Trust
A trust is a legal arrangement where one person (the trustee) holds and manages assets for the benefit of another person or group (the beneficiaries). Trusts can help assets pass without probate, provide for minor children, reduce estate taxes, and control how beneficiaries receive assets. They are more complex and expensive than wills and are not right for everyone — an estate attorney can advise.
In short
A trust holds assets for your beneficiaries, managed by a trustee you appoint. It can help assets pass without probate and gives you control over how and when they are distributed.
Also known as
Living trust · Revocable trust · Irrevocable trust
See also
Organize your complete estate in TheJourneyOf.Life so your family never has to search. Start for $9.99/month.