INTRODUCTION AND CLASSIFICATION OF TRUSTS DEFINING A TRUST · Trust is the relationship that exists between a person who holds legal title to property (trus-tee) for the benefit of other persons (beneficiaries/cestui qui trust) · Nature of beneficiary’s interest: Equitable interest in the property (enforceable against any subsequent holder of property except purchaser for value without notice) · Nature of trustee’s obligation: Fiduciary personal obligation to manage trust property for exclusive benefit of the beneficiaries, which beneficiaries can enforce