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A trust is a three-party fiduciary relationship in which the trustor transfers a property (often but not necessarily a sum of money) upon the trustee for the benefit of the beneficiary.
A testamentary trust is created by a will and arises after the death of the settlor. It is advisable to get proper guidance and legal backing in the case when a trust is created to ensure all parties are well aware of the real implications, pros and cons.