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What is a "trust"?

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What is a "trust"?

The concept of the trust derives from medieval common law; the concept of cestui qui trust. I will go no further on that because I don't think that I could even spell those words, but essentially the common law created a entity relationship that doesn't exist in civil law. It involves three parties, the person who creates the trust, who is called the settlor or the trustor or even the testator, the person who manages the trust, who is called the trustee, and the person who benefits from the trust who's the beneficiary. You have to have all three of those components in any kind of a trust. However, the three parties can all be the same in certain kinds of trusts.

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Thomas Curtiss Jr.

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What is a "trust"?

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