# Trust

*Taxes — Finicade finance glossary*

A trust is a legal arrangement where a trustee holds assets for beneficiaries under rules set by whoever created it. A revocable living trust mainly avoids probate and keeps affairs private, and offers no tax or creditor protection since you still control the assets. An irrevocable trust gives up that control and can move assets out of your taxable estate — the trade-off at the heart of all serious estate planning.

**Also known as:** living trust, revocable trust, irrevocable trust

**Related terms:** [Probate](https://finicade.com/glossary/probate), [Estate Planning](https://finicade.com/glossary/estate-planning), [Estate Tax](https://finicade.com/glossary/estate-tax), [Fiduciary Duty](https://finicade.com/glossary/fiduciary-duty), [Beneficiary](https://finicade.com/glossary/beneficiary)

Source: https://finicade.com/glossary/trust