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What is trust in simple words?

Definition of trust (Entry 1 of 2) 1a : assured reliance on the character, ability, strength, or truth of someone or something. b : one in which confidence is placed. 2a : dependence on something future or contingent : hope.

What is a trust contract called?

What is a Trust Agreement? A trust agreement is an estate planning document that allows you to transfer ownership of your assets to a third party. In this case, your legal role is trustor, while the other partys role is trustee.

Can trusts enter into agreements?

A trust is not a legal person, as a corporation is, and therefore it cannot be party to a contract or sign a contract.

What are the 3 types of trust?

With that said, revocable trusts, irrevocable trusts, and asset protection trusts are among some of the most common types to consider. Not only that, but these trusts offer long-term benefits that can strengthen your estate plan and successfully protect your assets.

What is a trust also known as?

What Is a Trust? A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.

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