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Society & Trust

A society is a community or group of people that are living together that often must live by the same set of rules and laws.

  1. Legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor's assets or property for the benefit of a third party (the beneficiary). The four main types of trusts are:
    1. Living: trust created by the trust or while he or she is alive.
    2. Testamentary: trust established through a will and which comes into effect (is created) when the trustor dies.
    3. Revocable: trust that can be modified or terminated by the trustor after its creation.
    4. Irrevocable: trust that cannot be modified or terminated by the trustor after its creation.
  2. Property interest held by a party (the trustee) for the benefit of another (the beneficiary).