authentic brothers-matthew & raymond TRUST 1. Legal entity created by a party (the trustee) through which a second party (the trustee) holds the right to manage the trustee’s assets or property for the benefit of a third party (the beneficiary). The four main types of trusts are: (1) Living: trust created by the trustee while he or she is alive. (2) Testamentary: trust established through a will and which comes into effect (is created) when the trustee dies. (3) Revocable: trust that can be modified or terminated by the trustee after its creation. (4) Irrevocable: trust that cannot be modified or terminated by the trustee after its creation. 2. Property interest held by a party (the trustee) for the benefit of another (the beneficiary). TRUST UK. TRUST CREATES LIMITED Usage Example A trust was created since the child was under age and could not maintain his/her own finances. Evidence-based management Definition Management decisions are made through the current and best scientific evidence available. The evidence-based management movement is based on evidence-based medicine.