In case law, a trust is defined as a fiduciary relationship in which one party (the trustee) holds and manages property for the benefit of another (the beneficiary) or a specified purpose, as directed by the terms of the trust created by the settlor (or grantor). The trust is a legal instrument that separates legal ownership (held by the trustee) from equitable ownership (benefiting the beneficiary), ensuring assets are managed according to the settlor’s intent.