n.
In law, a relationship between parties in which one, the trustee or fiduciary , has the power to manage property, and the other, the beneficiary , has the privilege of receiving the benefits from that property.
Trusts are used in a variety of contexts, most notably in family settlements and in charitable gifts. The traditional requirements of a trust are a named beneficiary and trustee, an identified property (constituting the principal of the trust), and delivery of the property to the trustee with the intent to create a trust. Trusts are often created for the sake of advantageous tax treatment (including exemption). A charitable trust, unlike most trusts, does not require definite beneficiaries and may exist in perpetuity. See also trust company .