in law...what is a trust??? what is an example of one????

Question

im really having trouble understanding this term and cant seem to get it..

Answer 1

Trusts are basically fiduciary relationships in which one party holds property for the benefit of another. They come in several types, but the most common are testamentary(set forth in a will)
support (pays bills and needed expenses) and another called a
"spendthrift" trust, which has a trustee holding funds for the benefit of a person who is irresponsible with money.
There is a legal document which establishes the trust, and it sets forth the powers that the trustee has, the property that the
trust has, and so on. Conservatorship is another type of support trust, but in this case for a senior citizen.