What is trust?

trust is one of legal terms that means An arrangement where property given by a person called the donor or settlor, to a trustee, for the benefit of another person (the beneficiary or donee). The trustee manages and administers the property, which may include a business. While legal ownership vests in the trustee and the effective ownership lies with the beneficiary(s) and all the profits are held for the benefit or the beneficiary(s). Commonly used for asset protection and lawful tax planning activities.