What is a Trust?

Updated on July 12, 2021

Generally, a “trust” is an arrangement that creates fiduciary relationship to property that is held and administered by one party, called the trustee, for the benefit of another, called a beneficiary. A trust is always for the benefit of some third party or parties or for some particular object. This, however, does not preclude the trustee and the beneficiary from being the same person. The person who creates the trust is called the “settlor” or the “trustor.”

The fundamental nature of the trust relationship is that one person holds legal title for the benefit of another person. Accordingly, unlike a corporation or a limited liability company, a “trust” is not included within the definition of “person.” This is because a “trust” is simply a collection of assets and liabilities.

Schorr Law has experience with a variety of real estate matters, including disputes arising out of the control of trusts and real estate owned by trusts and their trustees. To inquire about a free 30-minute consultation contact us by phone at (310) 954-1877 or by email at [email protected]. You can also easily send us a quick message by using our Contact Form, or text us at (310) 706-2265.

ALSO READ  Petition to Determine Distribution Rights