// definition
Trust
Assets held and administered for designated beneficiaries
Short definition
A legal arrangement in which a trustee holds and administers assets for designated beneficiaries. Trustee powers and beneficiary rights depend on the trust instrument and applicable law. Benefiting from the arrangement, managing it and owning its underlying assets directly are distinct roles.
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Primary sources
- IRS, Instructions for Form 1041Definitions, Trust: title, management and protection of assets for beneficiaries.