“A Trust is an arrangement where the owner (trustor) transfers the property to someone else (trustee) for the benefit of a third person (beneficiary).

Such a property is transferred by the trustor to the trustee along with a proclamation that the trustee should hold the property for the beneficiaries of the Trust.

Thus, Trusts can be classified into two categories:
Public Trust

It is a trust whose beneficiaries include the public at large. Further, a Public Trust can be further subdivided into Public Charitable Trust and Public Religious Trust.
Private Trust.

A private Trust is one whose beneficiaries include families or individuals. Further, a Private Trust can be subdivided into:

Private Trusts whose beneficiaries and their requisite shares both can be determined
The Private Trusts whose both or either the beneficiaries and their requisite shares cannot be determined”

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