A transaction in which the owner of real property or personal property gives ownership to a trustee to hold and manage the property for the benefit of a third person, called a “beneficiary.”
Also, the document setting up the trust. Trusts may be of several kinds; two common classifications are an “inter vivos trust” (one put in operation during the trustor’s lifetime) and a “testamentary trust” (one set up in a will and becoming operative after the testator’s death).