The trust institution possesses a number of unique features that were moulded by equity over the centuries. An understanding of these features will assist you in recognising a trust and analysing its constituent elements. This chapter introduces you to the main characteristics of a trust and, at this early stage, we will outline the various types of trusts so that you may become familiar with the terminology employed by the courts over the centuries. Finally, we will identify the distinguishing features of a trust and compare it with a number of similar concepts.