The Family Trust

A trust is a legal relationship in which one person (or qualified trust company) ( trustee ) holds property for the benefit of another (beneficiary). The property can be any kind of real or personal property–money, real estate, stocks, bonds, collections, business interests, personal possessions and automobiles. It is often established by one person for the benefit of himself or of another. ??A trust is a fictitious legal entity (not a bricks and mortar entity) that owns assets for the benefit of a third person (beneficiary). It is common to put whole bank and brokerage accounts, as well as homes and other real estate, into a trust.

A trust is a relationship in which a person, called a trustor, transfers something of value, called an asset, to another person, called a trustee. The trustee then manages and controls this asset for the benefit of a third person, called a beneficiary. An asset is any kind of property.