trust

A legal entity that holds real or personal property for the benefit of others. There are many types of trusts, such as express and direct trusts, which are created pursuant to a written agreement between a creator/grantor/settlor, and a person or entity in whom confidence is reposed, called a trustee. Other types of trusts are not formalized by a voluntary legal instrument, but by a court or by operation of law, such as implied or constructive trusts.