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Trusts: Creation and Elements
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What is a trust?
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A
A legal relationship in which one person (the settlor) transfers property to another person (the trustee) to hold for the benefit of a third person (the beneficiary).
💡 Explanation:
A trust is a legal relationship in which one person (the settlor) transfers property to another person (the trustee) to hold for the benefit of a third person (the beneficiary). The trustee has a duty to manage the property for the benefit of the beneficiary.