TRUST

Property given by a person called the donor or settlor , to a trustee , for the benefit of another person (the beneficiary or donee ). The trustee manages and administers the property, actual ownership is shared between the trustee and the beneficiary and all the profits go to the beneficiary . The word " fiduciary " can be used to describe the responsibilities of the trustee towards the beneficiary . A will is a form of trust but trusts can be formed during the lifetime of the settlor in which case it is called an inter vivos or living trust.