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 West Virginia (WV), a trust is recognized as 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 in the case of a self-settled trust. To establish a trust in WV, the trustor must demonstrate the intention to create the trust, typically through the execution of a written trust agreement, which must also be signed by the trustee. Trusts in WV are governed by state statutes, which outline the formalities for creating a trust, the duties and powers of trustees, and the rights of beneficiaries. These laws are designed to ensure that the trust is managed in accordance with the trustor's wishes and for the benefit of the beneficiaries.