What is Trust?

A trust is a duty attached to the ownership of property and arising out of a condition entrusted to another or the original owner and assumed by the owner or declared and assumed by him. An Act of 1882 is now known as the Trusts Act. In simple words, entrusting the responsibility of a property to another for the benefit of oneself or others. The owner of the property or the person who creates the trust is called the settlor or promoter of the trust. The person to whom the property is entrusted or who accepts the trust is called the trustee. And finally the person or persons for whose benefit the property is entrusted is called the beneficiary.