A trust is a legal relationship in which the owner of property gives it to another party to manage on behalf of a third person, separating legal ownership from beneficial enjoyment. The settlor establishes and funds the trust, the trustee holds legal title and owes duties of loyalty, prudence and impartiality along with duties of transparency and accounting, and the beneficiary holds the equitable interest and receives the trust's income or principal. A trust may be created during the settlor's life, known as an inter vivos trust, or take effect after death through a will as a testamentary trust, and the same person can hold more than one role, such as trustee and lifetime beneficiary, while naming others as contingent beneficiaries. Trusts are used for purposes including tax planning, asset protection, estate planning, privacy and controlling how property is distributed when the settlor is absent, incapacitated or deceased. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
Facts
Core PrincipleThe owner turns over part of their bundle of rights to a trustee, separating legal ownership and control from equitable ownership and benefits. 2 Classification
Doctrine Category Connections
In Area Of Law
Entity-backed identity for the doctrine category value this doctrine already carries as an enum fact, resolved to a doctrine entity by an explicit value-to-entity map (phase 3 bucket conversion, docs\design_entity_backed_browse_buckets_20260928.md). The enum fact itself stays on the entity unchanged.
In Legal System
Source Trust (law) (Wikipedia)
Long-Form Articles
Sources
1. Wikipedia: Trust (law)
a legal relationship in which the owner of property gives it to another to manage and use solely for the benefit of a designated personView the Source 2. Trust (law) (Wikipedia)
How trust works
An owner placing property into trust turns over part of their bundle of rights to the trustee, separating the property's legal ownership and control from its equitable ownership and benefits.
In Legal System: Common Law, Introduction
In the English common law, the party who entrusts the property is known as the "settlor," the party to whom it is entrusted is known as the "trustee," the party for whose benefit the property is entrusted is known as the "beneficiary," and the entrusted property is known as the "corpus" or "trust property." A testamentary trust is an irrevocable trust established and funded pursuant to the terms of a deceased person's will.
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