A trust is a legal entity created by a person known as the trustor, grantor, or settlor who owns assets (cash, stocks, bonds, real estate, art, jewelry, machinery, etc.) and transfers ownership of the assets to the trust—while directing a person or entity known as the trustee to hold and manage the assets for the benefit of a certain person or persons, or classification of persons (descendants) known as the beneficiary or beneficiaries. The assets or property in a trust are sometimes referred to by the Latin word res (pronounced “rays”).

Beneficiaries are often descendants or heirs of the trustor, grantor, or settlor, but in some states (and other countries) the trustor, grantor, or settlor may be the beneficiary—and in that case the trust is known as a self-settled trust.

A trust is generally created when a trustor, grantor, or settlor shows or manifests an intent to create a trust by signing or executing a written trust agreement that is also signed by the trustee.

In Massachusetts, a trust is recognized as a legal arrangement where a trustor (also known as a grantor or settlor) transfers assets to a trust, appointing a trustee to manage those assets for the benefit of designated beneficiaries. The property held within the trust is often referred to as the 'res.' Beneficiaries can include descendants, heirs, or even the trustor themselves in the case of a self-settled trust. To establish a trust in Massachusetts, the trustor must express their intent to create the trust through a written trust agreement, which must be signed by both the trustor and the trustee. The Massachusetts Uniform Trust Code (MUTC), which is part of the Massachusetts General Laws, provides the regulatory framework for the creation, management, and termination of trusts within the state. The MUTC outlines the duties and powers of trustees, the rights of beneficiaries, and the rules for modifying or revoking a trust. Trusts can be used for various purposes, including estate planning, asset protection, and charitable giving, and they can be tailored to the specific needs and goals of the trustor.