Personal Trust Law and Legal Definition

Personal trusts are trusts created for individuals and their families. It can be for the financial benefit of one or more designated beneficiaries. For example, trusts set up as an education fund for a minor. Property of all kinds can be placed in a trust, including assets such as cash, stocks and bonds, real estate, tangible personal property, life insurance and interests in limited liability companies or limited partnerships. The trust is established by a trust agreement.