A Trust
A trust is a legal relationship in which a one person or qualified trust company (trustee) holds property for the benefit of another person (beneficiary). Property can include money, real estate, stocks, bonds, collections, business interests, personal possessions and vehicles. A trust is often established by one person for the benefit of himself or another person(s). A trust genuinely involves at least three people: the founder (the person who creates the trust, the trustee, and one or more beneficiaries (who are entitled to the benefits).
It may be helpful to think of a trust as a contract between the founder and the trustee. The grantor makes certain property available to the trustee, for certain purposes. The trustee (who often receives a fee) agrees to manage the property in the way specified.
