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.
Use 'trust' in a Sentence
If you are wondering how she is able to travel so much and work so little at such a young age, it is because her parents set up a trust that provides for most of her living expenses.
The workers put their trust in the manager, relying on him to make decisions, knowing they would have to follow him and the orders he gave.
If you have a sizeable amount of money that you wish to leave a beneficiary after your death, it would be beneficial to place the monies into a testamentary trust fund that is payable upon execution of your established will.
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