A Trust is not a separate legal entity, but instead a legal relationship created by the beneficial owner creating the trust (the settlor) and the persons willing to undertake the office of trustee (the trustees).
As part of this relationship, property (the trust fund) is declared to be held by the trustees for the benefit of certain parties (the beneficiaries) or for certain purposes, creating a binding obligation on the part of the trustees to act in accordance with the terms of the trust.
The title to the Trust fund stands either (i) in the name of the trustee; or (ii) in the name of another person on the trustee’s behalf, and as such only the trustee has the power and the duty, in respect of which he is accountable, to manage, employ or dispose of the assets of the Trust Fund in accordance with the terms of the Trust and the special duties imposed upon him by the Act. The assets of the Trust Fund are separate from and do not form any part of the trustee’s own estate.