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 Oregon, a trust is established when a trustor (also known as a grantor or settlor) expresses the intention to create a trust, typically through a written trust agreement, which is also signed by the trustee. The trustor transfers ownership of assets into the trust, and the trustee is tasked with managing these assets for the benefit of designated beneficiaries, which can include descendants, heirs, or even the trustor themselves in the case of a self-settled trust. Oregon law, including provisions in the Oregon Revised Statutes (ORS), governs the creation, administration, and termination of trusts within the state. Trusts can be revocable or irrevocable, and they can be used for various purposes, including estate planning, asset protection, and tax planning. The specific rules and requirements for trusts in Oregon are detailed in the ORS, particularly under the Oregon Uniform Trust Code, which outlines the duties of trustees, rights of beneficiaries, and the powers that may be exercised by the trustor.