What is a trust?

December 15, 2023

A trust is a type of legal arrangement that holds property. The property is placed into the trust by the trust-maker, also called a trustor or settlor. In a trust document, the settlor will name one or more people to serve as trustee, which is the party who manages the trust. The trustee is expected to manage the trust’s property in accordance with the terms of the trust, which set forth the settlor’s wishes. The trust property is held on behalf of one or more parties who are known as beneficiaries. A trust may pay the beneficiaries’ income generated by trust assets, such as investments or rental property, or it may pay out the assets themselves to the beneficiary, according to the settlor’s wishes (or the trustee’s discretion if the trust grants such authority).

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