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Glossary Definition
Trust Law

In common-law legal systems, a trust is an arrangement whereby money or property is owned and managed by one person for the benefit of another. A trust is created by a settlor who entrusts some or all of his property to trustees who are the legal owners of the trust property, but are obliged to hold the property for the benefit of one or more other persons (the beneficiaries), usually specified by the settlor. The trustees owe a fiduciary duty to the beneficiaries. The trust is governed by the terms of the trust document, which is usually written and in deed form.