A trust is a fiduciary relationship in which a trustor gives another party, known as the trustee, the right to hold title to property or assets for the benefit of a third party.
A financial instrument established to hold and manage assets on behalf of another, offering protections and benefits while ensuring that the grantor's wishes are fulfilled.
Trust Property refers to assets that have been placed into a fiduciary, managed by trustees on behalf of beneficiaries, often with tax benefits and streamlined transfer upon death.