A trust is a contract between two entities, the grantor (or truster or settlor) and the trustee
for the benefit of a third entity, the beneficiaries.
The grantor determines the terms of the trust and agrees to fund the trust (contribute property).
The trustee agrees to hold, administer, and distribute the trust property in keeping
with the terms of the trust agreement.
The trustee holds legal title to the trust property for the benefit of the beneficiaries who hold equitable title.
A trustee cannot use trust property for his personal benefit.
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