Legal Definition of Trust: An arrangement created by one person (the grantor) where assets of the grantor are transferred to another person (the trustee) to be held for the benefit of a third person (the beneficiary). The grantor may also be the trustee and/or the beneficiary of the trust | Learn the legal definition of a trust and how it can benefit your business. Discover the key parties involved, different types of trusts, and the advantages they offer, such as asset protection, probate avoidance, privacy, and tax planning. Consult with a legal professional to properly establish and manage your trust