A trust is a relationship in which one party, known as a trustee, is given the right to hold assets for another. This can be money, property, etc. The actual owner is known as the trustor. There are unique terms for each individual trust. These trust terms, or agreements, concern how the property or assets are to be managed and is the place where the exact responsibilities, duties, and involvement of the parties in this relationship are described in detail.
A trustee is an individual person or member of board who is given control or powers of administration of a property or other assets held in trust. The trustee has a legal obligation to administer it solely for the purposes specified. The trustee is the physical representation of the trust agreement and can sign contracts and deal with governmental agencies the way an owner of the property could. However, It's important to note that the trustee is not the Owner, the trustee can only do things the trustor allow them to do.
The named beneficiary(ies) of the trust receive funds from the trust as laid out by the terms of the trust. The named beneficiary of the trust can be the trustor and/or another individual or entities such as a corporation.
Title-holding land trust: The properties purchased by E&H as inventory for sale are made into a type of trust called a title-holding land trust. In a title-holding land trust, the trust itself, is given a name or some identifying designation and then in legal filings of the ownership of the deed, the trust's name/designation is stated as the owner and so the trust becomes the title holder on the deed. The real owner in this type of trust is the person named as the beneficiary of the trust. In the sale of a property from E&H to the PhilanthroInvestor, the PI is named beneficiary of the trust with the use of an assignment of beneficial interest form. The identity of the beneficiary of the trust is not revealed in the filing of the deed. A title-holding land trust allows the property owner (beneficiary of the title-holding land trust) to anonymously maintain all rights over the property and to direct the actions of the land trust.