trust

  

Definitions (2)

1.Legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor's assets or property for the benefit of a third party (the beneficiary). The four main types of trusts are: (1) Living: trust created by the trustor while he or she is alive. (2) Testamentary: trust established through a will and which comes into effect (is created) when the trustor dies. (3) Revocable: trust that can be modified or terminated by the trustor after its creation. (4) Irrevocable: trust that cannot be modified or terminated by the trustor after its creation.
2.Property interest held by a party (the trustee) for the benefit of another (the beneficiary).

Use trust in a sentence

  • A trust was created since the child was under age and could not maintain his/her own finances.

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