tl;dr
A legal arrangement where assets are held and managed by one party (trustee) for the benefit of others (beneficiaries).
Trusts serve various purposes including asset protection, estate planning, and charitable giving.
For example, a business owner establishes a trust holding $5 million in company shares, managed by a professional trustee for the benefit of family members. The trust provides structured asset management while achieving tax and succession planning objectives.
Managing trusts requires understanding fiduciary responsibilities and trust terms. Organizations must ensure proper asset management while meeting beneficiary needs.
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