary’s interests. The Trust is a legal document that tells the Trustee how to specifically handle the money and assets on behalf of the beneficiary according to the Trustor’s wishes.
Words commonly used with this term include:
- Totten Trust
- Testamentary Trust
- Living Trust
- Special Needs Trust
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