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 Nevada, a trust is recognized as a legal entity that is established when an individual, known as the trustor, grantor, or settlor, transfers ownership of their assets into the trust. The trust is managed by a trustee for the benefit of designated beneficiaries, who can be descendants, heirs, or any other persons or classifications of persons chosen by the trustor. Nevada law allows for the creation of self-settled trusts, where the trustor themselves can be the beneficiary of the trust. To create a trust in Nevada, the trustor must demonstrate the intention to establish the trust, typically through the execution of a written trust agreement, which must also be signed by the trustee. Nevada's trust laws are codified in the Nevada Revised Statutes (NRS), particularly in NRS Chapter 163, which governs trusts and their administration. These statutes outline the requirements for creating a valid trust, the duties and powers of trustees, and the rights of beneficiaries, among other provisions.