Property that is held by one party, the trustee, for the benefit of another, the beneficiary. The one who supplied the property or consideration for the trust is the settlor. Trust also encompasses any relationship in which one acts as a fiduciary or guardian for another. blind trust. A trust whereby the settlor places all financial interests under the control of an independent trustee for a period of time, most often in order to avoid the appearance of a conflict of interest. constructive (i...