Legal Definition of Children’s trust: An arrangement created by a parent, to be effective immediately or, more typically, upon the parent’s death, whereby assets of the parent are transferred to a trustee to be held for the benefit of the parent’s children | Protect Your Assets and Plan for the Future with a Children’s Trust | Discover the Benefits and Tax Savings of Setting Up a Trust for Your Children | Work with a Qualified Attorney for Maximum Benefits and Peace of Mind | Start Planning for Your Family’s Future Today