A trust refers to assets that a person transfers to his beneficiary upon death, or when the beneficiary attains a certain age, notes Investopedia. The assets may be in form of cash, stocks, bonds or property.
A trustor usually pays for any modification that is done to the trust, notes CNN Money. Once a person dies, the trustee may impose the still-in-progress administrative charges. A trust plan comprises of setup, a health care proxy, a will and a living will.Learn more about Financial Planning