A trust is a legal arrangement in which one person (the trustee) holds property or assets on behalf of another person (the beneficiary). The trustee is responsible for managing the property or assets for the benefit of the beneficiary, according to the terms of the trust agreement.
There are different types of trusts, including revocable trusts, irrevocable trusts, living trusts, and testamentary trusts. The specific terms of a trust can vary depending on the type of trust and the wishes of the person creating the trust.
Trusts are often used for estate planning purposes, to manage assets and protect beneficiaries. For example, a person might create a trust to provide for their children or other loved ones after they pass away. The trust can specify how the assets will be managed and distributed, ensuring that the beneficiaries are taken care of according to the person's wishes.
In conclusion, a trust is a legal arrangement in which property or assets are held by a trustee for the benefit of a beneficiary. Trusts are often used for estate planning purposes and can provide for the management and distribution of assets according to the wishes of the person creating the trust.
This is not legal advice. If you have questions regarding trusts, please schedule a consultation with our office by contacting (202) 499-2403 and 1(833) CALLJKW (225-5559).
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