Changes

A '''trust''' is a legal device used to manage real or personal property, established by one person (granter or settler) for the benefit of another (beneficiary).  See also [[trustee]].

A '''trust''' is a legal device used to manage real or personal property, established by one person (granter or settlor) for the benefit of another (beneficiary).  See also [[trustee]].

The trust is the most important innovation of [[Equity|equity]].  A trust is an arrangement whereby one person (the trustee) may hold the legal title to property on behalf of another person (the beneficiary) who holds the equitable title.  A trust does not interfere with the legal position; at law the title is held by the trustee in the normal way.  However, equity recognizes that the trustee does not hold the title for his or her own benefit and the benefits of the ownership will accrue to the beneficiary.

The trust is the most important innovation of [[Equity|equity]].  A trust is an arrangement whereby one person (the trustee) may hold the legal title to property on behalf of another person (the beneficiary) who holds the equitable title.  A trust does not interfere with the legal position; at law the title is held by the trustee in the normal way.  However, equity recognizes that the trustee does not hold the title for his or her own benefit and the benefits of the ownership will accrue to the beneficiary.