A trust is an arrangement whereby property (including real and tangible) is managed by one person (or organization) for the benefit of other persons. A trust is created by a Settlor, who entrusts some or all of his properties to a trustee of his/her choice. Although the trustee holds legal title to the trust property, it is obliged to hold the property for the benefit of one or more individuals or organizations (“the Beneficiary”), usually specified by the Settlor, who holds equitable title. The Settlor can also be a beneficiary of the Trust. The trustees owe a fiduciary duty to the beneficiaries, who are the “beneficial” owners of the trust property.