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Finance Dictionary and Glossary of Investment Terms
A legally recognized arrangement where one or more persons (trustees) take title to property to hold it for the benefit of another person (beneficiary). One person may be trustee and beneficiary, which is usually the case during the life of someone who has established a revocable living trust.
A fiduciary relationship calling for a trustee to hold the title to assets for the benefit of the beneficiary. The person creating the trust, who may or may not also be the beneficiary, is called the grantor.
A fiduciary relationship in which one person, a trustee, holds title to property or assets for the benefit of another person, the beneficiary.