Land Trust:  an agreement where one party, the trustee, agrees to hold ownership of a piece of real property for the benefit of another party, the beneficiary.  A community or conservation land trust is an organization established to hold land and to administer use of the land according to the charter of the organization. A land trust is a useful way to manage complex divisions of the Bundle of Rights that people can own in real estate, and can be used to manage something as large and complex as a multi-state REIT, or as common and small as a single-family home.