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A trust is essentially an equitable obligation binding on persons (called trustees) who are required under the terms of the trust to hold and deal with property separate and distinct from their own property, for the benefit of a person or class of persons (called the beneficiaries).

To create a trust, the settlor essentially gives property to the trustees and requests them to hold that property for the benefit of certain beneficiaries. The different types of trust arise from the different types of instructions that are given to the trustees in the trust instrument regarding how they hold the property they are given.

A trust cannot own assets. The trustees are the legal owners of the assets. One of the distinctive features of a trust is the separation of legal ownership and beneficial ownership of the assets in the trust fund. The trustees are the legal owners of the