Trust an entity created for the purpose of protecting and conserving assets for the benefit of a third party, the beneficiary- A contract affecting three parties, the settler, the trustee and the beneficiary.
Trustee is a person totally independent of the settler who has a fiduciary responsibility to the beneficiaries to manage the assets of the trust at the best of his or her ability. The trustee reporting requirements shall be defined at the outset in a fiduciary or Treuhaender contract and should include how often, to whom, how to respond to instructions or inquiries, investment strategies, fees (flat and/or percentage of the valuation of the trust estate) anticipated future increases in fees, hourly rates for consulting services, etc.
Trust Protector is a person appointed by the settler to oversee the trust on behalf of the beneficiaries. In many jurisdictions, local trust laws define the concept of the trust protector. The protector usually has veto power over the trustee with respect to discretionary matters but no say with respect to issues unequivocally covered in the trust deed. Trust decisions are the trustee's alone. In some cases the protector has the power to remove a trustee and appoint another trustees.
Independent trustee ia a trustee who is independent of the settler. Independence is generally defined as not being related to the settler by blood, through marriage, by adoption or in an employer/employee relationship.
Inshore, a Trust a legal way around you not owing your assets, yet still having access and use of them by use of the Trust laws of the country your Trust is registered.