Trusts: In the context of law, a trust is a legal arrangement in which a person or organization (called the trustee) holds and manages assets on behalf of another person or organization (called the beneficiary).

The trustee is responsible for managing the assets in accordance with the terms of the trust, which are typically set out in a legal document called a trust agreement.

The purpose of a trust is to provide for the financial needs of the beneficiaries or to ensure that certain assets are used in a particular way, such as for the education of a child or the care of a disabled family member.

Trusts are often used as part of estate planning to manage and distribute assets after the death of the person who created the trust (called the settlor or grantor).