Definition of Trust

A trust exists where a person, known as “a trustee”, holds or has vested in him, or is deemed to hold or have vested in him, property which does not form, or which has ceased to form, part of his own estate– (a) for the benefit of any person, known as “a beneficiary”, whether or not yet ascertained or in existence; (b) for any valid charitable or non-charitable purpose which is not for the benefit only of the trustee; or (c) for such benefit as is mentioned in paragraph (a) and also for any such purpose as is mentioned in paragraph (b).