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The concept of Trust is as old as mankind and applicable in all areas of human endeavours. It is a creation of equity. The definition of Trust is always descriptive. It could be defined as a situation where the owner of a property or asset transfers it to a named person called the Trustee with the instruction that the property or assets be used for the benefit of a third party called the beneficiary or c’est qui trust.
A Trust can be created by an individual, an organisation or corporate entities such as banks, companies, corporations or governments/government entities. When it is by an individual it falls under the realm of Private Trust and when it is by either a government or corporate entity it is falls under Public/Corporate Trust.