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A form of division of property rights in which for certain property the ownership (which goes to the trustee) is seperated from the beneficial enjoyment (which goes to the beneficiary).  The person who transferes the property into the trust is known as the "Grantor" or "Settlor".

A right, enforceable in equity, to the beneficial enjoyment of property held by another party who actually holds legal title.  The property so held may itself be called a "trust," especially if it consists entirely of invested money (i.e., a trust fund).