In
common law legal systems, a trust is an arrangement whereby money or property is owned and managed by one person (or persons, or organizations) for the benefit of another. A trust is created by a
settlor, who entrusts some or all of his property to people of his choice (the
trustees). The trustees are the legal owners of the trust property (or trust corpus), but they are obliged to hold the property for the benefit of one or more individuals or organizations (the
beneficiary, a.k.a. cestui que use or cestui que trust), usually specified by the settlor. The trustees owe a
fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property.
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A trust whose provisions, once established, cannot be subsequently revoked or amended by the settlor.
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