• Settlor: The Settlor is a person who sets up and contributes assets to a trust for the benefit of the Beneficiaries and lays down its objects.

• Trustee: The individual or a corporate designated to hold and administer the trust assets on behalf of the beneficiaries in accordance with the Trust objectives (also generally referred to as a “fiduciary”).

• Beneficiary: A person who receives the benefit of the property from a trust as a right to receive a bequest or to receive income or Trust principal over a period of time as per the Trust objectives.

• Trust Advisor/Advisory Board: Trust Advisor/Advisory Board provides guidance to the Trustees on management and administration of the Trust. The role of the Trust Advisor/ Advisory Board is important especially post lifetime of the Settlor in determining the functions of the Trust.

• Trust Deed: Trust Deed is governing document which lays down the objects of the Trust, terms under which the trust property shall be managed & distributed and roles & responsibilities of its constituents. 

• Letter of Wishes: It is a document capturing the indication by the Settlor of the manner in which he/she wishes the trustees to exercise their discretion in relation to a trust

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