Term of the Day trust 1. Legal entity created by a party (the trustor) through which a second party (thetrustee) holds the right to manage the trustor's assets or property for the benefitof a third party (the beneficiary). The four main types of trusts are: (1) Living: trust created by the trustor while he or she is alive. (2) Testamentary: trust established through a will and which comes into effect (is created) when the trustor dies. (3) Revocable: trust that can be modified or terminated by the trustor after its creation. (4) Irrevocable: trust that cannot be modified or terminated by the trustor after its creation. 2. Property interest held by a party (the trustee) for the benefit of another (thebeneficiary). Learn more about this term Usage Example A trust was created since the child was under age and could not maintain his/her own finances.

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Voice Your Opinion How do you deal with a manager who has a personal interest that conflicts with the company's? --> How do you deal with a manager who has a personal interest that conflicts with the company's?

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