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 Mississippi, a trust is established when an individual (trustor, grantor, or settlor) expresses the intention to create a trust, typically through the execution of a written trust agreement, which must also be signed by the trustee. The trust agreement outlines how the trust assets, or 'res,' which can include a variety of property types such as cash, stocks, real estate, and personal property, are to be managed and distributed. The trustee is responsible for managing these assets on behalf of the beneficiaries, who may be descendants, heirs, or other designated individuals. Mississippi law allows for the creation of self-settled trusts, where the trustor can also be a beneficiary. Trusts in Mississippi are governed by state statutes, which include provisions on the creation, administration, and termination of trusts, as well as the duties and powers of trustees. These laws are designed to ensure that trusts are managed in accordance with the trustor's intentions and the beneficiaries' interests.