Logo

What Is a Trust?

A trust is a legal arrangement where a trustee holds and manages assets on behalf of one or more beneficiaries. The trustee is responsible for administering the trust and using its assets for the benefit of the beneficiaries, according to the terms of the trust agreement.

There are several types of trusts, including revocable and irrevocable, living, testamentary, charitable, and special needs. Each type of trust serves a different purpose and has specific terms and conditions.

In general, trusts can be used for various purposes, such as transferring wealth from generation to generation through estate planning, reducing taxes, protecting assets from creditors, and providing for the care of family members with special needs.

  • Published: Feb 13, 2023
  • Updated: Dec 8, 2023

Read more FAQ...

What Strategies Exist for Avoiding Probate?

View

What Questions Should Be Asked When Hiring an Estate Planning Attorney?

View

What Is the Purpose of a Healthcare Proxy?

View

What Is the Definition of a Beneficiary Trust?

View
Disclaimer section
This FAQ is for informational purposes only and does not constitute legal advice. We make no representations or warranties about this FAQ's completeness, accuracy, reliability, or suitability. Each legal situation is unique. Always consult an attorney for personalized guidance.

Our Practice Areas

Our talented and experienced attorneys and team members come from diverse backgrounds, but we share a common belief in doing right by those that entrust us with their legal matters. At Easler Law, we bring real-world experience to the table, we will critically think for you, we will do the work right, and we will never make excuses.

Search among the most frequently asked questions

Learn More About Our Legal Services

Benifical Ownership Report

Under the Corporate Transparency Act (CTA), businesses must report ownership info to combat financial crimes or face penalties.

Learn More