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 Oklahoma, 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, which can include descendants, heirs, or even the trustor themselves in the case of a self-settled trust. The creation of a trust in Oklahoma typically requires the trustor to demonstrate their intent to create the trust through a written trust agreement, which must be signed by both the trustor and the trustee. Oklahoma law provides for various types of trusts, including revocable and irrevocable trusts, and the specific rules governing these trusts are outlined in the Oklahoma Trust Act. The Act sets forth the duties of trustees, the rights of beneficiaries, and the requirements for the creation, management, and termination of trusts. It is important for individuals creating a trust in Oklahoma to comply with these legal requirements to ensure the trust operates as intended and provides the desired benefits to the beneficiaries.