trust agreement

Definition

A documented legal arrangement in which a grantor may transfer ownership rights of property to a trust to be managed by a trustee for the benefit of someone other than the grantor (beneficiaries). The document specifies the purpose of the trust along with the terms and conditions by which the assets are to managed and ultimately distributed to beneficiaries. All affected parties and the courts are legally bound by the provisions of a properly drawn trust agreement.
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trust account trust beneficiary