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 New Jersey, a trust is a legal arrangement where a trustor (also known as a grantor or settlor) transfers assets to a trust, directing a trustee to manage those assets for the benefit of designated beneficiaries. The property held within a trust is often referred to as 'res.' Beneficiaries can include descendants, heirs, or even the trustor themselves. When the trustor is also a beneficiary, the trust is termed a self-settled trust. To establish a trust in New Jersey, the trustor must demonstrate an intention to create the trust, typically through the execution of a written trust agreement, which must also be signed by the trustee. New Jersey trust law is governed by the New Jersey Uniform Trust Code, which outlines the creation, management, and termination of trusts within the state. This code provides the framework for the duties of trustees, the rights of beneficiaries, and the various types of trusts that can be created, including revocable and irrevocable trusts.