What is a trust?

A trust is an arrangement where one person or entity, the trustor, gives another person or entity, the trustee, the right to own and manage assets for the benefit of a third party, the beneficiary. In Virginia, trusts are typically set up for individuals or organizations to provide for their financial needs. Often, trusts are used in the context of estate planning or elder law to provide for the needs of the elderly or disabled. In this context, trusts may be set up to provide for medical expenses, long-term care, and other lifestyle needs. Trusts may also be used to avoid probate or provide tax benefits. Many trusts have detailed provisions for managing and distributing assets, and trustees must comply with certain legal requirements or risk personal liability for their actions.

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What is a trust?

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