Trust

A trust is a legal relationship in which one person, called the trustor, gives another person, called the trustee, the right to hold title to property or assets. Trusts help protect the trustor's assets and make sure they are distributed according to the trustor's wishes. Types of trusts include revocable or irrevocable, funded or unfunded, and living or testamentary trusts.

It is a legal setup where one person lets another person hold and manage assets for a purpose. It helps control how those assets are protected and passed on.