A Trust is an agreement in which property which is owned by one party - the Settlor - is held by another party - the Trustee - for the benefit of third party - then Beneficiary. An Appointor is the person who has the legal right to appoint a new Trustee or remove an existing Trustee.

The Trustee has legal title to (ownership of) the property but must not act in a way detrimental to the property value and usually cannot derive personal profits from the property. The Trustee cannot simply dispose of the for their own benefit.

The Beneficiary is entitled to all benefits of the property.

There are many types of Trusts. Property of any sort may be held in a Trust. Trusts are used for various purposes, both personal and commercial. Certain Trusts may provide benefits in estate planning, asset protection, and taxes.

The specifics of a Trust are defined in a Trust Deed. A Trust Deed is a legal document that defines the items such as the Trustee, Beneficiaries, Settlor and Appointer, and the terms and conditions of the agreement.