A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Revocable TrustA trust you can change or cancel at any time while you are alive and mentally able.
- Living TrustA legal arrangement you create while alive to hold your assets, letting them pass to heirs without going through probate.
- TrusteeThe person or institution responsible for managing a trust's assets and following its instructions.
- Estate TaxA federal or state tax on the value of a large estate before assets pass to heirs.
- GrantorThe person who creates a trust and places their assets into it, also called a settlor or trustor.
- Asset Protection TrustAn irrevocable trust designed to shield assets from future creditors or lawsuits.
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Plain-English education — not personalized legal, tax, or investment advice.