A legal device used to manage real or personal property, established by one person (grantor or settlor) for the benefit of another (beneficiary). (See trustee.)
Source: U.S. Courts
Estate planing tools that name a trustee to manage a person' assets during his or her lifetime, and tells the trustee how to distribute those assets when the person dies. Unlike a will, a trust can reduce or eliminate estate taxes, and the need for probate court.
Source: Superior Court of Arizona, Maricopa County