A trust is a legal entity formed under state law, creating a relationship where one person holds title to property subject to some benefit to another person(s), referred to as a beneficiary. Trusts can be created for a living person or come into existence at a person's death.
Many trusts require the filing of a Tax Return for Estates and Trusts (Form 1041), but some don't. Here are some examples:
You'll need TurboTax Business to file Forms 1041, but not every Form 1041 needs to be filed. Learn more about trusts from IRS Instructions for Form 1041 and about Foreign Trust Reporting Requirements.