A trust is a legal and fiduciary relationship in which one party, called the trustor or settlor, transfers property or assets to another party, the trustee, who holds and manages those assets for the benefit of a third party, the beneficiary

. The trustee has a fiduciary duty to manage the trust assets according to the terms set by the trustor and for the beneficiary's benefit

. Trusts serve various purposes, such as protecting assets, controlling how and when assets are distributed, avoiding probate, reducing estate taxes, and providing for beneficiaries who may be minors or incapacitated

. They can hold many types of assets including cash, property, shares, and land

. There are different types of trusts, broadly categorized as revocable (can be changed or canceled by the trustor) and irrevocable (cannot be easily changed)

. Trusts can be created during a person's lifetime (inter vivos trust) or through a will after death (testamentary trust)

. The concept of a trust originated in English common law during the Middle Ages as a way to manage property for absent owners, evolving into a unique legal institution recognized in many jurisdictions today

. In summary, a trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries according to the trustor's instructions, providing control, protection, and efficient management of assets