Trust

{
  "id": "MLC-T-LAW-004994",
  "term": "Trust",
  "field": "Law",
  "definition": "A legal arrangement where a person or entity, known as the settlor, transfers assets to another party, the trustee, to hold and manage for the benefit of a third party, the beneficiary. The trustee has a fiduciary duty to administer the assets according to the terms specified in the trust instrument. Trusts can be revocable or irrevocable, depending on the settlor's ability to modify or terminate them.",
  "url": "https://mlchart.com/terminology/law/trust/"
}