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[ C ] a legal arrangement by which anyone or Group controls house and/or income for another person or Firm:

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Revocable or Irrevocable A revocable trust might be improved or terminated because of the trustor during that particular person's life time. An irrevocable trust, given that the name implies, can't be adjusted after It is really set up.

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Coverage trust: This irrevocable trust shelters a lifetime insurance policy policy in just a trust, As a result getting rid of it from the taxable estate. Even though a person may well not borrow versus the coverage or change beneficiaries, proceeds may be used to pay for estate charges following somebody dies.

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Beneficiary Treatment Trusts may well appear to be geared largely toward significant-Internet-really worth people today and families, since they may be pricey to establish and retain.