Trust

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Wikis > Trust

A trust is a legal construct in which one person (the trustee) holds legal title to property previously owned (by the settlor) for the benefit of another (the beneficiary).

A non-profit can exist as a trust, when the trustee is under the obligation to use or hold the property for a charitable purpose.

A non-profit can also be named as the beneficiary to a trust, when the settlor makes a Planned Gift.