An obligation or an agreement legally-binding a trustee to care for and control specific property for specific people.
The beneficiaries of the trust are those that will benefit from the capital of the trust and / or the income earned on trust properties. A “settlor” transfers legal ownership of property to a trustee or trustees and provides direction to the trustee, as to the handling of the trust property, through a legal document such as:
- a trust indenture or agreement
- a will or codicil