An arrangement through which one transfers property to a third party with instructions for its distribution after death while retaining control over the property during his or her life is called a:

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A trust is an arrangement where the trustor gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Trusts are used to provide legal protection for the trustor's assets, to ensure those assets are distributed according to the trustor's wishes, and to avoid or reduce estate taxes or probate. The trustor retains control over the assets during their lifetime by specifying the terms under which the assets are managed and eventually distributed.

An Arrangement Through Which One Transfers Property to a Third