Trust
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The trust is the most important innovation of equity. A trust is an arrangement whereby one person (the trustee) may hold the legal title to property on behalf of another person (the beneficiary) who holds the equitable title. A trust does not interfere with the legal position; at law the title is held by the trustee in the normal way. However, equity recognises that the trustee does not hold the title for his or her own benefit and the benefits of the ownership will accrue to the beneficiary.