Legal entity (trustee) in which property and funds are held and managed by either a person or third party for a beneficiary. Two types are living trust and testamentary trust.
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UK: An arrangement under which property is transferred to a person called the trustee or several such persons. Trustees are under an obligation to keep the property or deal with it for the benefit of others, the beneficiaries. The trust is created by a trust deed. Occupational pension schemes are set up under trust deeds. See PARTNERSHIP; MARRIED WOMEN’S PROPERTY ACT 1882; TRUST POLICIES.
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An arrangement under which a donor transfers property to a trustee who manages and distributes the property in accordance with the terms of a trust agreement for the benefit of a trust beneficiary.