i.
Term “Trust”:
A trust is a legal arrangement in which one person (the settlor) transfers the legal ownership of property to another person (the trustee) for the benefit of a third party (the beneficiary). The trustee manages the property according to the terms specified in the trust deed, with the duty to act in the best interest of the beneficiaries. Trusts can be created for various purposes, including estate planning, asset protection, and charitable activities.

ii.
Uses of Trust:

1. Estate Planning: Trusts are commonly used to manage and distribute a person’s assets after their death. This can help avoid probate, reduce estate taxes, and ensure that the settlor’s wishes are carried out.
2. Asset Protection: Trusts can protect assets from creditors, legal claims, or family disputes, ensuring that the property is preserved for the intended beneficiaries.
3. Charitable Purposes: Trusts can be established to provide financial support to charitable organizations or causes, ensuring that the settlor’s philanthropic goals are met.