Personal Trust is a financial arrangement created for a person or persons in order to accomplish a variety of financial objectives. The person founding a trust places assets into the trust and designates a trustee to manage those assets to benefit a person or group of people. The trust can fund education expenses or meet special needs of beneficiaries.
Additional meaning of Personal Trust:
The trust is a legal entity that is separated from the person who created it, can be a separate taxable entity or pass-through entity.