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A trust is basically an arrangement
made with regard to future devolvement and/or use of a property by its owner.
This property can be immovable such as land, houses, building structures etc.,
or movable such as money, shares, debentures, ornaments etc.
A
trust can be distinguished from a gift or transfer of property by way of
sale, mortgage, lease etc.
When a property
is gifted or is transferred by way of sale, mortgage, lease etc., it involves
only two parties the owner of the property and the person or persons getting the
property via such transfer called the transferee.
However,
when a property is arranged to be transferred by way of a trust apart from the
owner and the transferee a third party called a trustee is also involved.
The property in such cases is not transferred directly to
the transferee but is put in control of the trustee for the benefit of the transferee.
The trustee depending upon the nature of the trust either transfers the property
or its earnings to the transferee at the happening of certain events or applies
the property and /or its gains for the benefit of such a transferee.
The document by which a trust is created is termed as an
instrument of the trust and the person for rules benefit the trust is created
is termed as beneficiary.
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