Trust

A common law intellectual structure where the legal owner of an asset (the “trustee”) holds the benefit of the asset for others, presumptively beyond the reach of the trustee’s creditors.

See also

• fiduciary — the kind of trust you have when your own lawyers call a trust a metaphysical impossibility.
• Indemnity, for how to get comfortable with the risk of a trustee exceeding the scope of its powers without you knowing it;