A. A trust is an arrangement by which you transfer ownership of your property into a trust throughout the course of your lifetime. To fully understand how a trust operates, let's take a look at the four main components:
- Grantor - the creator of the trust
- Trustee - the person or entity that distributes and manages the trust property according to the trust documents
- Trust Assets - property transferred into the trust
- Beneficiaries - those who receive the benefits of the trust