Law of trusts

Source: Wikipedia

In common law, a trust is an arrangement whereby money or property is owned and managed by one person (or persons, or organizations) for the benefit of another.

A trust is created by a settlor, who entrusts some or all of his property to people of his choice (the trustees). The trustees are the legal owners of the trust property (or trust corpus), but they are obliged to hold the property for the benefit of one or more individuals or organizations (the beneficiary, a.k.a. cestui que use or cestui que trust), usually specified by the settlor.

The trustees owe a fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property.

The trust is governed by the terms of the trust document, which is usually written and in deed form. It is also governed by local law.

In the United States, the settlor is also called the trustor, grantor, donor, or creator.

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PERSONAL NOTE:

I know of a large trust, where the beneficiary wish to make a generous donation to a charity, but the trustees refused. The beneficiary is not able to get the trustee to change their mind.